The National Association of Insurance Commissioners (NAIC) held
its Spring 2013 National Meeting from April 6 to 9 in Houston,
Texas. This update provides a brief overview of the activities of
certain NAIC working groups that focus on issues affecting
retirement income products and their providers.
Contingent Deferred Annuity (A) Working Group
As discussed in our October 2012 newsletter, the Contingent
Deferred Annuity (A) Working Group (CDA Group) was established to
evaluate the adequacy of existing laws and regulations applicable
to solvency and consumer protection issues in connection with
contingent deferred annuities (CDAs). CDAs are a type of annuity
contract that provides guaranteed lifetime income payments if
designated investments not owned or held by the insurer are
depleted due to permitted withdrawals, poor market performance,
fees or other charges.
