ALIACAetna Life Insurance and Annuity Company
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ALIAC sought an advisory letter that ERISA Section 406(b)(3), barring fiduciaries from benefiting from others who transact with a plan, is not violated by the receipt of fees from the unrelated funds.
DOL Advisory Opinion 97-16A first examines whether the receipt of such fees by ALIAC violates ERISA Section 406(b)(3) if ALIAC is a fiduciary as to the investing plans.
Under these provisions, the DOL concludes that the question of whether ALIAC is an ERISA "fiduciary" is inherently factual and depends on the particular actions or functions ALIAC performs on behalf of the plans.
Subject to approval by the New Jersey Superior Court overseeing the rehabilitation, and the satisfaction of other closing conditions, closing is expected to take place on or about July 14, 1999 with the first benefit payment from ALIAC anticipated to occur on August 1st.
ALIAC enjoys strong ratings from the major insurance company rating agencies which pertain to its financial strength and not to the safety and performance of the investment options.
While ALIAC has increased its exposure to commercial mortgage-backeds and asset-backeds during this period, Standard & Poor's believes that the overall interest rate risk in its investment portfolio has improved.
to forgo dividends from ALIAC in order for ALIAC to grow its operations.
AICA's rating is based on its strategic significance to ALIAC as its non-New York subsidiary to facilitate sales of annuity products through banks and broker-dealers, as well as through ALIAC's traditional distribution channels.
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.
ALIAC is a wholly owned subsidiary of Hartford, Conn.
We are delighted that Huntington Insurance has selected ALIAC and look forward to helping them meet the insurance and investment needs of their customers," said David M.