Which Company

[VolAgent]

He has to have a reason to write the annuity in NY (residence, business, NY rep, etc.) aside from wanting a NY annuity.

Fl also has a guarantee association (as do all states). However it only covers deferred annuities to 250k. If he's married, you can split owners and diversify your carriers to make sure that he's 100% covered.

If you have the situs ability to write in NY, he'll be sacrificing rate for the additional guarantees...which is o.k. with some people.

I believe the logic is, "If they are licensed in NY, then they are following the strictest laws out there, so they must be good."

He isn't looking for it to be purchased in NY, just from a company that is also licensed in NY in addition to FL.

At least, that is the way I read it. I don't agree with the logic, but that seems to be what it is.

 

[Tahoe Ray]

I believe the logic is, "If they are licensed in NY, then they are following the strictest laws out there, so they must be good."

He isn't looking for it to be purchased in NY, just from a company that is also licensed in NY in addition to FL.

At least, that is the way I read it. I don't agree with the logic, but that seems to be what it is.

Ahhh...that may be it. I wouldn't agree with that logic either, especially since most carriers have a completely separate company for their NY domiciled business.

 

[scagnt83]

Ahhh...that may be it. I wouldn't agree with that logic either, especially since most carriers have a completely separate company for their NY domiciled business.

Exactly. Or at the very least they have a totally separate product for NY.

The only way to have NY insurance reg protection is to purchase the policy in NY state.

 

[DC2188]

I believe the logic is, "If they are licensed in NY, then they are following the strictest laws out there, so they must be good." He isn't looking for it to be purchased in NY, just from a company that is also licensed in NY in addition to FL. At least, that is the way I read it. I don't agree with the logic, but that seems to be what it is.

Yeah that's what I meant and that's how my client wants it.

 

[Tahoe Ray]

Yeah that's what I meant and that's how my client wants it.

Selling that's going to limit you quite a bit...

Carriers that sell fixed annuities in NY that are also A rated:

American National
National Integrity
Symetra
Lincoln
Principal
American Pathway (Western National, American General)
Genworth
NY Life

I might have missed a few but that will give you a good start.

 

[TheFactor]

Yeah I know but this guy wants a company that is licensed in NY because that means they abide by the most stringent insurance laws. Delaware's annuity won annuity of the month on annuity advantage so I think I will propose Delaware's annuity.

Just for clarification; NY is the most strict state because of the reserves the state of NY requires of its insurance carriers, not because of any different set of laws. Because of the the higher reserve requirements most companies have subsidiary companies designed just for the state of NY and the rates on annuities will be lower and the rates on Life Insurance will be higher.

I hope this helps