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CUSTOMER STATED THAT SHE DID NOT REALIZE THE TAX IMPLICATIONS OF HAVING THE PREMIUMS FOR HER VARIABLE LIFE INSURANCE CONTRACT ISSUED IN JANUARY 2014 COME FROM DISTRIBUTIONS FROM HER NONQUALIFIED VARIABLE ANNUITY. CUSTOMER REQUESTED THAT HER VARIABLE LIFE INSURANCE CONTRACT BE CANCELLED AND ASO REQUESTED THAT THE SURRENDER CHARGES BE WAIVED.
Settlement Amount
$28,916.80
Broker Comment
BEFORE THE FIRM COMPLETED ITS REVIEW OF THIS COMPLAINT, THE CUSTOMER SURRENDERED THE POLICY AND, AFTER SURRENDER CHARGES WERE ASSESSED, RECEIVED $10,742.48. AFTER REVIEW OF THE COMPLAINT, WITHOUT ADMITTING OR DENYING ANY WRONGDOING AND FOR THE SOLE PURPOSE OF SETTLING THIS DISPUTE, THE FIRM AGREED TO REPROCESS THE SURRENDER AS A CANCELLATION UNDER THE RIGHT TO CANCEL PROVISION IN THE ANNUITY CONTRACT. THE SETTLEMENT AMOUNT WAS $28,916.80, WHICH REPRESENTS THE TOTAL ACCUMULATED VALUE OF THE CONTRACT ON THE DATE THE REQUEST WAS RECEIVED LESS THE $10,742.48 THE CUSTOMER PREVIOUSLY RECEIVED.
2/13/2014
Customer Dispute
Settled
Allegations
CUSTOMER ALLEGED THAT THE REPRESENTATIVE FAILED TO FOLLOW INSTRUCTIONS TO WITHDRAW HER 2013 REQUIRED MINIMUM DISTRIBUTION FROM HER VARIABLE ANNUITY ISSUED IN 2011.
Damage Amount Requested
$5,161.00
Settlement Amount
$400.00
Broker Comment
IN APRIL 2014, THE CUSTOMER REQUESTED A WAIVER OF THE IRS PENALTY FOR FAILING TO TAKE THE 2013 RMD TIMELY. IN AUGUST 2014, THE CUSTOMER LEARNED THE IRS HAD MISPLACED HER WAIVER PAPERWORK, WHICH SHE HAD SINCE RE-SENT TO THE IRS. AS THERE WILL BE A DELAY OF UNDETERMINED LENGTH, THE FIRM IS CLOSING ITS FILE WITH NO ACTION TAKEN. IF THE FIRM RECEIVED ADDITIONAL INFORMATION INDICATING THE IRS IS DENYING THE WAIVER REQUEST, THE FIRM WILL RE-OPEN THE CASE AND REIMBURSE THE CUSTOMER FOR THE IRS PENALTY. Customer contacted the firm and requested reimbursement for accountant costs. We reopened the case and settled the matter.
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.