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2019-2020 Fixed Indexed Annuity Contract Holder Behavior Experience Study Data Request

We would like to invite your company to participate in a study to update FIA Contract Holder Behavior Experience for contract years 2019 and 2020.

This study is jointly sponsored by the Society of Actuaries (SOA) and LIMRA. A report of the study results will initially be made available only to participating companies. Later, a summary of study findings will be made available on both the SOA and LIMRA websites. All participating companies will have the option of receiving a confidential comparisons of their own behavioral results in the same format as any final, published results.;

To participate in this year’s study, your company needs to provide contract-level data on your FIA book of business, as well as basic specifications for your FIA products and any associated GLB riders.

Please see attached documents for instructions on data submission and format. The 2019-2020 data are due to LIMRA Secure Retirement Institute by May 1, 2022. Please let us know whether your company will be participating in this study by responding to this email by February 4th.

Please note, if your company frequently changes rider components, such as maximum withdrawal rate, rollup rate, or fees during the year, you may instead provide this information separately (e.g., in a rate sheet).

This in-depth research is critically important in helping companies to understand and monitor risks associated with FIAs including GLBs (and the impact of customer behavior). Results of the study will include:

  • Analysis of withdrawals, step-ups, and other utilization behaviors of in-force customers
  • For FIA contracts with a GLB, a detailed analysis of the duration when they first begin taking withdrawals
  • Measurement of surrender activity by duration, surrender charge, age, and other factors
  • Assessment of the impact of withdrawals and being “in-the-money” on surrender activity
  • Determining risk exposure by measuring in-the-money values
  • Analysis of book of business by GLB type and product/rider characteristics

If your company has previously provided the plan information requested in the attached Excel spreadsheet, we would be happy to send you your prior submission so that you can use that prior version to expedite your completion for this study.

For more information, please refer to the attached data submission instructions and feel free to contact us with any questions.

Materials

2019-2020 Fixed Indexed Annuity Contract Holder Behavior Experience Study Data Request

SOA/LIMRA Fixed Indexed Annuity Contract Holder Behavior Experience Study

Questions Or Comments?

If you have any questions, please contact Korrel Crawford, SOA Research Institute Senior Research Administrator at kcrawford@soa.org or +1-847-706-3567.