A complaint was filed directly with the issuing company for the sale of a variable annuity dated 09/15/2015, alleging product features were not explained, a prospectus was not provided at the time of sale and the contract was never delivered. Client wants to exercise free look provision of the contract.

All features of product were fully explained over multiple meetings. I believe complaint has no merit.

CLIENT FELT SHE WAS CONFUSED ABOUT HER INVESTMENT IN A TRANSAMERICA VARIABLE ANNUITY POLICY. ADVISOR MET WITH CLIENT IN PERSON 3 TIMES: FEBRUARY 18, MARCH 13 AND MARCH 25, 2014 TO REVIEW HER INVESTMENT NEEDS. CLIENT WAS UNHAPPY WITH CURRENT INVESTMENT PERFORMANCE. ON MARCH 25, CLIENT AGREED TO THE VA PURCHASE STATING SHE WAS COMFORTABLE WITH THIS INVESTMENT AND COMPLETED ANNUITY APPLICATION AND OTHER DOCUMENTATION. ADVISOR MET AGAIN IN PERSON WITH THE CLIENT ON 4/10/2014 TO REVIEW THE TRANSFERRED FUNDS AND TO CONFIRM THE CLIENT WOULD RECEIVE THE VARIABLE ANNUITY POLICY IN THE MAIL FROM TRANSAMERICA. CLIENT RECEIVED THE POLICY ON 4/11/2014.

$154,000.00

AFTER 3 IN PERSON MEETINGS, CLIENT AGREED TO THE PURCHASE ON 3/25/2014 AND COMPLETED ALL APPROPRIATE DOCUMENTATION AND APPLICATIONS. ADVISOR MET AGAIN WITH CLIENT ON 4/10/2014 TO CONFIRM PURCHASE WAS COMPLETED AND NOTIFY HER THAT THE POLICY WILL SENT TO HER HOME ADDRESS. THE REQUESTS BY THE INSURANCE COMPANY FOR CONFIRMATION OF POLICY RECEIPT WERE NOT RETURNED AFTER MULTIPLE ATTEMPTS. TRANSAMERICA HAS PROOF OF DELIVERY VIA FEDEX ON 4/11/2014. CLIENT WAS VISITED BY HER NEW YORK LIFE AGENT. TOGETHER THEY CALLED TRANSAMERICA ON 7/31/2014 TO INQUIRE ABOUT THE POLICY. ON 8/8/2014, TRANSAMERICA RECEIVED THE COMPLAINT, ALSO FILED WITH THE STATE OF IOWA, REQUESTING RESCISSION. THAT REQUEST WAS DENIED BY TRANSAMERICA IN A LETTER TO CLIENT ON 8/21/2014. ADVISOR FEELS THAT THE CLIENT WAS UNDULY INFLUENCED BY THE NEW YORK LIFE AGENT.

MISREPRESENTATION OF VARIABLE ANNUITY POLICY

$5,797.24