ALIACAetna Life Insurance and Annuity Company
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If ALIAC deletes a fund and a plan fiduciary rejects the proposed deletion or substitution of a fund, ALIAC is not authorized to make the proposed deletion or substitution effective with respect to that particular plan.
Most of the affected contract participants in the ALIAC transaction are retirees who have annuitized under the terms of the MBL Life contracts.
ALIAC has a strong market position in its core lines of business of tax-deferred annuities and, to a lesser degree, individual life insurance marketed to individuals, small businesses, and employer-sponsored groups.
The assumption of CLIAC policies by ALIAC is expected to occur in the fourth quarter.
ALIAC is a member of the Aetna Family of Companies, one of the nation's largest diversified insurance and financial services companies, with consolidated assets of nearly $100 billion.
The agreement with ALIAC was approved in July by the Superior Court of Fulton county, Georgia as part of the Rehabilitation Plan for CLIAC, and in August by the Circuit Court for the County of Ingham, Michigan overseeing the rehabilitation of CLIC (U.
Kearney, 54, group executive in charge of Aetna's investments and large case pensions businesses, will take on the additional responsibilities of managing the ALIAC businesses formerly headed by Benanav.
DiFrancesca, Regional Director/Financial Institutions Marketing for ALIAC, will coordinate the relationship between National City Bank and ALIAC.
ALIAC maintains virtually no direct exposure to commercial mortgage loans or real estate.
O'Mara, National Director, Financial Institutions Marketing for ALIAC, will coordinate the relationship between INVEST and Aetna from his office in Tampa.
ALIAC maintains a favorable liquidity position as operating cash flow, investment-grade bonds and short-term holdings totaled $8.
Under this contract, Huntington Insurance will initially sell ALIAC life insurance products in Michigan.