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Making
A Horse Race Out Of It 1/11
I have been known to go to the track. I’m one of those
guys in the long line at the $2 window and I don’t bet the favorites. Since I’m
only risking $2 there’s not much to lose if I’m wrong, so I bet the
long-shots because you never know when a miracle might occur.
Today index annuity caps are generally 3% to 5%. Although on a relative basis the caps may pay up to ten times more than the rate on a one-year certificate of deposit, it is tough to get a consumer excited about moving from the bank with an “earn as much as 4%” annuity pitch. However, there are still methods out there that offer at least a slim shot at making a horse race out of beating the bank and provide an exciting sales story.
When there’s little to lose and not much to gain people are more likely to play long-shots. If it’s only a $2 bet at the track the long shot that might payoff at 20 to 1 looks better than the favorite that might return $2.20. If the CD owner is going to risk their guaranteed 1% bank interest on an index annuity they may want to know which methods might payoff with the highest return next year. I used annual S&P 500 returns for the last 30 years comparing an annual point-to-point (APP) method with a 5% cap, a 2% monthly cap method, and a hurdle method giving you 40% of the index gain above the first 5% of index growth. Here are the annual returns:
Over the last 30 years either the hurdle or monthly cap would have beat the APP with cap methods 12 times – the hurdle beat the APP 11 times and the monthly cap beat the APP 7 times. However, both methods would have delivered double digit returns twice and the hurdle would have produced 8% or higher returns in 6 different years; 5 different years for the monthly cap. Both the hurdle and monthly cap methods offer at least the possibility of a long-shot win.
This does not mean these are better methods. Over the 30 year period the average return from all of these methods were roughly equal – crediting methods are generally priced to perform the same over time – and the consumer needs to be told this. But during this low interest rate period the monthly cap and hurdle methods at least give the consumer a horse race.
Court Ruling May Affect VA & VUL 1035 Exchanges 2/11
In the spring of 2009 Branch Banking & Trust Company filed
suit against Pacific Life [Kentucky Western District Case
#3:2009cv00284]
The details are the consumer owed a Pacific Life variable insurance policy. On 18 August 2008 they sent in the paperwork to transfer the cash value to a new policy at John Hancock. On 9 September Pacific Life received the 1035 exchange when the net cash surrender value was $779,818. Pacific Life responded to John Hancock the next day saying that additional paperwork was needed. On 1 October the consumer learned of this requirement, but because the cash value had fallen by over $50,000 since 9 September the consumer refused to submit the additional paperwork and demanded Pacific Life give them the $779,818 value on 9 September. Pacific Life refused. On 11 December, with the net cash value now $519,892, the consumer resubmitted the exchange paperwork and Pacific Life processed the request on that date. The following spring the consumer sued Pacific Life to recover the $259,926 that the policy had declined.
The life insurance contract says the policy will terminate on the date that a satisfactory request in writing is received at the home office. Pacific Life’s argument was that the satisfactory date is the day all of the correct paperwork is received. The consumer argued that the date is when the first written request was received and the court agreed with the consumer on 24 November 2010.
The court said the effective date of a 1035 is the day the request is received at the home office
The court said Pacific Life did not breach any fiduciary duty or good faith responsibility, and acted in good faith and fair dealing. However regarding the insurance contract, the court ruled against Pacific Life by saying the owner made an unconditional request to surrender. Although the transferring insurance company has every right to require that the paperwork is acceptable before 1035-ing the cash value, the cash value amount must be based on the date in which the surrender request was received.
This isn’t over. The court has not ruled on damages and Pacific Life has appealed.
If this ruling is upheld it should have a substantial impact on variable annuity and life exchanges, however, it would appear to have little effect on fixed rate or index annuity exchanges. The court did not say carriers could not continue to drag their feet in transferring funds out, it simply said the policy value needed to be that on the date when the written request was received.
This
should not affect index annuities
Since
index annuity cash values do not decline the reason for this lawsuit would not
have occurred. An argument could be made that delaying an exchange resulted in lost profits, but
the court did not address this issue. The court decision should not speed up
index annuity 1035s.
Fourth
Quarter Index Annuity
Sales Slip
3/11
The top ten index annuity carriers for the fourth quarter:
| Allianz Life | $ 1,898,832,624 |
North American Company | 359,900,000 |
|
| American Equity | 1,371,292,772 | Midland National | 332,700,000 | |
| Aviva | 1,241,600,859 |
Lincoln National |
326,573,183 |
|
| Jackson National Life | 388,219,980 |
Great American |
270,906,836 |
|
| ING | 363,474,463 |
National Western Life |
261,880,105 |
2010
Index Annuity Sales were $32,435,563,979.
Average Commission
The average agent commission was 6.7%.
Winners & Losers
Six of the top ten
carriers posted lower sales from the previous quarter. In all 13
carriers were up, 20 were down.
Index
Annuity Complaints Plummet 4/11
By 2007 the index annuity carriers averaged one customer complaint for every
$109 million of premium sold. However, over the next three years index annuity
complaints dropped by roughly 75% with one complaint for every $404 million of
premium reported in 2010. The carrier with the most improved complaint record
was Allianz where complaints were down 84% from 2009. Total index annuity
complaints against carriers offering index annuities in 2010 were 80 contrasted
with 152 the previous year.
2010 complaints were the lowest in 6 years
Led by Jackson National Life,
thirteen of the top 25 index carriers had no index annuity coded complaints last
year. The other top 25 carriers with zero complaints were North American
Company, Lincoln Benefit, RBC, Forethought, American National, Lafayette Life,
American General, Americo, CUNA, Reliance Standard and UNIFI. Two-thirds of all
index annuity carriers received zero complaints. The worst complaint record for
a top 25 annuity carrier was one complaint for each $74 million of sales.
New
Products 4/11
National Western
Designed
for the new normal FIA world the Impact 10 offers a 7% premium bonus on their 10 year surrender platform and the
Impact 7 has a 5% bonus on the 7 year chassis. Both regulatory-friendly bonuses vest over 10 years which allows the 10 to pay a 7% commission and the Impact 7 to pay a 6% commission (the full bonus is reflected in any death benefit).
Now the fun part. The roll-up is 8.2% compounded for 10 years, and it can be renewed for two more 10 year periods for a possibility of 30 years – or maximum age of 85. The payout rates increase 0.1% a yr and are: age 65-5.5%, 70-6%, 75-6.5%, 80-7%., 85-7.5%, 90-8%.; joint rates are 0.5% less. After a 2 year wait you can get double the payout for up to 5 years if you are unable to do 2 or more ADLs. The rider charge is 0.95%. At each of the 10 year roll-up renewal period the maximum charge could be 1.5% if another roll-up is selected. If the roll-up isn’t extended the rate remains the same.
Recent
Averaging Returns Reflect 2010 Meandering 5/11
Over the last couple of months, using a point-to-point basis, the S&P, Dow,
and other indices reported double digit returns, but averaging the daily or
monthly values produced annual gains around 1%. Why the huge disparity? The
reason is the markets began to dip in April 2010 and didn’t recover until
October. Indeed, the stock market gain over the last 6 months is just about the
same as the gain over the last 12 months. However, this negative effect is
ending. If the indices stay the same, or even dip a little bit in May, crediting
methods using averaging will again be working off of double digit gains. And if the indices do dip again this year averaging could
look very good. As an example, if the indexes drop 5% each month from now until
autumn an annual point-to-point look would show a loss by September end, but
averaging results in strong returns in years ending from now until October.
New
Products - Symetra Edge Pro Fixed Indexed Annuity
5/11
The annuity is available with a 5 year (9,8,7,7,6) or 7 year (9,8,7,7,6,5,4) chassis using an MVA, offers 10% free withdrawals, has a $10,000 minimum, and can be purchased up to age 90.
Consumer
Federation Confronted On Unsupported FIA Allegations 6/11
In a 3 June press release the
Consumer Federation of the Southeast warned teachers about investing in "unvetted
index annuities". "America’s
educators are being targeted and are increasingly being sold investments that
aren’t properly vetted and this can turn out to be a financial disaster"
said Walter Dartland, executive director of the Consumer
Federation of the Southeast. The poorly written press release seems to be
negative about index annuities, but talks about funds and investment brokers in
the same breath, so it's all rather confusing. However, the negative index
annuity comments were echoed by Barbara Roper, director of Investor
Protection for the Washington lobbyist Consumer Federation of America that calls
indexed annuities with high fees “one of the most abusively sold products on
the market today." However,
when faced with evidence to the contrary by Arthur
D.
Postal of National Underwriter it appears that the Consumer Federation
apparently has no evidence of index annuity sales abuses at all.
Postal presented evidence from The Advantage Compendium showing that in 2010 there were 114 securities complaints for every one index annuity complaint, and that, closer to home, based on a study of actions taken against Florida financial services professionals, that only 15 out of 1791 involved index annuities (Advantage Compendium, 2010). In response to the appearance of results taken from actual data readily available from public records Dartland said his "concerns were prospective, not retrospective" seemingly making the pronouncement that he is able to predict the future. In an attempt to defend his actions, Dartland argued that most people do not complain - which raises the question of how he knew there was a problem in the first place. Dartland is quoted as saying “EIAs are extremely complex investment products and can contain many detrimental features such as hidden penalties, costs, fees and massive, multi-year surrender charges" however, every annuityowner receives a complete contract detailing any and all penalties, costs, or fees and their right to rescission - important facts that should be known before one comes out with unsupported allegations that are quickly disproved.
Quarterly
Index Annuity Sales Drop - Down 15% 6/11
Index Annuity sales for the first
quarter of 2011 were $7.1 billion according to results
released from LIMRA and Beacon Research, off 15% from the previous
quarter. This is the second consecutive quarterly decline. First quarter
sales were up about 5% from the first quarter of 2010, however, first
quarter 2010 sales were the lowest since 2008, so the bar was low. Based
on our research this was the greatest quarter-to-quarter decrease in index
annuity sales ever - in both dollars and percentages - so it is a
significant event.
The AnnuitySpecs.com Indexed Sales & Market Report 1st Quarter 2011 shows annualized index life premium was $195 million for the 1st quarter and shows the top ten index annuity carriers for the first quarter:
| Allianz Life | $ 1,507,202,697 |
Lincoln National | 378,494,000 |
|
| American Equity | 1,174,915,617 | Midland National Life | 339,200,000 | |
| Aviva | 842,341,631 | Jackson National Life | 325,572,548 | |
| North American Company | 401,000,000 |
Great American | 310,986,636 | |
| ING | 382,383,966 |
National Western Life |
222,764,079 |
Average Commission
The average agent commission was 6.
Winners & Losers
The main reason for the decline is low caps. I have talked with many agents this spring that have told me that their sales are down, and they believe the reason is because it's hard to get someone to buy an annuity when the interest cap is 3% or 4%. The exception I found was with some agents in banks, who are having success in converting 1% CD owners into index annuity owners. The low caps combined with a still rising stock market has also cooled interest from the broker/dealers I've spoken with, and they have returned to selling variable annuities.
New Products -
Industrial Alliance Pacific Freedom Flex Index6/11
has a clean, simple structure offering an APP with guaranteed
100% participation rate and cap or fixed account, and a 10 year -
10,9,8,7,6,5,4,3,2,1 surrender schedule that can be waived under a Early
Retirement Benefit provision, or if withdrawals begin after 5 years and continue
for at least 5 years. The annuity accepts qualified single premiums as low as
$3000, non-qualified single premiums as low as $5000 o
Iowa
Defines What Agents Can Say
“One state securities division appears to be saying that if securities are sold and these proceeds used to buy a fixed annuity, then the insurance agent offering the annuity is acting as an investment advisor and should be securities registered.” – June 2003 Index Compendium
In the past I have expressed a hope that state insurance departments would create annuity safe harbor rules basically defining what a non-securities registered annuity agent could say in an annuity sales presentation and not have some securities department regulator try to label it as investment advice. Iowa has essentially done this with Insurance Bulletin S-14 released 24 June.
Insurance Bulletin S-14 and it’s companion Securities Bulletin 11-S-1 offer guidelines on what non-securities registered agents can say about the investment world and non-insurance licensed securities reps and advisors can say about the annuity world. The Bulletins do an excellent job of applying a commonsense real world approach to advice from both areas, and go a long way towards addressing the source of funds issue that has caused so much confusion over the years.
The commonsense aspect is that agents are allowed to talk in generalities about the investment world. It won’t be considered investment advice if the agent tells a consumer the same facts that appear in the newspaper – that, for example, there was a nasty bear market in 2008 and investors lost money (III.2.) or mentions that fixed annuities protect money from market risk (III.5) and the role that fixed annuities may take in balancing risk in a portfolio (III.6). However, it will be considered investment advice if the agent provides advice or recommendations about buying or selling specific securities (IV.1,2,3), recommends how an overall portfolio should be allocated between securities and annuities (IV.4) or calls himself an investment advisor (IV.7).
Although the term “source of funds” is never used the Bulletin does say the agent may discuss with the consumer the need for principal protection or protection from market risk, and “have general discussions about balancing risk, diversification, etc., that support an insurance position within a consumer’s financial plan”. It also says that agent can’t suggest selling certain securities to fund an annuity purchase. The Bulletin also describes what a non-insurance licensed securities rep/advisor can and can’t say. A non-licensed rep may talk in generalities about annuities, but they are prohibited from giving the pros and cons – costs and benefits – about a specific annuity, nor may they recommend cashing in an annuity to buy a security, or offer any recommendations or analysis about specific insurance products.
The Bulletin does not specify penalties for breaking the rules and should be viewed as guidelines. However, Iowa regulators have said they will pursue individuals that violate the guidelines.
Today, these commonsense guidelines only apply to Iowa. I am hopeful that other states will adopt similar guidelines soon.
Range
Of 1st Year Real World Index Annuity Returns 8/11
This chart shows the range of actual first year index annuity returns for 12
month periods ending at the end of each month for the first half of 2011. The
results include almost every index annuity on the market in the first half of
2010. Looking at January, the worst
annual pt-to-pt annuity (blue) returned 3%, the best 12.4% for the year, and all
of the other annual pt-to-pt product returns were in between. Monthly cap (green) returns ranged from 0% to 9.8% depending on the product. Top averaging
(red) returns were generally uncapped. And
then there's the trigger method (gold) where
you earn a declared rate if the index doesn't fall.
2nd Quarter
Index Annuity Sales Up 16% 9/11
Second quarter 2011
index annuity sales were $8273 million compared
with sales of $7141 for
the previous quarter –
a 16%
increase and were down 1%
from second quarter 2010 sales. Index life sales were up 17% from the previous
quarter and up 35% from a year ago according to AnnuitySpecs.com’s Indexed
Sales & Market Report 2nd Quarter, 2011.
| Allianz Life | $ 1,819,691,648 |
Lincoln National | 480,402,000 |
|
| Aviva |
1,075,093,427 |
ING |
410,461,953 |
|
| American Equity | 945,359,127 |
Midland National Life |
397,700,000 |
|
| Great American | 518,341,634 |
Jackson National Life | 345,175,323 |
|
| North American Company | 487,400,000 |
National Western Life |
244,014,903 |
Average Commission
The average agent commission was 6.
Winners & Losers
Second
Quarter Sales 9/11
Second quarter fixed annuity
sales are up a billion dollars from where they were in the first quarter all due
to index annuities. The following totals draw from LIMRA and Beacon Research
data: second quarter fixed rate annuity sales were $9.8 billion, index annuity
sales were $8.3 and immediate annuities were $2.3 billion totaling $20.2
billion. In the first quarter fixed rate annuity sales were $10.0 billion, index
annuity sales were $7.1 and immediate annuities were $1.8 billion totaling $18.9
billion. Second quarter 2011 fixed annuity sales were flat when compared with
second quarter 2010 totals. Variable annuity sales went from $39.7 billion in the
first quarter to $40.9 billion in the second. Looking at the first six months of
the year index annuity index annuity sales were $15.3 billion, roughly equal to
where they stood after the end of the first six months of 2010 and 2009.
Project
Confidence 9/11
Today’s economy and financial markets remind me of 1979
to 1982. Then a weak recovery was bedeviled by fears of another recession, there
was high unemployment, interest rates were at impossible levels, and it seemed
easier to do nothing, because any decision you made might be wrong. People were
looking for someone that seemed to know how to deal with this uncertainty and
the same holds true today.
You can’t predict the future, but you can offer a course of action that offers protection against much of the uncertainty. Tell consumers you offer certainty by ensuring they will always earn at least a minimum rate of interest, that both their principal and earned interest is protected from another market crash, that you can tell them exactly what income they will receive for a lifetime whether they begin receiving it in a year or ten years, and tell them the only uncertainty is in how much they might earn and not in how little.
If a person does nothing today they are like a
rudderless boat adrift in the financial tide and likely to crash among the
rocks, but an index annuity ensures the boat will remain afloat, always moving
forward, with the ability to navigate towards faster currents. If only index
annuities had been around 30 years ago... but they are available today.
Washington
Chorus 10/11
Will Rogers never said, “I'm not as concerned about
the return on my money as I am the return of
my money” but he did say "There is two things that can disrupt business
in this country. One is war and the other is a meeting of the Federal
Reserve" (April 2, 1929).
I’ve been coming across
Will Rogers quite a bit as I go back to try to see if these are unprecedented
times. The answer is no, financial history is a never ending cascade of wise and
poor decisions in Washington by regulators and politicians. Today is simply
another chorus of a very long song. The good news is eventually the economy
rights itself, probably because we stop listening to Washington
and simply start buying again.
VA
Carrier Seeds in the FIA Garden 10/11
A decade ago, as the millennium bear market worsened and variable annuity sales
slid, most of the major variable annuity carriers had me come in and talk to
them about the index annuity market. The purpose of having me in was to help
them decide whether they should add index annuities to their product line-up.
The decision in all cases was no. The reason in all cases was they felt adding
index annuities would cannibalize their VA sales and cause disruption in their
distribution channels.
Interest in FIAs resulted from weakening VA sales and
possibly fear of GLWB in-the-money risk
VA sales did recover and rose to set an all-time record in 2007 of $179 billion, aided in large part by strong living benefit riders that helped to shield investors from loss. Since that time sales have slipped. In addition, it was discovered that those living benefit riders could create losses for the VA carriers, instead of profits, because investors were inclined to use them when they presented the greatest risk of loss for the carrier. A Milliman study (discussed in the July 2011 Index Compendium issue) found withdrawals increased when the VA’s income account value was higher than the actual cash value. Essentially, the structure of a VA guaranteed lifetime withdrawal benefit (GLWB) means it is most likely to be utilized at the worse possible time for the carrier – when the annuityowner’s cash value is down he or she is more likely to withdraw and use up all of their own money and thus start using the carrier’s money.
The result was that some VA carriers began to look at the index annuity world as an alternative. After all, FIA sales had steadily risen since 2007 setting new records. In addition, a GLWB on an index annuity coaxes the annuityowner to not take withdrawals because “things can only get better” due to guaranteed roll-up rates or increases in the factors that increase income the longer the withdrawals are delayed (it’s an entirely different mindset and one that works in favor of the index annuity carrier). In addition to this – though it hard to believe today – bond rates had started to move up in the fall and winter of 2010 making fixed products more attractive.
I don’t know how many VA carriers drew up plans for index annuities. I do know four carriers filed fixed index products with the regulators. Phoenix (PHL Variable Insurance Company) was early to sow releasing FIAs in 2010. Hartford Life, Mass Mutual and Pacific Life filed their fixed products within the last 6 months. However, Hartford reportedly pulled their FIA filing in August (Contract: LA-FIA-A-11. SERFF Tr Num: FRCS-127383797). Although Mass Mutual filed in May (FL DOI Initial Filing May 5, 2011) it has not yet come to market. And Pacific Life’s FIA has a requested implementation date of 1 November 2011 (SERFF Tracking Number: PACL-127538215). We know how the index annuities of Phoenix are structured and it might be instructive to see what the other VA carriers were thinking in their product design.
The three unreleased products are pretty straightforward. All offer a fixed account option and all offer a link to the S&P 500. Hartford also filed a Global Allocation (50% S&P 500, 20% S&P 400, 15% Russell 2000, 15% MSCI EAFE Index) while Pacific Life filed to offer the MSCI ACWI All Country World Index. All have an annual point-to-point with cap method. Both Hartford and Pacific Life also offer the Trigger method where a declared rate is paid if the index doesn’t lose ground. Hartford filed to offer monthly averaging less a spread and a monthly cap design.
The Mass Mutual design has a 7-year surrender period, with no MVA, with the option of adding 5 and 9 year products if desired. Hartford filed for 5, 7 and 10 year periods and Pacific Life filed for 6, 8 and 10 years; both Hartford and Pacific Life have an MVA. The only GLWB specs I could find were on the Pacific Life annuity and it is competitive.
Even though the FIA designs
are basic, they can be competitive – there’s nothing wrong with them.
Whether any of the three come to market will depend on the interest rate
environment.
5 Year
Index Annuity Returns Average 4%11/11
This is the tenth year I have collected 5-year return data and I deeply appreciate the cooperation and support of the carriers that were open in sharing what some of their annuityowners earned in their index annuities. The carriers providing information were: American Equity,
Aviva, CUNA Mutual Life, EquiTrust, Fidelity & Guaranty Life, Great American Life, ING, Lafayette Life Insurance Company, Lincoln Financial Group, LSW, Midland National Life, National Western Life, North American Company,
and Union Central.
Average Index Annuity Returns Have Exceeded Index Fund Returns In 70% Of 5-Year Periods Since 1997
The average reporting index annuity credited 4.06% annualized for the five year period from 9/30/06 to 9/30/11, which compares favorably with the 2.3% you would have earned in 1-year CDs, but is slightly less than the 4.2% 5 year CD rate you might have chosen. Whether the stock market was better depended on whether you chose stocks or bonds. An index fund with reinvested dividends lost 1.3% a year over the last 5 years and the average stock fund also lost money. However, putting all of your money into taxable bonds returned 4.8% annualized; a 50/50 mix of stock and bond funds gave you a 3.6% overall return.
$5.9
Trillion Earning 0.5% 11/11
Since November 2008 $634 billion has been taken out of CDs. Where did it go? It
appears much of it, and a lot of additional money, moved to bank money market
accounts where the amount on deposit has increased by $1907 billion over the
last three years. The reasons for the increase in money market deposits is
savers didn’t want to tie up their money in low yielding CDs and investors
were fleeing the stock market.
At the start of fall $5.9
trillion of penalty-free cash was sitting in bank money market accounts looking
for an alternative paying more than 0.5%. What do agents do after they have
converted all of those money market dollars into index annuity sales? There is
still $797 billion currently sitting in CDs earning less than 1% on average. And
when that’s gone? Since May $56.6 billion of
mutual funds have been cashed in – during the first week of October alone $11
billion were taken out of mutual funds – but
don’t worry. There are still $11.6 trillion of mutual fund assets left to
convert to index annuities.
3rd
Quarter Index Annuity Sales Up 12/11
I estimate index annuity sales to be $8.7 billion for the third
quarter based on an analysis of results reported from three annuity sales
tracking services. This compares with sales of $8.3 billion for the previous
quarter and is even with third quarter 2010. I estimate total fixed sales to be
$19 billion, so FIAs were 46% of all fixed annuity sales. If you deduct the
$2.2 billion of immediate annuity sales you find fixed deferred annuity sales
were $16.8 billion in the third quarter. On that basis FIAs represent 52% of
fixed deferred annuity sales. VA sales were an estimated $40.2 billion making
total third quarter annuity sales $59.2 billion, down from the estimated $61.4
billion of second quarter annuity sales.
| Allianz Life | $ 1,555,766,813 |
North American Company | 437,500,000
|
|
| Aviva |
1,354,245,210 |
Jackson National Life |
427,436,893 |
|
| American Equity | 1,056,020,432 |
Midland National Life |
413,716,085 |
|
| Great American | 602,085,143 |
Security Benefit Life | 351,658,249 |
|
| Lincoln National | 461,979,000 |
ING |
311,048,232 |
115
Securities Complaints For Each Index Annuity Complaint - Update
12/11
Last spring I examined and contrasted securities and fixed annuity complaints
for 2010. At the time I had a complete list and breakdown by category of FINRA
and NAIC complaints, a breakdown of the top ten SEC complaints and no data from
state securities departments or NASAA. NASAA has finally released their 2010
report. Representing 45 states NASAA reports there were 7063 investigations of
complaints in 2010.
How many of these are due
to allegations of improper index annuity selling or “source of funds”
concerns? NASAA doesn’t exactly say. All they will say is that there were
“dozens of cases reported involving variable or equity indexed annuities.” I
have asked NASAA for a breakdown, but it has not been forthcoming. The NAIC
reported 80 index annuity complaints. Even given the greatest latitude, the
number of NASAA complaints relating to index annuities could not exceed 60.
Therefore, in 2010 there were, at least, 16,130 securities related complaints
and, at most, 140 index annuity complaints. The link to the NASAA report is http://www.nasaa.org/wp-content/uploads/2011/10/2010-Enforcement-Report.pdf
Copyright 1998-2012 Jack Marrion, Advantage Compendium Ltd., St. Louis, MO (314) 255-6531. webmaster at indexannuity.org. All information is for illustrative purposes only, does not provide investment or tax advice. No index sponsors, promotes, or makes any representation regarding any index product. Information is from sources believed accurate but is not warranted. Advantage Compendium neither markets nor endorses any financial product. Copyright 1998-2012 Jack Marrion, Advantage Compendium Ltd., St. Louis, MO (314) 255-6531. webmaster at indexannuity.org. All information is for illustrative purposes only, does not provide investment or tax advice. No index sponsors, promotes, or makes any representation regarding any index product. Information is from sources believed accurate but is not warranted. Advantage Compendium neither markets nor endorses any financial product.