Atypical Designs in Variable Annuity GLWBs Sold in the State of New York

Anyone who’s been around the industry for awhile knows that the state of New York does things differently than most other jurisdictions, usually placing very firm restrictions on policies and features before they are approved. In this commentary we’ll touch on how this fact is affecting the variable annuity living benefits arms race, making it necessary for insurers to craft special Guaranteed Lifetime Withdrawal Benefits (GLWBs) just for New York...