Regulators continue to examine contingent annuity products

09/29/2011 | InsuranceNewsNet

Insurers are delaying the release of contingent annuity products as they await a decision from regulators on how the products will be classified, said Lee Covington, senior vice president of the Insured Retirement Institute. The Internal Revenue Service and 45 states have approved the products as annuities, but the National Association of Insurance Commissioners could say the product is financial-guarantee insurance.

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