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As Of Filer Filing For·On·As Docs:Size 8/22/23 Allianz Life Variable Account B 485APOS 1:2.9M → Allianz Life Variable Account B ⇒ Allianz Index Advantage+ Income Variable Annuity |
Document/Exhibit Description Pages Size 1: 485APOS Ia+Income 485APOS Aug 2023 HTML 2.59M
485APOS
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File Nos.333-268826
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Allianz Index Advantage+ Income
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Class ID: C000199976
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UNITED STATES
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SECURITIES AND EXCHANGE COMMISSION
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WASHINGTON, D.C. 20549
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FORM N-4
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REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
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Pre-Effective Amendment No.
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Post-Effective Amendment No.
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1
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X
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and/or
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REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
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Amendment No.
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598
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X
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(Check appropriate box or boxes.)
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ALLIANZ LIFE VARIABLE ACCOUNT B
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(Exact Name of Registrant)
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(Name of Depositor)
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(Address of Depositor's Principal Executive Offices) (Zip Code)
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(763) 765-7494
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(Depositor's Telephone Number, including Area Code)
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John P. Hite, Esq
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5701 Golden Hills Drive
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(Name and Address of Agent for Service)
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It is proposed that this filing will become effective: (check the appropriate box):
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immediately upon filing pursuant to paragraph (b) of Rule 485
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on (date) pursuant to paragraph (b) of Rule 485
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X |
60 days after filing pursuant to paragraph (a)(1) of Rule 485
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on (date) pursuant to paragraph (a)(1) of Rule 485
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If appropriate, check the following:
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this post-effective amendment designates a new effective date for a previously filed post-effective amendment.
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Approximate Date of the Proposed Public Offering: November 7, 2023
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Titles of Securities Being Registered: Individual Flexible Purchase Payment Variable and Index-Linked Deferred Annuity Contract
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The information in this prospectus
is not complete and may be changed. We cannot sell the Allianz Index
Advantage+ IncomeSM Variable Annuity until the Registration Statement filed with the Securities and Exchange
Commission is effective. This
prospectus is not an offer to sell the Contract and is not soliciting an offer to buy the
Contract in any state where the
offer or sale is not permitted.
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FEES AND
EXPENSES
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Prospectus
Location
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Charges
for Early
Withdrawals
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If you withdraw money from the Contract within six years of your
last Purchase Payment,
you will be assessed a withdrawal charge of up to 8.5% of the
Purchase Payment
withdrawn, declining to 0% over that time period. For example, if
you invest $100,000 in the
Contract and make an early withdrawal, you could pay a withdrawal
charge of up to $8,500.
In addition, if you take a full or partial withdrawal (including
financial adviser fees that you
choose to have us pay from this Contract) from an Index Option on a
date other than the
Term End Date, a Daily Adjustment will apply to the Index Option
Value available for
withdrawal. The Daily Adjustment also applies if before the Term End
Date you execute a
Performance Lock, annuitize the Contract, we pay a death benefit, or
we deduct Contract
fees and expenses. The Daily Adjustment may be negative depending on
the applicable
Crediting Method. You will lose money if the Daily Adjustment is
negative.
•Index Dual Precision Strategy, Index Precision Strategy, Index Guard Strategy,
and Index Performance Strategy. Daily Adjustments under these Crediting Methods
may be positive, negative, or equal to zero. A negative Daily
Adjustment will result in a
loss. In extreme circumstances, a negative Daily Adjustment could
result in a loss
beyond the protection of the 10%, 20%, or 30% Buffer; or -10%
Floor, as applicable.
The maximum potential loss from a negative Daily Adjustment is:
-99% for the Index
Dual Precision Strategy, Index Precision Strategy, and Index
Performance Strategy;
and -35% for the Index Guard Strategy.
•Index Protection Strategy with Trigger and Index Protection Strategy with Cap.
Daily Adjustments under these Crediting Methods may be positive or
equal to zero, but
cannot be negative.
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Fee Tables
4. Valuing Your
Contract
6. Expenses
Appendix B –
Daily
Adjustment
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Transaction
Charges
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Other than withdrawal charges and Daily Adjustments that may apply
to withdrawals and
other transactions under the Contract, there are no other
transaction charges.
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Not Applicable
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Ongoing
Fees and
Expenses
(annual
charges)
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The table below describes the fees and expenses that you may pay each year, depending
on the options you choose. Please refer to your Contract
specifications page for information
about the specific fees you will pay each year based on the options you
have elected.
These ongoing fees and expenses do not reflect any financial adviser
fees paid to a
Financial Professional from your Contract Value or other assets of
the Owner. If such
charges were reflected, these ongoing fees and expenses would be
higher.
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Fee Tables
6. Expenses
Appendix G –
Variable
Investment
Option Under
the Contract
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Annual Fee
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Minimum
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Maximum
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Base Contract(1)
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1.95%
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1.95%
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Investment Options(2)
(Variable Investment Option fees and
expenses)
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0.88%
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0.88%
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Optional Benefits Available for an Additional
Charge(3)
(for a single optional benefit, if elected)
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0.20%
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0.20%
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(1)
Base Contract fee is comprised of two charges referred to as the
“product fee” and the “rider fee for the
Income Benefit” in the Contract and elsewhere in this prospectus. As
a percentage of the Charge Base, plus
an amount attributable to the estimated contract maintenance charge
based on expected Contract sales.
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(2)
As a percentage of the AZL Government Money Market Fund’s average
daily net assets.
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(3)
As a percentage of the Charge Base. This is the current charge for
the Maximum Anniversary Value Death
Benefit.
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FEES AND
EXPENSES
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Prospectus
Location
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Because your Contract is customizable, the choices you make affect
how much you will
pay. To help you understand the cost of owning your Contract, the
following table shows the
lowest and highest cost you could pay each year, based on current
charges. This estimate
assumes that you do not take withdrawals from the Contract, which if taken from the
Index Dual Precision Strategy, Index Precision
Strategy, Index Guard Strategy, and
Index Performance Strategy Index Options could
result in substantial losses due to
the application of negative Daily Adjustments.
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Lowest Annual Cost:
$2,582
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Highest Annual Cost:
$2,765
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Assumes:
•Investment of $100,000 in the AZL
Government Money Market Fund (even
though you cannot select the fund for
investment)
•5% annual appreciation
•0.70% Income Benefit rider fee
•Traditional Death Benefit
•No additional Purchase Payments,
transfers, or withdrawals
•No financial adviser fees
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Assumes:
•Investment of $100,000 in the AZL
Government Money Market Fund (even
though you cannot select the fund for
investment)
•5% annual appreciation
•0.70% Income Benefit rider fee
•Maximum Anniversary Value Death
Benefit with a 0.20% rider fee
•No additional Purchase Payments,
transfers, or withdrawals
•No financial adviser fees
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RISKS
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Risk of
Loss
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You can lose money by investing in the Contract, including loss of
principal and previous
earnings.
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Risk Factors
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Not a
Short-Term
Investment
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• This Contract is not a short-term investment and is not
appropriate if you need ready
access to cash.
• Considering the benefits of tax deferral, long-term income, and
living benefit guarantees,
the Contract is generally more beneficial to investors with a long
investment time horizon.
• Withdrawals are subject to income taxes, including a 10%
additional federal tax for
withdrawals taken before age 59 1∕2.
• If within six years after we receive a Purchase Payment you take a
full or partial
withdrawal (including financial adviser fees that you choose to
have us pay from this
Contract), withdrawal charges will apply. A withdrawal charge will
reduce your Contract
Value or the amount of money that you actually receive. Withdrawals
may reduce or end
Contract guarantees.
• Amounts invested in an Index Option must be held in the Index
Option for the full Term
before they can receive a Performance Credit. We apply a Daily
Adjustment if before the
Term End Date you take a full or partial withdrawal (including
financial adviser fees that
you choose to have us pay from this Contract), annuitize the
Contract, take Income
Payments, execute a Performance Lock, we pay a death benefit, or we
deduct Contract
fees and expenses.
• A minimum waiting period applies before Income Payments may be
taken under the
Income Benefit. In addition, even if the waiting period has
expired, Income Payments
cannot begin before age 50.
• Withdrawals will reduce the initial annual maximum Income Payment.
Withdrawals that
exceed limits specified by the terms of the Income Benefit (Excess
Withdrawals) will
reduce your future annual maximum Income Payment. These reductions
may be greater
than the value withdrawn and could end the benefit.
• The Traditional Death Benefit may not be modified, but it will
terminate if you take
withdrawals (including Income Payments) that reduce both the
Contract Value and
Guaranteed Death Benefit Value to zero. Withdrawals may reduce the
Traditional Death
Benefit’s Guaranteed Death Benefit Value by more than the value
withdrawn and could
end the Traditional Death Benefit.
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Risk Factors
4. Valuing Your
Contract
11. Death Benefit
Appendix B –
Daily Adjustment
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RISKS
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Prospectus
Location
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Risks
Associated
with
Investment
Options
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• An investment in the Contract is subject to the risk of poor
investment performance and
can vary depending on the performance of the AZL Government Money
Market Fund and
the Index Options available under the Contract.
• The AZL Government Money Market Fund and each Index Option has its
own unique
risks.
• You should review the AZL Government Money Market Fund prospectus
and disclosures,
including risk factors, before making an investment decision.
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Risk Factors
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Insurance
Company
Risks
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An investment in the Contract is subject to the risks related to us.
All obligations,
guarantees or benefits of the Contract are the obligations of
Allianz Life and are subject to
our claims-paying ability and financial strength. More information
about Allianz Life,
including our financial strength ratings, is available upon request
by visiting
allianzlife.com/about/financial-ratings, or contacting us at (800)
624-0197.
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Risk Factors
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RESTRICTIONS
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Investments
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• Certain Index Options may not be available under your Contract.
• You cannot allocate Purchase Payments to the AZL Government Money
Market Fund.
The sole purpose of the AZL Government Money Market Fund is to hold
Purchase
Payments until they are transferred to your selected Index Options.
• We restrict additional Purchase Payments during the Accumulation
Phase. Each Index
Year before the Income Period, you cannot add more than your
initial amount (i.e., all
Purchase Payments received before the first Quarterly Contract
Anniversary of the first
Contract Year) without our prior approval.
• We do not accept additional Purchase Payments during the Income
Period (which is part
of the Accumulation Phase) or the Annuity Phase.
• We typically only allow assets to move into the Index Options on
the Index Effective Date
and on subsequent Index Anniversaries as discussed in section 3,
Purchasing the
Contract – Allocation of Purchase Payments and Contract Value
Transfers. However, if
you execute a Performance Lock and request Early Reallocation, we
will move assets
into an Index Option on the Business Day we receive your Early
Reallocation request in
Good Order.
• You can typically transfer Index Option Value only on Term End
Dates. However, you can
transfer assets out of an Index Option Value before the Term End
Date by executing a
Performance Lock as discussed in section 4, Valuing Your Contract –
Performance Locks.
• We do not allow assets to move into an established Index Option
until the Term End Date.
If you request to allocate a Purchase Payment into an established
Index Option on an
Index Anniversary that is not a Term End Date, we will allocate
those assets to the same
Index Option with a new Term Start Date.
• The Income Benefit terms stated in the Income Benefit Supplement
may be modified
before issue. After the Issue Date the Income Benefit may terminate
under certain
circumstances as stated in section 10, Income Benefit.
• During the Income Period only the Index Options with the Index
Protection Strategy with
Trigger and Index Protection Strategy with Cap are available to
you.
• We reserve the right to substitute the AZL Government Money Market
Fund. We also
reserve the right to discontinue accepting new allocations into
specific Index Options and
to substitute Indexes either on a Term Start Date or during a Term.
We also reserve the
right to decline any or all Purchase Payments at any time on a
nondiscriminatory basis.
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Risk Factors
3. Purchasing the
Contract
4. Valuing Your
Contract
5. AZL
Government
Money Market
Fund
10. Income
Benefit
Appendix A –
Available Indexes
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Optional
Benefits
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• The optional Maximum Anniversary Value Death Benefit may not be
modified.
Withdrawals (including Income Payments) may reduce the Maximum
Anniversary Value
Death Benefit’s Guaranteed Death Benefit Value by more than the
value withdrawn and
will end the Maximum Anniversary Value Death Benefit if the
withdrawals reduce both the
Contract Value and Guaranteed Death Benefit Value to zero.
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11. Death Benefit
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TAXES
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Prospectus
Location
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Tax
Implications
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• Consult with a tax professional to determine the tax implications
of an investment in and
withdrawals from or payments received under the Contract.
• If you purchased the Contract through a tax-qualified plan or
individual retirement account
(IRA), you do not get any additional tax benefit under the
Contract.
• Earnings under a Non-Qualified Contract may be taxed at ordinary
income rates when
withdrawn, and you may have to pay a 10% additional federal tax if
you take a full or
partial withdrawal before age 59 1∕2.
• Generally, distributions from Qualified Contracts are taxed at
ordinary income tax rates
when withdrawn, and you may have to pay a 10% additional federal
tax if withdrawn
before age 59 1∕2.
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12. Taxes
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CONFLICTS OF
INTEREST
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Investment
Professional
Compensation
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Your Financial Professional may receive compensation for selling
this Contract to you, in
the form of commissions, additional cash benefits (e.g., cash
bonuses), and non-cash
compensation. We and/or our wholly owned subsidiary distributor may
also make marketing
support payments to certain selling firms for marketing services and
costs associated with
Contract sales. This conflict of interest may influence your
Financial Professional to
recommend this Contract over another investment for which the
Financial Professional is
not compensated or compensated less.
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13. Other
Information –
Distribution
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Exchanges
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Some Financial Professionals may have a financial incentive to offer
you a new contract in
place of the one you already own. You should only exchange your
contract if you determine,
after comparing the features, fees, and risks of both contracts,
that it is better for you to
purchase the new contract rather than continue to own your existing
contract.
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13. Other
Information –
Distribution
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Currently Available
Crediting Methods, Term
Lengths, and
Negative Index Performance
Protection
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Currently
Available Indexes
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Positive Index Performance
Participation Limit
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Index Protection Strategy
with Trigger 1-year Term with
100% downside protection
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• S&P 500® Index
• Russell 2000® Index
• Nasdaq-100® Index
• EURO STOXX 50®
• iShares® MSCI Emerging Markets ETF
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• 0.50% minimum Trigger Rate
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Index Protection Strategy
with Cap 1-year Term with
100% downside protection
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• S&P 500® Index
• Russell 2000® Index
• Nasdaq-100® Index
• EURO STOXX 50®
• iShares® MSCI Emerging Markets ETF
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• 0.50% minimum Cap
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Index Dual Precision Strategy
1-year Term with 10% Buffer
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• S&P 500® Index
• Russell 2000® Index
• Nasdaq-100® Index
• EURO STOXX 50®
• iShares® MSCI Emerging Markets ETF
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• 3% minimum Trigger Rate
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Index Precision Strategy
1-year Term with 10% Buffer
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• S&P 500® Index
• Russell 2000® Index
• Nasdaq-100® Index
• EURO STOXX 50®
• iShares® MSCI Emerging Markets ETF
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• 3% minimum Trigger Rate
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Index Guard Strategy
1-year Term with -10% Floor
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• S&P 500® Index
• Russell 2000® Index
• Nasdaq-100® Index
• EURO STOXX 50®
• iShares® MSCI Emerging Markets ETF
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• 3% minimum Cap
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Index Performance Strategy
1-year Term with 10%, 20%, or
30% Buffer
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• S&P 500® Index
• Russell 2000® Index
• Nasdaq-100® Index
• EURO STOXX 50®
• iShares® MSCI Emerging Markets ETF
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• 3% minimum Cap
• Can be “uncapped” (i.e., we do not declare a
Cap for that Term)
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Currently Available
Crediting Methods, Term
Lengths, and
Negative Index Performance
Protection
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Currently
Available Indexes
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Positive Index Performance
Participation Limit
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Index Performance Strategy
3-year Term with 10% or 20%
Buffer
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• S&P 500® Index
• Russell 2000® Index
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• 5% minimum Cap
• Can be uncapped
• 100% minimum Participation Rate
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Index Performance Strategy
6-year Term with 10% or 20%
Buffer
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• S&P 500® Index
• Russell 2000® Index
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• 10% minimum Cap
• Can be uncapped
• 100% minimum Participation Rate
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Number of Complete
Years Since
Purchase Payment
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Withdrawal Charge
Amount
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0
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8.5%
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1
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8%
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2
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7%
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3
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6%
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4
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5%
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5
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4%
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6 years or more
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0%
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Index Protection Strategy
with Trigger
and
Index Protection Strategy
with Cap
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Index Dual Precision Strategy,
Index Precision Strategy,
and
Index Performance Strategy
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Index
Guard
Strategy
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Daily Adjustment Maximum Potential Loss
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0%
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99%
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35%
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(as a percentage of Index Option Value, applies for
distributions from an Index Option before any Term
End Date)(3)
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Administrative Expenses (or contract maintenance charge)(1)
(per year)
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$50
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Base Contract Expenses(2)
(as a percentage of the Charge Base)
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1.95%
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Optional Benefit Expenses – Maximum Anniversary Value
Death Benefit
(as a percentage of the Charge Base)
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0.20%
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(expenses that are deducted from the fund’s assets, including management fees,
distribution and/or service (12b-1) fees, and other expenses)
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0.88%
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1 Year
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3 Years
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5 Years
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10 Years
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(1) If you surrender your Contract (take a full withdrawal) at the end
of the applicable time period:
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$11,564
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$16,454
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$21,212
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$34,859
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(2) If you annuitize your Contract at the end of the applicable time
period.
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N/A*
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$9,454
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$16,212
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$34,859
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(3) If you do not surrender your Contract.
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$3,064
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$9,454
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$16,212
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$34,859
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In recent years, the financial markets have experienced periods of
significant volatility and negative returns, contributing
to an uncertain and evolving economic environment. The performance of
the markets has been impacted by several
interrelating factors such as, but not limited to, the COVID-19
pandemic, geopolitical turmoil, rising inflation, changes in
interest rates, and actions by governmental authorities. It is not
possible to predict future performance of the markets.
Depending on your individual circumstances (e.g., your selected Index
Options and the timing of any Purchase
Payments, transfers, or withdrawals), you may experience (perhaps
significant) negative returns under the Contract. You
should consult with a Financial Professional about how recent market
conditions may impact your future investment
decisions related to the Contract, such as purchasing the Contract or
making Purchase Payments, transfers, or
withdrawals, based on your individual circumstances.
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January 1, 2012 through December 31, 2022
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S&P 500®
Index
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Nasdaq-100®
Index
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Russell 2000®
Index
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EURO
STOXX 50®
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iShares® MSCI
Emerging Markets ETF
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Returns without dividends
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11.56
%
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17.69
%
|
8.95
%
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4.47
%
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-0.14
%
|
Returns with dividends
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13.70
%
|
18.96
%
|
10.38
%
|
8.04
%
|
1.97
%
|
We will not provide advice or notify
you regarding whether you should execute a Performance Lock or Early
Reallocation or the optimal time for
doing so. We will not warn you if you execute a Performance Lock or Early
Reallocation at a sub-optimal time.
We are not responsible for any losses related to your decision whether or not to
execute a Performance Lock or Early
Reallocation.
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Financial Adviser Fee
Withdrawal
|
Contract
Value
|
Guaranteed Death Benefit
Value for a Contract with the
Traditional Death Benefit
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Guaranteed Death Benefit Value
for a Contract with the
Maximum Anniversary Value
Death Benefit
|
Prior to 1st years withdrawal
|
$ 100,000
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$ 90,000
|
$ 105,000
|
$5,000 withdrawal (subject to an
|
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8.5% withdrawal charge)
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– [($5,000 ÷ (1 – 8.5%)]
|
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Amount withdrawn
|
– $5,465
|
– [($5,465 ÷ 100,000) x 90,000]
|
– [($5,465 ÷ 100,000) x 105,000]
|
|
|
= - $4,919
|
= - $5,739
|
After 1st years withdrawal
|
$ 94,535
|
$ 85,081
|
$ 99,261
|
|
|
|
|
Prior to 2nd years withdrawal
|
$ 97,000
|
$ 85,081
|
$ 99,261
|
$5,000 withdrawal (not subject to a
|
|
|
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withdrawal charge)
|
– $5,000
|
– [($5,000 ÷ 97,000) x 85,081]
|
– [($5,000 ÷ 97,000) x 99,261]
|
|
|
= - $4,386
|
= - $5,117
|
After 2nd years withdrawal
|
$ 92,000
|
$ 80,695
|
$ 94,414
|
|
|
|
|
Prior to 3rd years withdrawal
|
$ 80,0000
|
$ 80,695
|
$ 94,414
|
$5,000 withdrawal (not subject to a
|
– $5,000
|
– [($5,000 ÷ 80,000) x 80,695]
|
– [($5,000 ÷ 80,000) x 94,414]
|
withdrawal charge)
|
|
= - $5,044
|
= - $5,844
|
After 3rd years withdrawal
|
$ 75,000
|
$ 75,651
|
$ 88,260
|
UPON THE DEATH OF A SOLE OWNER
|
|
Action if the Contract is in the Accumulation Phase
|
Action if the Contract is in the Annuity Phase
|
• We pay a death benefit to the Beneficiary unless the
Beneficiary is the surviving spouse and continues the Contract.
The Income Benefit and any Income Payments will also end
unless the Beneficiary is both a surviving spouse and either an
Eligible Person (if Income Payments have not begun) or a
Covered Person (if Income Payments have begun).
• If the deceased Owner was a Determining Life and the
surviving spouse Beneficiary continues the Contract:
– we increase the Contract Value to equal the Guaranteed
Death Benefit Value if greater and available, and the
death benefit ends,
– the surviving spouse becomes the new Owner,
– if Income Payments have not begun the Accumulation
Phase continues,
– if Income Payments have begun they can only continue if
the surviving spouse is a Covered Person; otherwise the
Income Benefit ends, and
– upon the surviving spouse’s death, his or her
Beneficiary(s) receives the Contract Value.
• If the deceased Owner was not a Determining Life, the
Traditional Death Benefit or Maximum Anniversary Value Death
Benefit are not available and the Beneficiary(s) receives the
Contract Value.
|
• The Beneficiary becomes the Payee. If we are still required to
make Annuity Payments under the selected Annuity Option, the
Beneficiary also becomes the new Owner.
• If the deceased was not an Annuitant, Annuity Payments to the
Payee continue. No death benefit is payable.
• If the deceased was the only surviving Annuitant, Annuity
Payments end or continue as follows.
– Annuity Option A or C, payments end when the
guaranteed period ends.
– Annuity Option B, F, or G, payments end. If Income
Payments were converted to Annuity Payments under
Annuity Option B or F, we will also pay any remaining
value to the named Beneficiary(s).
– For more information on the Annuity Options, please see
section 8.
• If the deceased was an Annuitant and there is a surviving joint
Annuitant, Annuity Payments to the Payee continue during the
lifetime of the surviving joint Annuitant. No death benefit is
payable.
• For a Qualified Contract, the Annuity Payments must end ten
years after the Owner’s death.
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• FOR JOINTLY OWNED CONTRACTS: The sole primary
Beneficiary is the surviving Joint Owner regardless of
any other named primary Beneficiaries. If both Joint Owners die within
120 hours of each other, we pay the death
benefit to the named surviving primary Beneficiaries. If there are no
named surviving primary Beneficiaries, we pay
the death benefit to the named surviving contingent Beneficiaries, or
equally to the estate of the Joint Owners if there
are no named surviving contingent Beneficiaries.
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• NAMING AN ESTATE AS A BENEFICIARY: If an estate is the
Beneficiary, the estate must be the sole primary
Beneficiary, unless the Spouse is the sole primary Beneficiary. If the
Spouse is the sole primary Beneficiary, then an
estate can be a contingent beneficiary.
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• An assignment may be a taxable event. In addition, there are other
restrictions on changing the ownership of a
Qualified Contract and Qualified Contracts generally cannot be assigned
absolutely or on a limited basis. You should
consult with your tax adviser before
assigning this Contract.
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• An assignment will only change the Determining Life (Lives) if it involves removing a Joint Owner due to
divorce, replacing Joint Owners with a Trust, or adding
a Joint Owner if that person is a spouse within the
meaning of federal tax law of the existing Owner.
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On your application if you select…
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Your Index Effective Date will be either…
|
the earliest Index Effective Date
|
• your Issue Date, or
• the first Business Day of the next month if the Issue Date is the
29th, 30th, or 31st of a
month
|
the deferred Index Effective Date
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• your first Quarterly Contract Anniversary, or
• the next Business Day if the first Quarterly Contract Anniversary
occurs on a non-Business
Day, or the first Business Day of the next month if the first
Quarterly Contract Anniversary
is the 29th, 30th, or 31st of a month
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• In order to apply Purchase Payments we receive after the Index Effective Date to your selected Index Option(s) on
the next Index Anniversary, we must receive them before the end of the Business Day on the Index Anniversary (or
before the end of the prior
Business Day if the anniversary is a non-Business Day).
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• Purchase Payments we hold in the AZL Government Money Market before transferring them to your selected
Index Options are subject to Contract
fees and expenses (e.g. contract maintenance charge), and market risk and
may lose value.
|
Variable Account Value increases when….
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Variable Account Value decreases when….
|
• you make additional Purchase Payments and we hold them in
the AZL Government Money Market Fund before transferring
them to your selected Index Options, or
• there is positive AZL Government Money Market Fund
performance
|
• we take assets out of the AZL Government Money Market
Fund for withdrawals (including financial adviser fees that you
choose to have us pay from this Contract) or transfers to your
selected Index Options,
• there is negative AZL Government Money Market Fund
performance, or
• we deduct Contract fees and expenses
|
Contract fees and
expenses we deduct from the AZL Government Money Market Fund include the product fee, rider fee,
contract maintenance charge, and withdrawal
charge as described in section 6, Expenses. Financial adviser fees that you
choose to have us pay from this Contract are
described in section 1, The Contract.
|
Index Option Values increase when….
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Index Option Values decrease when….
|
• you add assets to an Index Option by Purchase Payment or
Contract Value transfer, or
• you receive a positive Performance Credit or Daily Adjustment
|
• you take assets out of an Index Option by
withdrawal (including any financial adviser fees that you
choose to have us pay from this Contract) or Contract Value
transfer,
• you receive a negative Performance Credit or Daily
Adjustment, or
• we deduct Contract fees and expenses
|
Contract fees and
expenses we deduct from the Index Options include the product fee, rider fee, contract maintenance
charge, and withdrawal charge as described
in section 6, Expenses. Financial adviser fees that you choose to have us pay
from this Contract are described in section
1, The Contract.
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• The Index Dual Precision Strategy, Index Precision Strategy, Index Guard Strategy, and Index Performance
Strategy allow negative Performance Credits. A negative Performance Credit means you can lose principal and
previous earnings. The maximum
potential negative Performance Credit is: -90% with a 10% Buffer; -80% with a
20% Buffer; -70% with a 30% Buffer;
and -10% with the Floor.
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• Because we calculate Index Returns only on a single date in time, you may experience negative or flat
performance even though the Index you selected for a
given Crediting Method experienced gains through
some, or most, of the Term.
|
• If an Index Performance Strategy Index Option is
“uncapped” for one Term (i.e., we do not declare a Cap for
that Term) it does not mean that we will not declare a
Cap for it on future Term Start Dates. On the next Term
Start Date we can declare a Cap for the next Term, or declare it to be
uncapped.
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What is the asset protection?
|
|
Index Protection
Strategy with Cap
|
• Most protection.
• If the Index loses value, the Performance Credit is zero. You do not
receive a negative Performance
Credit.
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Index Dual Precision
Strategy
|
• Less protection than the Index Protection Strategy with Trigger,
Index Protection Strategy with Cap,
and Index Guard Strategy. Protection is equal to what is available
with the Index Precision Strategy.
Protection may be equal to or less than what is available with the
Index Performance Strategy
depending on the Index Option.
• Buffer absorbs 10% of loss, but you receive a negative Performance
Credit for losses greater than
10%.
• Potential for large losses in any Term.
• More sensitive to large negative market movements because small
negative market movements
within the 10% Buffer result in a positive Performance Credit. In a
period of extreme negative market
performance, the risk of loss is greater with the Index Dual Precision
Strategy than with the Index
Guard Strategy.
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Index Precision Strategy
|
• Less protection than the Index Protection Strategy with Trigger,
Index Protection Strategy with Cap,
and Index Guard Strategy. Protection is equal to what is available
with the Index Dual Precision
Strategy. Protection may be equal to or less than what is available
with the Index Performance
Strategy depending on the Index Option.
• Buffer absorbs 10% of loss, but you receive a negative Performance
Credit for losses greater than
10%.
• Potential for large losses in any Term.
• More sensitive to large negative market movements because small
negative market movements are
absorbed by the 10% Buffer. In a period of extreme negative market
performance, the risk of loss is
greater with the Index Precision Strategy than with the Index Guard
Strategy.
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Index Guard Strategy
|
• Less protection than the Index Protection Strategy with Trigger and
Index Protection Strategy with
Cap, but more than Index Dual Precision Strategy, Index Precision
Strategy, and Index Performance
Strategy.
• Permits a negative Performance Credit down to the -10% Floor.
• Protection from significant losses.
• More sensitive to smaller negative market movements that persist over
time because the -10% Floor
reduces the impact of large negative market movements.
• In an extended period of smaller negative market returns, the risk of
loss is greater with the Index
Guard Strategy than with the Index Dual Precision Strategy, Index
Precision Strategy, and Index
Performance Strategy.
• Provides certainty regarding the maximum loss in any Term.
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Index Performance
Strategy
|
• Less protection than the Index Protection Strategy with Trigger,
Index Protection Strategy with Cap,
and Index Guard Strategy. Index Options with a 10% Buffer provide the
same protection as the Index
Dual Precision Strategy and Index Precision Strategy. Index Options
with a 20% or 30% Buffer have
more protection than what is available with the Index Dual Precision
Strategy and Index Precision
Strategy.
• Buffer absorbs 10%, 20%, or 30% of loss depending on the Index Option
you select, but you receive
a negative Performance Credit for losses greater than the Buffer.
• Potential for large losses in any Term.
• More sensitive to large negative market movements because small
negative market movements are
absorbed by the Buffer. In a period of extreme negative market
performance, the risk of loss is greater
with the Index Performance Strategy than with the Index Guard
Strategy.
• In extended periods of moderate to large negative market performance,
3-year and 6-year Terms may
provide less protection than the 1-year Terms because, in part, the
Buffer is applied over a longer
period of time.
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What is the growth opportunity?
|
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Index Protection
Strategy with Trigger
|
• Growth opportunity limited by the Trigger Rates.
• Least growth opportunity.
• May perform best in periods of small positive market movements.
• These Trigger Rates will generally be less than the Caps and the
Trigger Rates for the Index Dual
Precision Strategy and Index Precision Strategy.
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Index Protection
Strategy with Cap
|
• Growth opportunity limited by the Caps.
• May perform best in periods of small positive market movements.
• Generally more growth opportunity than the Index Protection Strategy
with Trigger, but less than the
Index Dual Precision Strategy, Index Precision Strategy, Index Guard
Strategy, and Index
Performance Strategy.
• Caps will generally be greater than the Trigger Rates for Index
Protection Strategy with Trigger, but
less than the Trigger Rates for the Index Dual Precision Strategy and
Index Precision Strategy, and
less than the Caps for the Index Guard Strategy and Index Performance
Strategy.
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Index Dual Precision
Strategy
|
• Growth opportunity limited by the Trigger Rates.
• May perform best in periods of small positive and/or small negative
market movements. Provides the
most return potential during periods of small negative market
movements.
• Generally more growth opportunity than the Index Protection Strategy
with Trigger and Index
Protection Strategy with Cap, but less than the Index Precision
Strategy and Index Performance
Strategy.
• Growth opportunity may be more or less than the Index Guard Strategy
depending on Trigger Rates
and Caps.
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Index Precision Strategy
|
• Growth opportunity limited by the Trigger Rates.
• May perform best in periods of small positive market movements.
• Generally more growth opportunity than the Index Protection Strategy
with Trigger, Index Protection
Strategy with Cap, and Index Dual Precision Strategy. However, less
growth opportunity than the
Index Dual Precision Strategy during periods of small negative market
movements.
• Growth opportunity may be more or less than the Index Guard Strategy
or Index Performance
Strategy depending on Trigger Rates and Caps.
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Index Guard Strategy
|
• Growth opportunity limited by the Caps.
• May perform best in a strong market.
• Growth opportunity that generally may be matched or exceeded only by
the Index Performance
Strategy. However, growth opportunity may be more or less than the
Index Dual Precision Strategy,
Index Precision Strategy, or Index Performance Strategy depending on
Trigger Rates and Caps.
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Index Performance
Strategy
|
• Growth opportunity limited by the Caps and/or Participation Rates. If we do not declare a Cap for an
Index Option there is no maximum
limit on the positive Index Return for that Index Option. In
addition, you can receive more than
the positive Index Return if the Participation Rate applies
and is greater than its 100%
minimum. However, the Participation Rate cannot boost Index
Returns beyond a declared Cap.
• May perform best in a strong market.
• 1-year Term with 10% Buffer Index Options, 3-year Term with 10% or
20% Buffer Index Options, and
6-year Term with 10% or 20% Buffer Index Options have the most growth
opportunity.
• Growth opportunity for the 1-year Term with 20% or 30% Buffer may be
less than the Index Dual
Precision Strategy, Index Precision Strategy, and Index Guard Strategy
depending on Trigger Rates
and Caps.
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What can change within a Crediting Method?
|
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Index Protection
Strategy with Trigger
|
• Renewal and Early Reallocation Trigger Rates for existing Contracts
can change on each Term Start
Date.
– 1-year Term has a 0.50% minimum Trigger Rate.
|
Index Protection
Strategy with Cap
|
• Renewal and Early Reallocation Caps for existing Contracts can change
on each Term Start Date.
– 1-year Term has a 0.50% minimum Cap.
|
What can change within a Crediting Method?
|
|
Index Dual Precision
Strategy
|
• Renewal and Early Reallocation Trigger Rates for existing Contracts
can change on each Term Start
Date.
– 1-year Term has a 3% minimum Trigger Rate.
• The 10% Buffers for the currently available Index Options cannot
change. However, if we add a new
Index Option to your Contract after the Issue Date, we establish the
Buffer for it on the date we add
the Index Option to your Contract. The minimum Buffer is 5% for a new
Index Option.
|
Index Precision Strategy
|
• Renewal and Early Reallocation Trigger Rates for existing Contracts
can change on each Term Start
Date.
– 1-year Term has a 3% minimum Trigger Rate.
• The 10% Buffers for the currently available Index Options cannot
change. However, if we add a new
Index Option to your Contract after the Issue Date, we establish the
Buffer for it on the date we add
the Index Option to your Contract. The minimum Buffer is 5% for a new
Index Option.
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Index Guard Strategy
|
• Renewal and Early Reallocation Caps for existing Contracts can change
on each Term Start Date.
– 1-year Term has a 3% minimum Cap.
• The -10% Floors for the currently available Index Options cannot
change. However, if we add a new
Index Option to your Contract after the Issue Date, we establish the
Floor for it on the date we add the
Index Option to your Contract. The minimum Floor is -25% for a new
Index Option.
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Index Performance
Strategy
|
• Renewal and Early Reallocation Caps and/or Participation Rates for
existing Contracts can change on
each Term Start Date.
– 1-year Term with 10%, 20%, or 30% Buffer has a 3% minimum Cap.
– 3-year Term with 10% or 20% Buffer has a 5% minimum Cap, and 100%
minimum Participation Rate.
– 6-year Term with 10% or 20% Buffer has a 10% minimum Cap, and 100%
minimum Participation
Rate.
• The 10%, 20%, and 30% Buffers for the currently available Index
Options cannot change. However, if
we add a new Index Option to your Contract after the Issue Date, we
establish the Buffer for it on the
date we add the Index Option to your Contract. The minimum Buffer is
5% for a new Index Option.
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• For any Index Option with the Index Dual Precision Strategy, Index Precision Strategy, or Index Performance
Strategy, you participate in any negative Index Return in excess of the Buffer, which reduces your Contract Value.
For example, for a 10% Buffer we absorb the first -10% of Index Return
and you could lose up to 90% of the Index
Option Value. However, for any Index Option with the Index Guard Strategy, we absorb any negative Index Return
in excess of the -10% Floor, so
your maximum loss is limited to -10% of the Index Option Value due to negative
Index Returns.
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• Trigger Rates, Caps, and Participation Rates as set by us from
time-to-time may vary substantially based on market
conditions. However, in extreme market environments, it is possible that all Trigger Rates, Caps, and Participation
Rates will be reduced to their
respective minimums of 0.50%, 3%, 5%, 10%, or 100% as stated in the table above.
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• If your Contract is within its free look period you may be able to
take advantage of any increase in initial Trigger
Rates, Caps, and/or Participation Rates by cancelling your Contract
and purchasing a new Contract.
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• If the initial Trigger Rates, Caps, and/or Participation Rates
available on the Index Effective Date are not acceptable
you have the following options.
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– Cancel your Contract if you are still within the free look period. If
you took a withdrawal that was subject to a
withdrawal charge (including financial adviser fees that you choose to
have us pay from this Contract) we will refund
any previously deducted withdrawal charge upon a free look cancellation.
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– Request to extend your Index Effective Date if you have not reached
your first Quarterly Contract Anniversary.
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– If the free look period has expired, request a full withdrawal and
receive the Cash Value. This withdrawal is subject to
withdrawal charges and income taxes, including a 10% additional federal
tax for withdrawals taken before age 59 1∕2. If
this occurs on or before the Index Effective Date the Daily Adjustment does not apply.
If this occurs after the Index
Effective Date, you are subject to the Daily Adjustment.
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• Trigger Rates, Caps, and Participation Rates can be different from Index Option to Index Option. For example,
Caps for the Index Performance Strategy 1-year Terms can be different
between the S&P 500® Index and the
Nasdaq-100® Index; and Caps for the S&P 500® Index can be
different between 1-year, 3-year, and 6-year Terms on
the Index Performance Strategy, and between the 1-year Terms for the
Index Guard Strategy and Index Performance
Strategy. Initial, renewal, and Early Reallocation rates may also be different from Contract-to-Contract. For
example, assume that on August 3, 2023 we set Caps for the Index
Performance Strategy 1-year Term with 10% Buffer
using the S&P 500® Index as
follows:
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– 13% initial rate and 12% Early Reallocation rate for new Contracts
issued in 2023,
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– 14% renewal rate and 14% Early Reallocation rate for existing
Contracts issued in 2022, and
|
– 12% renewal rate and 13% Early Reallocation rate for existing
Contracts issued in 2021.
|
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First Index Option
|
Second Index Option
|
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|
Index Option Value
|
Index Option Base
|
Index Option Value
|
Index Option Base
|
Prior to partial withdrawal
|
$ 75,000
|
$ 72,000
|
$ 25,000
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$ 22,000
|
$10,000 partial withdrawal
|
– $7,500
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– $7,200
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– $2,500
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– $2,200
|
|
|
|
|
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After partial withdrawal
|
$ 67,500
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$ 64,800
|
$ 22,500
|
$ 19,800
|
• Amounts removed from the Index Options during the Term for partial withdrawals you take (including any
financial adviser fees that you choose to have us pay
from this Contract) and deductions we make for Contract
fees and expenses do not receive a Performance Credit
on the Term End Date. However, the remaining amount
in the Index Options is eligible for a Performance Credit on the Term
End Date.
|
• You cannot specify from which Index Option or the AZL Government Money Market Fund we deduct Contract fees
and expenses; we deduct Contract fees and expenses from each Index
Option and the AZL Government Money
Market Fund proportionately based on its percentage of Contract Value.
|
Crediting Method
and Term Length
|
If Index Value is less than it was on
the
Term Start Date
(i.e., Index Return is negative):
|
If Index Value is equal to or greater
than it was
on the Term Start Date
(i.e., Index Return is zero or positive):
|
Index Protection
Strategy with Trigger
1-year Term
|
Performance Credit is zero
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Performance Credit is equal to the Trigger Rate set
on the Term Start Date
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Index Protection
Strategy with Cap
1-year Term
|
Performance Credit is zero
|
Performance Credit is equal to the Index Return up
to the Cap set on the Term Start Date
Assume the Cap is 5%. If the Index Return is…
• 0%, the Performance Credit is zero.
• 4%, the Performance Credit is 4%.
• 12%, the Performance Credit is 5%.
|
Index Dual Precision
Strategy 1-year Term
|
Performance Credit is equal to the Trigger Rate if the
negative Index Return is less than or equal to the
10% Buffer. However, if the negative Index Return is
greater than the 10% Buffer you receive a
Performance Credit equal to the negative Index
Return in excess of the 10% Buffer.
If the Index Return is…
• -8%, the Performance Credit is equal to the Trigger
Rate set on the Term Start Date.
• -12%, the Performance Credit is -2%.
|
Performance Credit is equal to the Trigger Rate set
on the Term Start Date
|
Index Precision
Strategy 1-year Term
|
Performance Credit is equal to the negative Index
Return in excess of the 10% Buffer
If the Index Return is…
• -8%, the Performance Credit is zero.
• -12%, the Performance Credit is -2%.
|
Performance Credit is equal to the Trigger Rate set
on the Term Start Date
|
Index Guard Strategy
1-year Term
|
Performance Credit is equal to the negative Index
Return subject to the -10% Floor
If the Index Return is…
• -8%, the Performance Credit is -8%.
• -12%, the Performance Credit is -10%.
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Performance Credit is equal to the Index Return up
to the Cap set on the Term Start Date
Assume the Cap is 8%. If the Index Return is…
• 0%, the Performance Credit is zero.
• 6%, the Performance Credit is 6%.
• 12%, the Performance Credit is 8%.
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Crediting Method
and Term Length
|
If Index Value is less than it was on
the
Term Start Date
(i.e., Index Return is negative):
|
If Index Value is equal to or greater
than it was
on the Term Start Date
(i.e., Index Return is zero or positive):
|
Index Performance
Strategy 1-year Term
|
Performance Credit is equal to the negative Index
Return in excess of the 10%, 20%, or 30% Buffer.
Assume you select a 1-year Term Index Option with
10% Buffer. If the Index Return for the year is…
• -8%, the Performance Credit is zero.
• -12%, the Performance Credit is -2%.
Instead assume you select a
1-year Term Index
Option with 20% Buffer, and the Index Return for
the Term is…
• -19%, the Performance Credit is 0%.
• -24%, the Performance Credit is -4%.
Instead assume you select a
1-year Term Index
Option with 30% Buffer, and the Index Return for
the Term is…
• -29%, the Performance Credit is 0%.
• -34%, the Performance Credit is -4%.
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Performance Credit is equal to the Index Return up
to any Cap set on the Term Start Date
Assume the Cap for the 1-year Term is 8%. If the
Index Return for the year is…
• 0%, the Performance Credit is zero.
• 6%, the Performance Credit is 6%.
• 12%, the Performance Credit is 8%. If instead the
1-year Term were uncapped, the
Performance
Credit is 12%.
|
Index Performance
Strategy 3-year Term
|
Performance Credit is equal to the negative Index
Return in excess of the 10% or 20% Buffer.
Assume you select a 3-year Term Index Option with
10% Buffer. If the Index Return for the Term is…
• -19%, the Performance Credit is -9%.
• -24%, the Performance Credit is -14%.
Instead assume you select a
3-year Term Index
Option with 20% Buffer, and the Index Return for
the Term is…
• -19%, the Performance Credit is 0%.
• -24%, the Performance Credit is -4%.
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Performance Credit is equal to the Index Return
multiplied by the Participation Rate, up to any Cap
set on the Term Start Date
Assume the Participation Rate is 100% and the Cap
is 80%. If the Index Return for the Term is…
• 0%, the Performance Credit is zero.
• 65%, the Performance Credit is 65%.
• 90%, the Performance Credit is 80%.
If instead the Participation Rate is
110% and the
3-year Term were uncapped, and the Index Return
for the Term is…
• 0%, the Performance Credit is zero.
• 65%, the Performance Credit is 71.5%.
• 90%, the Performance Credit is 99%.
|
Index Performance
Strategy 6-year Term
|
Performance Credit is equal to the negative Index
Return in excess of the 10% or 20% Buffer.
If the Index Return for the Term is…
• -19%, the Performance Credit is -9%.
• -24%, the Performance Credit is -14%.
Instead assume you select a
6-year Term Index
Option with 20% Buffer, and the Index Return for
the Term is…
• -19%, the Performance Credit is 0%.
• -24%, the Performance Credit is -4%.
|
Performance Credit is equal to the Index Return
multiplied by the Participation Rate, up to any Cap
set on the Term Start Date
Assume the Participation Rate is 100% and the Cap
is 95%. If the Index Return for the Term is…
• 0%, the Performance Credit is zero.
• 65%, the Performance Credit is 65%.
• 90%, the Performance Credit is 90%.
If instead the Participation Rate is
110% and the
6-year Term were uncapped, and the Index Return
for the Term is…
• 0%, the Performance Credit is zero.
• 65%, the Performance Credit is 71.5%.
• 90%, the Performance Credit is 99%.
|
We will not provide advice or notify
you regarding whether you should execute a Performance Lock or Early
Reallocation or the optimal time for
doing so. We will not warn you if you execute a Performance Lock or Early
Reallocation at a sub-optimal time.
We are not responsible for any losses related to your decision whether or not to
execute a Performance Lock or Early
Reallocation.
|
Currently the Contract does not offer any variable investment options
to which you can allocate money. If we were to
offer variable investment options in the future they would be subject
to the following provisions.
|
This Contract is not designed for professional market timing
organizations, or other persons using programmed, large, or
frequent transfers, and we may restrict excessive or inappropriate
transfer activity.
|
|
Base Contract Expenses
(as a percentage of the Charge Base)
|
Product Fee(1)
|
1.25%
|
Rider Fee for the Income Benefit
|
0.70%
|
Total Base Contract Expenses
|
1.95%
|
Issue Date
|
Non-Quarterly Contract Anniversaries
|
Quarterly Contract Anniversaries*
|
• The Charge Base is
equal to your initial
Purchase Payment.
• We begin calculating
and accruing the
daily product and
rider fees, on the
day after the Issue
Date.
|
• First we calculate and accrue the daily product
and rider fees, using the Charge Base. If this is a
non-Business Day we use the Charge Base from
the end of the prior Business Day.
• Then if this is a Business Day we
increase/decrease the Charge Base as follows.
– If we receive an additional Purchase
Payment, we increase the Charge Base by
the dollar amount we receive.
– If you take a partial withdrawal (including any
financial adviser fees that you choose to have
us pay from this Contract), or we deduct
Contract fees and expenses other than the
withdrawal charge, we decrease the Charge
Base by the percentage of Contract Value
withdrawn (including any withdrawal charge).
All withdrawals you take reduce the Charge
Base, even Penalty-Free Withdrawals.
|
• First we process all daily transactions and
determine your Contract Value. Daily
transactions include any gains/losses due to AZL
Government Money Market Fund performance or
application of any Daily Adjustment (or
Performance Credit if this is also the Term End
Date), any additional Purchase Payment, any
partial withdrawals you take (including financial
adviser fees that you choose to have us pay from
this Contract and any withdrawal charge), and
deductions we make for other Contract fees and
expenses (including deduction of the accrued
daily product and rider fees for
the prior
quarter). All partial withdrawals you take reduce
the Charge Base, even Penalty-Free
Withdrawals.
– We deduct the accrued product and rider fees
for the prior quarter on a dollar for dollar basis
from the Contract Value, and proportionately
from each Index Option and the AZL
Government Money Market Fund.
• Then we set the Charge Base equal to this
Contract Value and we calculate and accrue the
next quarter’s daily product and rider fees using
the newly set Charge Base.
* Or the next Business Day if the Quarterly Contract
Anniversary is a non-Business Day.
|
Example: Contract Value is $125,000; Charge
Base is $127,000; a $10,000 partial
withdrawal (including any withdrawal charge)
would decrease the Charge Base by $10,160.
[($10,000 ÷ $125,000) x $127,000]
Any increase/decrease to the Charge Base
will increase/decrease the daily product and
rider fees we calculate and accrue on the
next day.
|
||
Examples of how we
calculate the product and rider fees are included in Appendix C.
|
We do not treat the deduction of the accrued product and rider fees as
a withdrawal when computing your Guaranteed
Death Benefit Value (see section 11).
|
If on a Quarterly Contract Anniversary (or the next Business Day if the
Quarterly Contract Anniversary is a
non-Business Day) the Contract Value is less than the accrued product
and rider fees, we deduct your total remaining
Contract Value to cover the accrued product and rider fees and reduce
your Contract Value to zero. If the deduction of
the accrued product and rider fees reduces your Contract Value to zero
and the Income Benefit and your selected death
benefit have ended, we treat this as a full withdrawal and your
Contract ends.
|
When calculating the Maximum Anniversary Value, we deduct all Contract
fees and expenses on the Index Anniversary
(including the accrued product and rider fees if this is also a
Quarterly Contract Anniversary) before we capture any
annual investment gains. However, we do not treat the deduction of the
accrued rider fee as a withdrawal when
calculating the Maximum Anniversary Value (see section 11).
|
Calculating a Withdrawal Charge
|
Example
|
|
For purposes of calculating any withdrawal charge, we withdraw
Purchase Payments on a “first-in-first-out” (FIFO) basis and we
process withdrawal requests as follows.
|
You make an initial Purchase Payment of $55,000 and make
another Purchase Payment in the first month of the second
Contract Year of $45,000. In the third month of the third
Contract Year, your Contract Value is $110,000 and you
request a $70,000 withdrawal before the Income Period. We
withdraw money and compute the withdrawal charge as
follows.
|
|
1. First, we withdraw from Purchase Payments that we have had
for six or more complete years, which is your Contract’s
withdrawal charge period. This withdrawal is not subject to a
withdrawal charge and it reduces the Withdrawal Charge Basis
dollar for dollar.
|
1. Purchase Payments beyond the withdrawal charge
period. All payments are still within the withdrawal charge
period, so this does not apply.
|
|
2. Amounts available as a Penalty-Free Withdrawal. This includes
partial withdrawals you take during the Accumulation Phase
under the free withdrawal privilege or waiver of withdrawal
charge benefit, RMD payments you take under our minimum
distribution program, and Income Payments. Penalty-Free
Withdrawals are not subject to a withdrawal charge, and they
do not reduce the Withdrawal Charge Basis.
|
2. Amounts available as a Penalty-Free Withdrawal. You
did not take any other withdrawals this year, so the entire
free withdrawal privilege (10% of your total Purchase
Payments, or $10,000) is available to you without incurring a
withdrawal charge.
|
|
3. Next, on a FIFO basis, we withdraw from Purchase Payments
within your Contract’s withdrawal charge period and assess a
withdrawal charge. Withdrawing payments on a FIFO basis
may help reduce the total withdrawal charge because the
charge declines over time. We determine your total withdrawal
charge by multiplying each payment by its applicable
withdrawal charge percentage and then totaling the charges.
These withdrawals reduce the Withdrawal Charge Basis.
The withdrawal charge as a percentage of each Purchase
Payment withdrawn is as follows.
|
3. Purchase Payments within the withdrawal charge period
on a FIFO basis. The total amount we withdraw from the
first Purchase Payment is $55,000, which is subject to a 7%
withdrawal charge, and you receive $51,150. We determine
this amount as follows:
(amount withdrawn) x (1 – withdrawal charge) = the
amount you receive, or:
$55,000 x 0.93 = $51,150
The total amount we withdraw from the second Purchase
Payment is $9,620, which is subject to an 8% withdrawal
charge, and you receive $8,850. We determine this amount
as follows:
(amount withdrawn) x (1 – withdrawal charge) = the
amount you receive, or:
$9,620 x 0.92 = $8,850
|
|
Number of Complete Years
Since Purchase Payment
|
Withdrawal Charge
Amount
|
|
0
1
2
3
4
5
6 years or more
|
8.5%
8%
7%
6%
5%
4%
0%
|
|
Calculating a Withdrawal Charge
|
Example
|
|
4. Finally, we withdraw any Contract earnings. This withdrawal is
not subject to a withdrawal charge and it does not reduce the
Withdrawal Charge Basis.
|
4. Contract earnings. We already withdrew your requested
amount, so this does not apply.
In total we withdrew $74,620 from your Contract, of
which you received $70,000 and paid a withdrawal
charge of $4,620. We also reduced the 1st Purchase
Payment from $55,000 to $0, and your 2nd Purchase
Payment from $45,000 to $35,380 ($45,000 – $9,620).
Please note that this example may
differ from your
actual results due to rounding.
|
• Upon a full withdrawal the free withdrawal privilege is not available to you, and we apply a withdrawal charge
against Purchase Payments that are still within the withdrawal charge
period, including amounts previously
withdrawn under the free withdrawal privilege. On a full withdrawal your Withdrawal Charge Basis may be
greater than your Contract Value because the following
reduce your Contract Value, but do not reduce your
Withdrawal Charge Basis:
|
– prior Penalty-Free Withdrawals,
|
– deductions we make for Contract fees and expenses other than the withdrawal charge, and/or
|
– poor performance.
|
This also means that upon a full
withdrawal you may not receive any money.
|
• Withdrawals (including any financial adviser fees that you choose to have us pay from this Contract) are subject to
ordinary income taxes, and a 10% additional federal tax
if you are under age 59 1∕2, and the amount of
Contract Value available for withdrawal is affected by
the Daily Adjustment (which can be negative) unless
taken on a Term End Date. If you have
Index Options with different Term End Dates, there may be no time you
can take a withdrawal without
application of at least one Daily Adjustment. Please consult with your Financial
Professional before requesting us to
pay financial adviser fees from this Contract rather than from other assets
you may have.
|
• For tax purposes in most instances, withdrawals from Non-Qualified Contracts are considered to come from earnings
first, not Purchase Payments.
|
|
Index Protection Strategy
with Trigger
and
Index Protection Strategy
with Cap
|
Index Dual Precision Strategy,
Index Precision Strategy,
and
Index Performance Strategy
|
Index
Guard
Strategy
|
Daily Adjustment Maximum Potential Loss
|
0%
|
99%
|
35%
|
(as a percentage of Index Option Value, applies for
distributions from an Index Option before any Term
End Date)
|
|
|
|
• Withdrawals are subject to a withdrawal charge, state and federal taxation, and a 10% additional federal tax if you are
under age 59 1∕2, and the amount of Contract Value available for withdrawal may be affected by the Daily
Adjustment
(which can be negative). Please
consult with your Financial Professional before requesting us to pay financial
adviser fees from this Contract
rather than from other assets you may have.
|
• Joint Owners: We send each Joint Owner a check for half of the withdrawal
amount and we tax report that Joint
Owner individually. Tax reporting each Joint Owner individually can create a discrepancy in taxation if only one
Joint Owner is under age 59 1∕2 because that Joint Owner will be subject to the 10% additional federal tax.
|
• We may be required to provide information about you or your Contract to government regulators. We may also be
required to stop Contract disbursements and thereby refuse any transfer
requests, and refuse to pay any withdrawals
(including a full withdrawal), or death benefits until we receive
instructions from the appropriate regulator. If,
pursuant to SEC rules, the AZL Government Money Market Fund suspends
payment of redemption proceeds in
connection with a fund liquidation, we will delay payment of any
transfer, full or partial withdrawal, or death benefit
from the AZL Government Money Market Fund subaccount until the fund is
liquidated.
|
You should consult a tax adviser before purchasing a
Qualified Contract that is subject to RMD payments, or if
you have a Qualified Contract purchased through a
qualified plan.
|
• If you do not choose an Annuity Option before the Annuity Date, we make Annuity Payments to the Payee
under Annuity Option C with ten years of guaranteed
monthly payments.
|
• For Owners younger than age 59 1∕2, Annuity
Payments are subject to a 10% additional federal tax.
|
• For a Qualified Contract, the Annuity Payments must end ten years after the Owner’s death.
|
• If Annuity Payments would be less than $100, we reserve the right to require you to take a full withdrawal and
your Contract will then terminate.
|
• If on the maximum Annuity Date your Contract Value is greater than zero, you must annuitize the Contract.
We notify you of your available options in writing 60 days in advance. If on your maximum Annuity Date you have
not selected an Annuity Option and
Income Payments have not begun, we make payments under Annuity Option
C with ten years of guaranteed
monthly payments. However, if Income Payments have begun on the maximum
Annuity Date and you have not
selected an Annuity Option we will convert your Income Payments to Annuity
Payments as described in the next
bullet. Upon annuitization you no longer have Contract Value or a death benefit,
and you cannot receive any other periodic withdrawals or payments other
than Annuity Payments.
|
• For Contracts in the Income Period: We will convert your Income Payments
to Annuity Payments on the
maximum Annuity Date Income Payments have begun and you have not
selected an Annuity Option, or if your
Contract Value is greater than zero and you take Annuity Payments under
Annuity Option B or F as follows.
|
For single Income Payments, if you choose Annuity Option B (Life) the
sole Covered Person becomes the sole
Annuitant and your Annuity Payments are equal to the greater of:
|
– annual Annuity Payments under Annuity Option B based on the Contract Value; or
|
– the current annual maximum Income Payment available to you.
|
For joint Income Payments, if you choose Annuity Option F (Joint and
Survivor) the joint Covered Persons become the
joint Annuitants and your Annuity Payments are equal to the greater of:
|
– annual Annuity Payments under Annuity Option F based on the Contract Value; or
|
– the current annual maximum Income Payment available to you.
|
If you select Annuity Option A, C, or G, we do not
convert your Income Payments to Annuity Payments. This means
you may receive less as Annuity Payments than you would
have received as Income Payments. You should
consult with your Financial Professional before
requesting Annuity Payments. On request we provide
illustrations showing you the amount of Annuity
Payments you could receive.
|
• If we convert your Income Payments to Annuity Payments:
|
– On the Annuity Date we establish a “remaining value” equal to your Contract Value. Each Annuity Payment
reduces the remaining value by the dollar amount paid. Upon the death of
the last surviving Annuitant, we will pay
any remaining value to the named Beneficiary(s).
|
– If you selected the Increasing Income payment option, your Annuity Payments will increase on each Index
Anniversary if your selected Index Options receive a Performance Credit,
or by the Daily Adjustment if you execute
a Performance Lock, as described in section 10.
|
– If you have a Non-Qualified Contract, these Annuity Payments will receive the benefit of the exclusion ratio, which
causes a portion of each Annuity Payment to be non-taxable as described
in section 12, Taxes – Taxation of
Annuity Contracts.
|
Standard Benefits (No Additional Charge)
|
|||
Name of
Benefit
|
Purpose
|
Maximum
Fee
|
Brief Description of
Restrictions/Limitations
|
Free
Withdrawal
Privilege
|
Allows you to withdraw up to 10% of your total
Purchase Payments each Contract Year without
incurring a withdrawal charge.
|
None
|
• Only available during the Accumulation Phase.
• Not available during the Income Period.
• Not available upon a full withdrawal.
• Unused free withdrawal amounts not available
in future years.
• Program withdrawals may be subject to
negative Daily Adjustments.
• Program withdrawals are subject to income
taxes, including a 10% additional federal tax if
taken before age 59 1∕2.
|
Minimum
Distribution
Program
|
Allows you to automatically take withdrawals to
satisfy the minimum distribution requirements
(RMD) imposed by the Internal Revenue Code.
|
None
|
• Only available during the Accumulation Phase.
• Only available to IRA or SEP IRA Contracts.
• Program withdrawals count against free
withdrawal privilege.
• Program withdrawals may be subject to
negative Daily Adjustments.
• Program withdrawals are subject to income
taxes.
• Program withdrawals may be monthly,
quarterly, semi-annual or annual, unless you
have less than $25,000 in Contract Value, in
which case only annual payments are
available.
• We reserve the right to discontinue or modify
the program subject to the requirements of law.
|
Financial
Adviser
Fees
|
If you have a financial adviser and want to pay
their financial adviser fees from this Contract,
you can instruct us to withdraw the fee from your
Contract and pay it to your Financial
Professional or Financial Professional’s firm as
instructed.
|
None
|
• Only available during the Accumulation Phase.
• Financial adviser fees are in addition to the
Contract’s fees and expenses.
• Deductions for financial adviser fees are
treated as withdrawals under the Contract.
• Program withdrawals count against free
withdrawal privilege.
• Program withdrawals may be subject to
negative Daily Adjustments.
• Program withdrawals are subject to withdrawal
charges and income taxes, including a 10%
additional federal tax if taken before age 59 1∕2.
• We reserve the right to discontinue or modify
the program.
• See section 1 for an example of how deduction
of financial adviser fees impact the Contract.
|
Standard Benefits (No Additional Charge)
|
|||
Name of
Benefit
|
Purpose
|
Maximum
Fee
|
Brief Description of
Restrictions/Limitations
|
Waiver of
Withdrawal
Charge
Benefit
|
Waives withdrawal charges if you are confined
for care, or are unable to perform at least two out
of six activities of daily living (ADLs).
|
None
|
• Only available during the Accumulation Phase.
• Confinement must begin after the first Contract
Anniversary, be for at least 90 days in a
120-day period, and requires proof of stay.
• Inability to perform two ADLs must be for at
least 90 consecutive days and may require an
exam or tests by a physician.
• Not available on the Issue Date if any Owner
was confined to an eligible facility, or unable to
perform all six ADLs.
• Program withdrawals count against free
withdrawal privilege.
• Program withdrawals may be subject to
negative Daily Adjustments.
• Program withdrawals are not subject to
withdrawal charges, but are subject to income
taxes, including a 10% additional federal tax if
taken before age 59 1∕2.
• State variations may apply.
|
Standard Benefits (No Additional Charge)
|
|||
Name of
Benefit
|
Purpose
|
Maximum
Fee
|
Brief Description of
Restrictions/Limitations
|
Income
Benefit
|
Guaranteed lifetime withdrawal benefit providing
for yearly Income Payments until the death of the
Covered Person(s) if conditions are satisfied.
We base the initial Income Payment on the
Lifetime Income Percentage and Contract Value.
If you choose the Level Income payment option
and meet the age requirements stated in section
10, we guarantee your initial annual maximum
Income Payment will be at least the Level
Income Guarantee Payment Percentage
multiplied by your total Purchase Payments
adjusted for withdrawals.
The automatic annual payment increase feature
may increase payments after the Income Benefit
Date. With Level Income, payments increase if
Contract Value increases from one Income
Benefit Anniversary to the next.
Includes the Income Multiplier Benefit for no
additional charge that can increase income to
help pay for needed care.
Section 10 includes examples of the Lifetime
Income Percentage Calculation, Excess
Withdrawals, Income Payment increases, and
the Income Multiplier Benefit.
|
0.70%
(as a
percentage of
the Charge
Base)
This rider fee
is part of the
Base Contract
Expenses in
the Fee
Tables.
|
• Benefit cannot be removed before third Index
Anniversary or after Income Payments have
begun.
• See Income Benefit Supplement for current
terms.
• Benefit only available during the Accumulation
Phase.
• Investment restrictions limit available Index
Options during Income Period.
• Income Period cannot begin until after the
waiting period and reaching age 50. Income
Period must begin no later than age 100.
• Early and Excess Withdrawals may
significantly reduce or end the benefit as
indicated in section 10.
• A full Excess Withdrawal and certain partial
Excess Withdrawals will cause
Income
Payments to stop and the Contract and all
of its
benefits to end.
• Income Payments are subject to income taxes,
including a 10% additional federal tax if taken
before age 59 1∕2.
• No additional Purchase Payments during the
Income Period.
• No Income Percentage Increase before age
45.
• Availability of joint Income Payments subject to
age restrictions.
• The Income Multiplier Benefit is not available
in all states as indicated in Appendix F.
• Must establish eligibility to exercise the Income
Multiplier Benefit (e.g., that you are confined
for care or unable to perform two activities for
daily living) and must re-establish eligibility
each year thereafter.
• Annuitizing the Contract will end the benefit,
but you may be able to annuitize your annual
maximum Income Payment.
• State variations may apply.
|
Traditional
Death
Benefit
|
Provides a death benefit equal to the greater of
the Contract Value, or Guaranteed Death Benefit
Value. The Guaranteed Death Benefit Value is
total Purchase Payments adjusted for
withdrawals.
An example of the death benefit provided by the
Traditional Death Benefit is included in section
11, Death Benefit.
An example of how deduction of financial adviser
fees impact the death benefit is included in
section 1.
The impact of an Excess Withdrawal on the
death benefit is included in section 10.
|
None
|
• Benefit only available during the Accumulation
Phase.
• Withdrawals, including any negative Daily
Adjustments, may significantly reduce the
benefit as indicated in section 1, Financial
Adviser Fee Deduction Example, and in the
Excess Withdrawal example in section 10,
Income Benefit.
• Restrictions on Purchase Payments may limit
the benefit.
• Annuitizing the Contract will end the benefit.
|
Standard Benefits (No Additional Charge)
|
|||
Name of
Benefit
|
Purpose
|
Maximum
Fee
|
Brief Description of
Restrictions/Limitations
|
Performance
Lock and
Early
Reallocations
|
Allows you to capture the current Index Option
Value during the Term for an Index Option. Can
help eliminate doubt about future Index
performance and possibly limit the impact of
negative performance. Can allow you to transfer
out of an Index Option before the Term End
Date.
A Performance Lock example is included in
section 4, Valuing Your Contract — Performance
Locks and Early Reallocations.
|
None
|
• Available during the Accumulation Phase. Only
available during the Annuity Phase if you
select Increasing Income and you annuitize
your annual maximum Income Payment.
• Performance Locks must be executed before
the Term End Date.
• If a Performance Lock is executed, the locked
Index Option will no longer participate in Index
performance (positive or negative) for the
remainder of the Term, and will not receive a
Performance Credit on the Term End Date.
• You will not know your locked Index Option
Value in advance.
• The locked Index Option Value will reflect a
Daily Adjustment.
• If a Performance Lock is executed when Daily
Adjustment has declined, it will lock in any
loss.
• A Performance Lock can be executed only
once each Term for each Index Option.
• Cannot execute a Performance Lock for only a
portion of the Index Option Value.
• Early Reallocation requests are not accepted
within 14 calendar days before an Index
Anniversary and are limited to two Early
Reallocation requests each Index Year.
• Deductions (e.g. withdrawals, fees) decrease
the locked Index Option Value.
• Cannot transfer Index Option Value until the
Term End Date unless you execute a
Performance Lock.
• We will not provide advice or notify you
regarding whether you should execute a
Performance Lock or Early Reallocation or
the optimal time for doing so.
• We will not warn you if you execute a
Performance Lock or Early Reallocation at
a sub-optimal time.
• We are not responsible for any losses
related to your decision whether or not to
execute a Performance Lock or Early
Reallocation.
|
Optional Benefits
|
|||
Name of
Benefit
|
Purpose
|
Maximum
Fee
|
Brief Description of
Restrictions/Limitations
|
Maximum
Anniversary
Value Death
Benefit
|
Provides a death benefit equal to the greater of
the Contract Value, or Guaranteed Death Benefit
Value. The Guaranteed Death Benefit Value is
the Maximum Anniversary Value.
An example of the death benefit provided by the
Maximum Anniversary Value Death Benefit, and
calculation of the Maximum Anniversary Value is
included in section 11, Death Benefit.
An example of how deduction of financial adviser
fees impact the death benefit is included in
section 1.
The impact of an Excess Withdrawal on the
death benefit is included in section 10.
|
0.20%
(as a
percentage of
the Charge
Base)
|
• Must be age 75 or younger to elect.
• Can only be added to a Contract at issue.
• Replaces the Traditional Death Benefit if
elected.
• Benefit cannot be removed from the Contract.
• Only available during the Accumulation Phase.
• Withdrawals, including any negative Daily
Adjustment, may significantly reduce the
benefit as indicated in section 1, Financial
Adviser Fee Deduction Example, and in the
Excess Withdrawal example in section 10,
Income Benefit.
• Withdrawals reduce the likelihood of lock in.
• Investment restrictions during the Income
Period may limit the benefit.
• Restrictions on Purchase Payments may limit
the benefit.
• Annuitizing the Contract will end the benefit.
|
• YOU SHOULD NOT PURCHASE THIS CONTRACT WITHOUT FIRST OBTAINING THE CURRENT
INCOME BENEFIT SUPPLEMENT. We publish any changes to the Income Benefit Supplement at least seven
calendar days before they take effect on our website at
allianzlife.com/RILAincomerates.
|
• Please discuss the Income Benefit’s appropriateness with your Financial Professional and tax adviser.
|
• If Income Payments do not begin by the Index Anniversary upon which the younger Eligible Person reaches
age 100, the Income Benefit ends.
|
• If the Income Benefit ends before Income Payments begin, you will have paid for the benefit without receiving
any of its advantages.
|
• If you have Contract Value in an Index Option for which the Income Benefit Date is not a Term End Date, we
will execute a Performance Lock for that Index Option
if it is not locked and then immediately calculate and
begin your Income Payments, and in such case the Index
Option Value will be subject to the Daily Adjustment.
If you have Index Options with different Term End
Dates, there may be no Income Benefit Date you can select
without application of at least one Daily Adjustment. This means you may not receive the full benefit of the
Performance Credit that you would
have received if you had waited until the Term End Date to begin Income
Payments.
|
• We use Contract Value to calculate your initial annual maximum Income Payment, and Income Payment increases
under the Level Income payment option. Negative Index Option
performance, withdrawals you take (including any
financial adviser fees that you choose to have us pay from this
Contract), and deductions we make for Contract fees
and expenses decrease the Contract Value, which reduces the initial
annual maximum Income Payment available to
you, and the likelihood you will receive Income Payment increases if you
select the Level Income payment option.
|
Covered Person’s age
(or younger Covered Person’s age for
joint payments)
on the Income Benefit Date
|
Level Income Guarantee
Payment Percentage
|
50
|
2.23
%
|
51
|
2.28
%
|
52
|
2.33
%
|
53
|
2.39
%
|
54
|
2.44
%
|
55
|
2.50
%
|
56
|
2.57
%
|
57
|
2.64
%
|
58
|
2.71
%
|
59
|
2.78
%
|
60
|
2.86
%
|
61
|
2.95
%
|
62
|
3.04
%
|
63
|
3.13
%
|
64
|
3.23
%
|
65
|
3.34
%
|
66
|
3.45
%
|
67
|
3.58
%
|
68
|
3.71
%
|
69
|
3.85
%
|
70
|
4.00
%
|
71
|
4.17
%
|
72
|
4.35
%
|
73
|
4.55
%
|
74
|
4.77
%
|
75
|
5.00
%
|
76
|
5.27
%
|
77
|
5.56
%
|
78
|
5.89
%
|
79
|
6.25
%
|
80
|
6.67
%
|
• For Qualified Contracts: If we calculate a required minimum distribution
(RMD) based on this Contract, after
making all Income Payments for the calendar year we determine whether
this calendar year’s total RMD has been
satisfied by these payments and any Excess Withdrawals. If the RMD
amount for this Contract has not been satisfied,
we send you this remaining amount as one RMD payment by the end of the
calendar year. We consider this payment
to be a withdrawal, but it is not an Excess Withdrawal and it is not
subject to a withdrawal charge.
|
• For annuitization: If on the Annuity Date you are receiving Income
Payments and your Contract Value is positive,
we will convert your Income Payments to Annuity Payments if you take
Annuity Payments under Annuity Option B
or F. If you select any other Annuity Option, we will not convert your
Income Payments to Annuity Payments. This
means that if you annuitize your Contract you may
receive less as Annuity Payments than you would have
received as Income Payments. For more information, see section 8, The Annuity Phase – When Annuity Payments
Begin.
|
If you select Level Income, you receive the greater
of….
|
If you select Increasing Income, you receive…
|
• Level Income Guarantee Payment Percentage multiplied by
total Purchase Payments reduced proportionately for
withdrawals you took, or: (2.71% x $22,000) = $596.20
• Lifetime Income Percentage multiplied by the Contract Value,
or: (5.15% x $25,000) = $1,287.50
|
• Lifetime Income Percentage multiplied by the Contract Value,
or: (4.15% x $25,000) = $1,037.50
|
If you select Level Income, you receive the greater
of….
|
If you select Increasing Income, you receive…
|
• Level Income Guarantee Payment Percentage multiplied by
total Purchase Payments reduced proportionately for
withdrawals you took, or: (2.71% x $20,000) = $542.00
• Lifetime Income Percentage multiplied by the Contract Value,
or: (5.20% x $22,997.50) = $1,195.87
|
• Lifetime Income Percentage multiplied by the Contract Value,
or: (4.20% x $22,997.50) = $965.90
|
When it increases the initial Income Payment
|
When it does not increase the initial Income Payment
|
• Assume your Contract Value decreases to $50,000 due to
negative performance. You would receive the greater of:
– Level Income Guarantee Payment Percentage multiplied
by total Purchase Payments reduced proportionately for
withdrawals you took, or: (4.00% x $100,000) = $4,000.00
– Lifetime Income Percentage multiplied by the Contract
Value, or: (7.70% x $50,000) = $3,850
|
• Assume your Contract Value decreases to $70,000 due to
negative performance. You would receive the greater of:
– Level Income Guarantee Payment Percentage multiplied
by total Purchase Payments reduced proportionately for
withdrawals you took, or: (4.00% x $100,000) = $4,000.00
– Lifetime Income Percentage multiplied by the Contract
Value, or: (7.70% x $70,000) = $5,390
|
Excess
Withdrawal
|
Contract
Value
|
Guaranteed Death Benefit
Value for a Contract with the
Traditional Death Benefit
|
Guaranteed Death Benefit Value
for a Contract with the
Maximum Anniversary Value
Death Benefit
|
Next anniversary’s
annual maximum
Income Payment
|
Prior to withdrawal
|
$ 100,000
|
$ 90,000
|
$ 105,000
|
$ 4,800
|
$5,000 withdrawal
|
|
– ($5,000/ 100,000)
|
– ($5,000/ 100,000)
|
– ($5,000/ 100,000)
|
|
|
x 90,000)]
|
x 105,000)]
|
x 4,800)]
|
|
– $5,000
|
= - $4,500
|
= - $5,250
|
= - $240
|
|
|
|
|
|
After withdrawal
|
$ 95,000
|
$ 85,500
|
$ 99,750
|
$ 4,560
|
If we increase the Contract Value to equal the death benefit due to a
spousal continuation of the Contract during the last
Income Benefit Year, we also subtract the amount of this increase from
the Contract Value on the next Income Benefit
Anniversary when determining annual payment increases under the Level
Income payment option.
|
If we receive notice of death of a Covered Person during the Income
Period we will suspend Income Payments and the
Income Benefit will end as described above. However, if a federally
recognized spouse who is also a joint Covered
Person continues this Contract, we will resume Income Payments and add
any Income Payments that we would have
paid between the time we suspended Income Payments and when they resume
to future Income Payments.
|
|
Contract
Value
|
Maximum Anniversary Value
|
Issue Date
|
$ 100,000
|
$ 100,000
|
1st Index Anniversary
|
$ 110,000
|
$ 110,000
|
2nd Index Anniversary
|
$ 95,000
|
$ 110,000
|
3rd Index Anniversary
|
$ 105,000
|
$ 110,000
|
4th Index Anniversary
|
$ 120,000
|
$ 120,000
|
During the Income Period:
|
• You cannot make additional Purchase Payments. If your Contract includes the Traditional Death Benefit this means
the Guaranteed Death Benefit Value no longer increases.
|
• Index Dual Precision Strategy, Index Precision Strategy, Index Performance Strategy, and Index Guard Strategy are
no longer available. This may limit your Contract’s performance
potential and the Guaranteed Death Benefit Value if
your Contract includes the Maximum Anniversary Value Death Benefit.
Income Payments and Excess Withdrawals
also decrease your Contract Value, which also reduces the likelihood of
locking in investment gains to the
Guaranteed Death Benefit Value if your Contract includes the Maximum
Anniversary Value Death Benefit.
|
• Each Income Payment and any Excess Withdrawal reduces the Guaranteed Death Benefit Value by the percentage of
Contract Value withdrawn (including any withdrawal charge), which means this value may be reduced by more than
the amount withdrawn. Taking
Excess Withdrawals may also cause your selected death benefit to end
prematurely.
|
We base the Guaranteed Death Benefit Value on the first death of a
Determining Life (or Lives). This means that upon
the death of an Owner (or Annuitant if the Owner is a non-individual),
if a surviving spouse continues the Contract:
|
• the Guaranteed Death Benefit Value is no longer available, and
|
• if you selected the Maximum Anniversary Value Death Benefit, we no longer assess its 0.20% rider fee.
|
Also, if you and the Determining
Life (Lives) are different individuals and you die first, the Guaranteed Death Benefit
Value is not available to your
Beneficiary(s).
|
Type of Contract
|
Persons and Entities that can own the Contract
|
IRA
|
Must have the same individual as Owner and Annuitant.
|
Roth IRA
|
Must have the same individual as Owner and Annuitant.
|
SEP IRA
|
Must have the same individual as Owner and Annuitant.
|
Certain Code Section 401 Plans
|
A qualified retirement plan is the Owner and the Annuitant must be an individual who is a
participant in the plan. If the qualified retirement plan is a defined benefit plan, the
individual must
be the only participant in the plan.
We may determine which types of qualified retirement plans are eligible to purchase this
Contract.
|
Compensation Element
|
Description
|
Objective
|
Base Salary
|
Fixed rate of pay that compensates employees for fulfilling their
basic job responsibilities. For NEOs, increases are generally
provided in the case of a significant increase in responsibilities
or a significant discrepancy versus the market.
|
Attract and retain high-caliber
leadership.
|
Annual Incentive Plan
|
Incentive compensation that promotes and rewards the
achievement of annual performance objectives through awards
under the Allianz Life Annual Incentive Plan (“AIP”).
|
• Link compensation to annual
performance results.
• Attract and motivate
high-caliber leadership.
• Align the interests of NEOs
and our stockholder.
|
Performance-Based Equity
Incentives
|
Incentive compensation through restricted stock unit awards
made under the Allianz Equity Incentive Plan (“AEI”) that
promotes and rewards the achievement of long term
performance objectives.
|
• Retain high-caliber leadership
with multi-year vesting.
• Align the interests of NEOs
and our stockholder.
|
Severance Arrangements
|
Severance payments to employees, including NEOs, under
certain company-initiated termination events.
|
Compensate employees for
situations where the employee’s
employment is involuntarily
terminated in a qualifying
termination of employment.
|
Perquisites-Benefits
|
Perquisites provided to our NEOs include employer matching
contributions to the NEOs’ accounts in the 401(k) plan and may
also include the payment of life insurance premiums, relocation
reimbursements, and reimbursements for financial planning, tax
preparation services, and spousal travel expenses.
|
Provide market competitive total
compensation package.
|
Name and Principal
Position
(a)
|
Year
(b)
|
Salary
(c)
|
Bonus
(d)
|
Stock
Awards
(e)(2)
|
Non-Equity
Incentive Plan Compensation
(g)
|
All Other
Compensation
(i)(3)
|
Total
(j)
|
President and Chief Executive Officer
|
2022
|
$750,000
|
$200,000
|
$1,348,875
|
$899,250
|
$23,810
|
$3,221,935
|
2021
|
$561,958
|
$390,000
|
$1,068,303
|
$712,202
|
$22,516
|
$2,754,979
|
|
2020
|
$458,380
|
$200,000
|
$471,436
|
$314,291
|
$22,787
|
$1,466,894
|
|
William E. Gaumond
Senior Vice President, Chief Financial
Officer and Treasurer
|
2022
|
$505,225
|
$0
|
$942,501
|
$428,334
|
$24,842
|
$1,900,902
|
2021
|
$475,900
|
$300,000
|
$770,958
|
$513,922
|
$22,437
|
$2,083,267
|
|
2020
|
$468,885
|
$0
|
$482,241
|
$321,494
|
$26,300
|
$1,298,920
|
|
Eric J. Thomes
Senior Vice President, Chief Distribution
Officer
|
2022
|
$555,750
|
$0
|
$719,772
|
$479,848
|
$29,026
|
$1,784,396
|
2021
|
$535,500
|
$320,000
|
$867,510
|
$578,340
|
$22,548
|
$2,323,898
|
|
2020
|
$525,000
|
$0
|
$699,629
|
$333,119
|
$30,427
|
$1,588,225
|
|
Neil H. McKay
Senior Vice President, Chief Actuary
|
2022
|
$517,500
|
$0
|
$657,981
|
$438,654
|
$23,622
|
$1,637,757
|
2021
|
$510,000
|
$50,000
|
$926,200
|
$550,800
|
$24,397
|
$2,061,397
|
|
2020
|
$510,000
|
$0
|
$490,212
|
$326,808
|
$27,538
|
$1,354,558
|
|
Catherine A. Mahone
Senior Vice President, Chief Administrative
Officer (Former)
|
2022
|
$330,000
|
$0
|
$309,929
|
$206,620
|
$685,458
|
$1,532,007
|
Gretchen Cepek
Senior Vice President, General Counsel and
Secretary
|
2022
|
$487,125
|
$0
|
$549,641
|
$366,427
|
$23,294
|
$1,426,487
|
2021
|
$469,500
|
$110,000
|
$733,825
|
$422,550
|
$22,167
|
$1,758,042
|
Name
|
Year
|
Spousal
Travel(4)
|
Milestone/
Anniversary/
Recognition(5)
|
Life
Insurance
Premiums
|
Employer
Match to
401(k) Plan
|
ASAAP
Contribution(6)
|
Other
Compensation
|
Total
|
Jasmine M.
Jirele
|
2022
|
--
|
$250
|
$685
|
$20,500
|
$2,375
|
--
|
$23,810
|
2021
|
--
|
$350
|
$416
|
$19,500
|
$2,250
|
--
|
$22,516
|
|
2020
|
--
|
$1,000
|
$412
|
$19,500
|
$1,875
|
--
|
$22,787
|
|
William E.
Gaumond
|
2022
|
--
|
$1,270
|
$697
|
$20,500
|
$2,375
|
--
|
$24,842
|
2021
|
--
|
--
|
$687
|
$19,500
|
$2,250
|
--
|
$22,437
|
|
2020
|
$4,257
|
--
|
$668
|
$19,500
|
$1,875
|
--
|
$26,300
|
|
Eric J. Thomes
|
2022
|
$5,366
|
--
|
$785
|
$22,875
|
--
|
--
|
$29,026
|
2021
|
--
|
--
|
$798
|
$19,500
|
$2,250
|
--
|
$22,548
|
|
2020
|
$6,445
|
$1,800
|
$807
|
$19,500
|
$1,875
|
--
|
$30,427
|
|
Neil H. McKay
|
2022
|
--
|
--
|
$747
|
$22,875
|
--
|
--
|
$23,622
|
2021
|
$200
|
$1,700
|
$747
|
$21,750
|
--
|
--
|
$24,397
|
|
2020
|
$5,431
|
--
|
$732
|
$21,375
|
--
|
--
|
$27,538
|
|
Catherine A.
Mahone
|
2022
|
--
|
$2,046
|
$537
|
$22,875
|
--
|
$660,000
(7)
|
$685,458
|
Gretchen
Cepek
|
2022
|
--
|
--
|
$419
|
$22,875
|
--
|
--
|
$23,294
|
2021
|
--
|
--
|
$417
|
$21,750
|
--
|
--
|
$22,167
|
Name
(a)
|
Grant Date
(b)
|
Estimated Future Payouts Under
Non-Equity
Incentive Plan Awards(1)
|
Estimated Future Payouts Under Equity
Incentive
Plan Awards(2,3)
|
||||
Threshold ($)
(c)
|
Target ($)
(d)
|
Maximum ($)
(e)
|
Threshold ($)
(f)
|
Target ($)
(g)
|
Maximum ($)
(h)
|
||
3/3/2023
|
|
|
|
|
|
|
|
RSUs (under AEI)
|
|
|
|
|
$0
|
$1,125,000
|
$5,062,500
|
AIP Award
|
|
$0
|
$750,000
|
$1,125,000
|
|
|
|
William E. Gaumond
|
3/3/2023
|
|
|
|
|
|
|
RSUs (under AEI)
|
|
|
|
|
$0
|
$545,788
|
$2,456,046
|
AIP Award
|
|
$0
|
$363,858
|
$545,787
|
|
|
|
Eric J. Thomes
|
3/3/2023
|
|
|
|
|
|
|
RSUs (under AEI)
|
|
|
|
|
$0
|
$600,310
|
$2,701,395
|
AIP Award
|
|
$0
|
$400,207
|
$600,311
|
|
|
|
Neil H. McKay
|
3/3/2023
|
|
|
|
|
|
|
RSUs (under AEI)
|
|
|
|
|
$0
|
$558,937
|
$2,515,217
|
AIP Award
|
|
$0
|
$372,625
|
$558,938
|
|
|
|
Catherine A. Mahone
|
3/3/2023
|
|
|
|
|
|
|
RSUs (under AEI)
|
|
|
|
|
$0
|
$355,424
|
$1,599,406
|
AIP Award
|
|
$0
|
$236,949
|
$355,424
|
|
|
|
Gretchen Cepek
|
3/3/2023
|
|
|
|
|
|
|
RSUs (under AEI)
|
|
|
|
|
$0
|
$438,485
|
$1,973,183
|
AIP Award
|
|
$0
|
$292,323
|
$438,485
|
|
|
|
Name
(a)
|
RSUs
|
|
Number of RSUs
That Have Not
Vested
(g)(1,2)
|
Market Value of
RSUs That Have
Not Vested
(h)(3)
|
|
|
|
|
|
1,467
|
$314,730
|
|
1,886
|
$404,622
|
|
2,407
|
$516,398
|
|
6,195
|
$1,329,075
|
William E. Gaumond
|
|
|
|
1,538
|
$329,963
|
|
1,948
|
$417,924
|
|
1,463
|
$313,872
|
|
4,471
|
$959,208
|
Eric J. Thomes
|
|
|
|
457
|
$98,045
|
|
1,474
|
$316,232
|
|
3,625
|
$777,708
|
|
5,031
|
$1,079,351
|
Neil H. McKay
|
|
|
|
1,731
|
$371,369
|
|
2,123
|
$455,468
|
|
2,503
|
$536,994
|
|
5,362
|
$1,150,363
|
Catherine A. Mahone
|
|
|
|
1,370
|
$293,920
|
|
1,689
|
$362,358
|
|
1,924
|
$412,775
|
|
3,307
|
$709,484
|
Gretchen Cepek
|
|
|
|
1,413
|
$303,145
|
|
1,512
|
$324,384
|
|
1,789
|
$383,812
|
|
4,246
|
$910,937
|
Name
|
Stock Awards
|
|
Number of
Shares
Acquired
on Vesting (#)
|
Value Realized
on Vesting ($)(1)
|
|
-
|
-
|
|
William E. Gaumond
|
2,039
|
$458,095
|
Eric J. Thomes
|
492
|
$110,536
|
Neil H. McKay
|
2,203
|
$494,941
|
Catherine A. Mahone
|
1,750
|
$393,167
|
Gretchen Cepek
|
1,538
|
$345,537
|
Name
|
Fees Earned
or Paid in
Cash
($)(1)
|
Total
($)
|
(a)
|
(b)
|
(h)
|
Andreas G. Wimmer(2)
Chair of the Board
|
N/A
|
N/A
|
N/A
|
N/A
|
|
William E. Gaumond(3)
Senior Vice President, Chief
Financial Officer and Treasurer
|
N/A
|
N/A
|
Walter R. White (4)
Former President and Chief
Executive Officer; Independent
Director
|
N/A
|
N/A
|
Anna Sophie Herken(2)(5)
Non-Independent Director
|
N/A
|
N/A
|
Howard E. Woolley
Independent Director
|
$60,000
|
$60,000
|
Kevin E. Walker
Independent Director
|
$60,000
|
$60,000
|
Udo Frank
Independent Director
|
$90,000
|
$90,000
|
Eligible Person’s Age (or
younger Eligible Person’s
age for joint Income
Payments)
|
Income Percentages
|
Income Percentage
Increases
|
|||
Level Income
|
Increasing Income
|
||||
Single
Income
Payments
|
Joint Income
Payments
|
Single Income
Payments
|
Joint Income
Payments
|
||
0-50
|
4.70%
|
4.20%
|
3.40%
|
2.90%
|
0.25%
|
51
|
4.80%
|
4.30%
|
3.50%
|
3.00%
|
0.25%
|
52
|
4.90%
|
4.40%
|
3.60%
|
3.10%
|
0.25%
|
53
|
5.00%
|
4.50%
|
3.70%
|
3.20%
|
0.25%
|
54
|
5.10%
|
4.60%
|
3.80%
|
3.30%
|
0.25%
|
55
|
5.20%
|
4.70%
|
3.90%
|
3.40%
|
0.30%
|
56
|
5.30%
|
4.80%
|
4.00%
|
3.50%
|
0.30%
|
57
|
5.40%
|
4.90%
|
4.10%
|
3.60%
|
0.30%
|
58
|
5.50%
|
5.00%
|
4.20%
|
3.70%
|
0.30%
|
59
|
5.60%
|
5.10%
|
4.30%
|
3.80%
|
0.30%
|
60
|
5.70%
|
5.20%
|
4.40%
|
3.90%
|
0.35%
|
61
|
5.80%
|
5.30%
|
4.50%
|
4.00%
|
0.35%
|
62
|
5.90%
|
5.40%
|
4.60%
|
4.10%
|
0.35%
|
63
|
6.00%
|
5.50%
|
4.70%
|
4.20%
|
0.35%
|
64
|
6.10%
|
5.60%
|
4.80%
|
4.30%
|
0.35%
|
65
|
6.20%
|
5.70%
|
4.90%
|
4.40%
|
0.40%
|
66
|
6.30%
|
5.80%
|
5.00%
|
4.50%
|
0.40%
|
67
|
6.40%
|
5.90%
|
5.10%
|
4.60%
|
0.40%
|
68
|
6.50%
|
6.00%
|
5.20%
|
4.70%
|
0.40%
|
69
|
6.60%
|
6.10%
|
5.30%
|
4.80%
|
0.40%
|
70
|
6.70%
|
6.20%
|
5.40%
|
4.90%
|
0.45%
|
71
|
6.80%
|
6.30%
|
5.50%
|
5.00%
|
0.45%
|
72
|
6.90%
|
6.40%
|
5.60%
|
5.10%
|
0.45%
|
73
|
7.00%
|
6.50%
|
5.70%
|
5.20%
|
0.45%
|
74
|
7.10%
|
6.60%
|
5.80%
|
5.30%
|
0.45%
|
75
|
7.20%
|
6.70%
|
5.90%
|
5.40%
|
0.50%
|
76
|
7.30%
|
6.80%
|
6.00%
|
5.50%
|
0.50%
|
77
|
7.40%
|
6.90%
|
6.10%
|
5.60%
|
0.50%
|
78
|
7.50%
|
7.00%
|
6.20%
|
5.70%
|
0.50%
|
79
|
7.60%
|
7.10%
|
6.30%
|
5.80%
|
0.50%
|
80+
|
7.70%
|
7.20%
|
6.40%
|
5.90%
|
0.55%
|
Crediting Method / Index Options
|
Availability Restrictions:
|
Index Performance Strategy 1-year Term with 20% Buffer or 30%
Buffer
|
– Not available to Contracts issued in [SS].
– For Contracts issued in all other states, these first became
available to newly issued and inforce Contracts on [MM DDD],
2023.
|
Index Dual Precision Strategy
|
– Not available to Contracts issued in [SS].
– For Contracts issued in all other states, this Crediting Method first
became available to newly issued and inforce Contracts on [MM
DDD], 2023.
|
ISSUE STATE
|
FEATURE AND BENEFITS
|
VARIATION
|
California
|
Eligible Person(s) and
Covered Person(s)
See section 2
|
• We do not remove a person as an Eligible Person(s) or Covered
Person(s)
following an assignment, ownership change, or Beneficiary change.
• If you are the sole individual Owner or a Joint Owner and select
joint
Income Payments, you must designate an Owner to be a Covered Person.
|
|
Assignments, Changes of
Ownership and Other
Transfers of Contract Rights
See section 2
|
We cannot restrict assignments or changes of ownership.
• We do not change the Determining Life (Lives) following an assignment
or
ownership change. If you assign the Contract and the Determining Life
(Lives) are no longer an Owner (or Annuitant if the Owner is a
non-individual) the Traditional Death Benefit or Maximum Anniversary
Value Death Benefit may not be available and on the Owner’s death the
Beneficiary(s) will only receive the Contract Value.
• If you assign the Contract on or before the Income Benefit Date
and as a
result none of the Eligible Person(s) are an Owner (or Annuitant if
the
Owner is a non-individual), Income Payments will not be available, but
the Income Benefit and its
associated rider fee will continue. Your
only recourse is to restore an Eligible Person as an Owner by
assigning or
changing ownership, or to remove the Income Benefit if you no longer
want to pay the rider fee.
• If you assign the Contract after the Income Benefit Date and a
Covered
Person(s) who was previously an Owner no longer has that position, the
Income Benefit and any Income
Payments may end even if the
Covered Person is still alive.
|
|
Free Look/Right to Examine
Period
See section 3
|
For Owners age 60 or older (or Annuitants age 60 or older for
non-individually owned Contracts), we are required to allocate your
initial
Purchase Payment to the AZL Government Money Market Fund during the
30 day free look period unless you specify otherwise on the appropriate
form. If you want to immediately apply your Purchase Payment to the
Index
Options you must opt out of this allocation. If you do not opt out of
this
allocation to the AZL Government Money Market Fund your Index Effective
Date cannot occur until the free look period has ended.
|
ISSUE STATE
|
FEATURE AND BENEFITS
|
VARIATION
|
California
(continued)
|
Waiver of Withdrawal Charge
Benefit
See section 7
|
• Qualification for the portion of the portion of the benefit based on
confinement for care requiring a stay in an eligible facility is not
available.
• Qualification for the benefit is expanded to include requiring
substantial
supervision due to severe cognitive impairment.
|
|
Income Multiplier Benefit
See section 11
|
• Qualification for the portion of the benefit based on confinement for
care
requiring a stay in an eligible facility is not available.
• Qualification for the benefit is expanded to include requiring
substantial
supervision due to severe cognitive impairment.
|
|
When the Income Benefit
Ends
See section 11
|
The Income Benefit and any Income Payments end based on the earlier of
the date of death of an individual Owner (or Annuitant if the Owner is
a
non-individual), or last surviving Covered Person. Upon the death of an
individual Owner (or Annuitant if the Owner is a non-individual), if
the
deceased’s spouse:
• continues the Contract, the Income Benefit and Income Payments end on
the earlier of the date of death of the surviving spouse, or last
surviving
Covered Person.
• elects to receive payment of the death benefit, the Income Benefit
ends on
the Business Day we receive his or her Valid Claim.
This means if you assign the
Contract after the Income Benefit Date,
Income Payments may end even if the
Covered Person is still alive.
|
Connecticut
|
Income Multiplier Benefit
See section 10
|
This benefit is not available.
|
|
Eligible Person(s) and
Covered Person(s)
See section 2
|
We do not remove a person as an Eligible Person(s) or Covered Person(s)
following an assignment, ownership change, or Beneficiary Change.
|
|
Assignments, Changes of
Ownership and Other
Transfers of Contract Rights
See section 2
|
We can only restrict assignments to settlement
companies and
institutional investors as described in your Contract.
• We do not change the Determining Life (Lives) following an assignment
or
ownership change.
• If you assign the Contract and the Determining Life (Lives) are no
longer
an Owner (or Annuitant if the Owner is a non-individual) the
Traditional
Death Benefit or Maximum Anniversary Value Death Benefit may not be
available and on the Owner’s death the Beneficiary(s) will only
receive the
Contract Value.
• If you assign the Contract on or before the Income Benefit Date
and as a
result none of the Eligible Person(s) are an Owner (or Annuitant if
the
Owner is a non-individual), Income Payments will not be available, but
the Income Benefit and its associated rider fee will
continue. Your
only recourse is to restore an Eligible Person as an Owner by
assigning or
changing ownership, or to remove the Income Benefit if you no longer
want to pay the rider fee.
• If you assign the Contract after the Income Benefit Date and a
Covered
Person(s) who was previously an Owner (or Annuitant if the Owner is a
non-individual) no longer has that position, the Income Benefit and any
Income Payments may end even if the Covered Person is
still alive.
|
ISSUE STATE
|
FEATURE AND BENEFITS
|
VARIATION
|
Florida
|
Assignments, Changes of
Ownership and Other
Transfers of Contract Rights
See section 2
|
We cannot restrict assignments or changes of
ownership.
• We do not change the Determining Life (Lives) following an assignment
or
ownership change. If you assign the Contract and the Determining Life
(Lives) are no longer an Owner (or Annuitant if the Owner is a
non-individual) the Traditional Death Benefit or Maximum Anniversary
Value Death Benefit may not be available and on the Owner’s death the
Beneficiary(s) will only receive the Contract Value.
|
|
Free Look/Right to Examine
Period
See section 3
|
We cannot allocate your initial Purchase Payment to the AZL Government
Money Market Fund during the free look period.
|
|
When Annuity Payments
Begin
See section 8
|
The earliest acceptable Annuity Date is the first Index Anniversary.
|
Hawaii
|
Income Multiplier Benefit
See section 10
|
This benefit is not available.
|
Maryland
|
Purchase Requirements
See section 3
|
On the Issue Date, all Owners (or the Annuitant if the Owner is a
non-individual) must be:
• age 49 to 80, or
• age 49 to 75 if you select the Maximum Anniversary Value Death
Benefit.
|
|
Income Multiplier Benefit
See section 10
|
This benefit is not available.
|
Massachusetts
|
Waiver of Withdrawal Charge
Benefit
See section 7
|
This benefit is not available.
|
Montana
|
Access to Your Money
See section 7
|
If you take a partial withdrawal that reduces the Contract Value below
$2,000, we contact you and give you the option of modifying your
withdrawal
request. If we cannot reach you within seven days of our receipt of
your
request in Good Order at our Service Center, we process your request as
a
full withdrawal.
|
Ohio
|
Assignments, Changes of
Ownership and Other
Transfers of Contract Rights
See section 2
|
We cannot restrict assignments or changes of
ownership.
• We do not change the Determining Life (Lives) following an assignment
or
ownership change. If you assign the Contract and the Determining Life
(Lives) are no longer an Owner (or Annuitant if the Owner is a
non-individual) the Traditional Death Benefit or Maximum Anniversary
Value Death Benefit may not be available and on the Owner’s death the
Beneficiary(s) will only receive the Contract Value.
|
Pennsylvania
|
Waiver of Withdrawal Charge
Benefit
See section 7
|
The requirement to begin confinement after the first Contract
Anniversary in
an eligible facility (a hospital, nursing facility, or assisted living
facility) is at
least 90 days provided each day of confinement is no more than 6 months
after the previous day of confinement.
|
|
Income Multiplier Benefit
See section 10
|
The requirement to begin confinement after the first Contract
Anniversary in
an eligible facility (a hospital, nursing facility, or assisted living
facility) is at
least 90 days provided each day of confinement is no more than 6 months
after the previous day of confinement.
|
ISSUE STATE
|
FEATURE AND BENEFITS
|
VARIATION
|
Texas
|
Assignments, Changes of
Ownership and Other
Transfers of Contract Rights
See section 2
|
We cannot restrict assignments or changes of
ownership.
• We do not change the Determining Life (Lives) following an assignment
or
ownership change. If you assign the Contract and the Determining Life
(Lives) are no longer an Owner (or Annuitant if the Owner is a
non-individual) the Traditional Death Benefit or Maximum Anniversary
Value Death Benefit may not be available and on the Owner’s death the
Beneficiary(s) will only receive the Contract Value.
|
|
Access to Your Money
See section 7
|
We only treat a partial withdrawal that reduces the Contract Value
below
$2,000 as a full withdrawal if you have not made an additional Purchase
Payment in the past two calendar years.
|
Wisconsin
|
Assignments, Changes of
Ownership and Other
Transfers of Contract Rights
See section 2
|
We cannot restrict assignments or changes of
ownership.
• We do not change the Determining Life (Lives) following an assignment
or
ownership change. If you assign the Contract and the Determining Life
(Lives) are no longer an Owner (or Annuitant if the Owner is a
non-individual) the Traditional Death Benefit or Maximum Anniversary
Value Death Benefit may not be available and on the Owner’s death the
Beneficiary(s) will only receive the Contract Value.
|
Investment Objectives
|
Variable Investment Option
and
Adviser/Subadviser
|
Current
Expenses
|
Average Annual Total Returns
(as of December 31, 2022)
|
||
1 Year
|
5 Years
|
10 Years
|
|||
Current income consistent with
stability of principal
|
AZL®
Government Money
Market Fund(1)
Adviser: Allianz Investment
Management LLC
Subadviser: BlackRock
Advisors, LLC
|
0.87%
|
0.78%
|
0.68%
|
0.35%
|
To send applications, and/or a check for an additional Purchase Payment,
or for general customer service, please mail to the appropriate address as follows:
|
REGULAR MAIL
|
|
OVERNIGHT, CERTIFIED, OR REGISTERED MAIL
|
Checks sent to the wrong address for applications or
additional Purchase Payments are forwarded to the 5701
Golden Hills Drive address listed above, which may
delay processing.
|
Firm Name
|
LPL Financial
|
Wells Fargo Advisors LLC – Wealth (ISG)
|
Royal Alliance
|
Wells Fargo Advisors LLC (PCG)
|
Park Avenue Securities
|
UPON THE DEATH OF A SOLE OWNER
|
|
Action if the Contract is in the Accumulation Phase
|
Action if the Contract is in the Annuity Phase
|
• We pay a death benefit to the Beneficiary unless the
Beneficiary is the surviving spouse and continues the
Contract. The Income Benefit and any Income Payments will
also end unless the Beneficiary is both a surviving spouse
and either an Eligible Person (if Income Payments have not
begun) or a Covered Person (if Income Payments have
begun). For a description of the death benefit and payout
options, see prospectus section 11, Death Benefit - Death
Benefit Payment Options During the Accumulation Phase.
• If the deceased Owner was a Determining Life and the
surviving spouse Beneficiary continues the Contract:
– we increase the Contract Value to equal the Guaranteed
Death Benefit Value if greater and available, and the
death benefit ends,
– the surviving spouse becomes the new Owner,
– if Income Payments have not begun the Accumulation
Phase continues,
– if Income Payments have begun, they can only continue if
the surviving spouse is a Covered Person; otherwise the
Income Benefit ends, and
– upon the surviving spouse’s death, his or her
Beneficiary(s) receives the Contract Value.
• If the deceased Owner was not the Determining Life the
Traditional Death Benefit or Maximum Anniversary Value
Death Benefit ends and the Beneficiary(s) receive the
Contract Value.
|
• The Beneficiary becomes the Payee. If we are still required to
make Annuity Payments under the selected Annuity Option,
the Beneficiary also becomes the new Owner.
• If the deceased was not an Annuitant, Annuity Payments to
the Payee continue. No death benefit is payable.
• If the deceased was the only surviving Annuitant, Annuity
Payments end or continue as follows.
– Annuity Option A or C, payments end when the
guaranteed period ends.
– Annuity Option B, F, or G, payments end. If Income
Payments were converted to Annuity Payments under
Annuity Option B or F, we will also pay any remaining
value to the named Beneficiary(s).
• If the deceased was an Annuitant and there is a surviving
joint Annuitant, Annuity Payments to the Payee continue
during the lifetime of the surviving joint Annuitant. No death
benefit is payable.
• For a Qualified Contract, the Annuity Payments must end ten
years after the Owner’s death.
|
UPON THE DEATH OF A JOINT OWNER
|
|
Action if the Contract is in the Accumulation Phase
|
Action if the Contract is in the Annuity Phase
|
• The surviving Joint Owner is the sole primary Beneficiary. If
the Joint Owners were spouses there may also be contingent
Beneficiaries.
• We pay a death benefit to the surviving Joint Owner unless
he or she is the surviving spouse and continues the Contract.
The Income Benefit and any Income Payments will also end
unless the surviving Joint Owner is both a surviving spouse
and either an Eligible Person (if Income Payments have not
begun) or a Covered Person (if Income Payments have
begun). For a description of the death benefit and payout
options, see prospectus section 11, Death Benefit - Death
Benefit Payment Options During the Accumulation Phase.
• If the deceased Joint Owner was a Determining Life and the
surviving spouse/Joint Owner continues the Contract:
– we increase the Contract Value to equal the Guaranteed
Death Benefit Value if greater and available, and the
death benefit ends,
– the surviving spouse/Joint Owner becomes the new sole
Owner,
– if Income Payments have not begun the Accumulation
Phase continues,
– if Income Payments have begun, they can only continue if
the surviving spouse/Joint Owner is also a Covered
Person; otherwise the Income Benefit ends, and
– upon the surviving spouse/Joint Owner’s death, his or her
Beneficiary(s) receives the Contract Value.
• If the deceased Joint Owner was not a Determining Life the
Traditional Death Benefit or Maximum Anniversary Value
Death Benefit ends and the Beneficiary(s) receive the
Contract Value.
|
• If we are still required to make Annuity Payments under the
selected Annuity Option, the surviving Joint Owner becomes
the sole Owner.
• If the deceased was not an Annuitant, Annuity Payments to
the Payee continue. No death benefit is payable.
• If the deceased was the only surviving Annuitant, Annuity
Payments end or continue as follows.
– Annuity Option A or C, payments end when the
guaranteed period ends.
– Annuity Option B, F, or G, payments end. If Income
Payments were converted to Annuity Payments under
Annuity Option B or F, we will also pay any remaining
value to the named Beneficiary(s).
• If the deceased was an Annuitant and there is a surviving
joint Annuitant, Annuity Payments to the Payee continue
during the lifetime of the surviving joint Annuitant. No death
benefit is payable.
|
UPON THE DEATH OF AN ANNUITANT AND THERE IS NO SURVIVING JOINT ANNUITANT
|
|
Action if the Contract is in the Accumulation Phase
|
Action if the Contract is in the Annuity Phase
|
• If the deceased Annuitant was not an Owner, and the
Contract is owned only by an individual(s), we do not pay a
death benefit. The Owner can name a new Annuitant subject
to our approval.
• If the deceased Annuitant was a sole Owner, we pay a death
benefit as discussed in the “Upon the Death of a Sole Owner”
table. If the Contract is continued by a surviving spouse, the
new surviving spouse Owner can name a new Annuitant
subject to our approval.
• If the deceased Annuitant was a Joint Owner, we pay a death
benefit as discussed in the “Upon the Death of a Joint Owner”
table. If the Contract is continued by a surviving Joint Owner
who is also a surviving spouse, the surviving spouse Joint
Owner can name a new Annuitant subject to our approval.
• If the Contract is owned by a non-individual, we treat the
death of the Annuitant as the death of a sole Owner, and we
pay a death benefit as discussed in the “Upon the Death of a
Sole Owner” table. NOTE: For non-individually owned
Contracts, spousal continuation is only available if the
Contract is Qualified, owned by a qualified plan or a
custodian, and the surviving spouse is named as the
sole primary beneficiary under the qualified plan or
custodial account.
|
• No death benefit is payable.
• If the deceased was the only surviving Annuitant, Annuity
Payments end or continue as follows.
– Annuity Option A or C, payments end when the
guaranteed period ends.
– Annuity Option B, F, or G, payments end. If Income
Payments were converted to Annuity Payments under
Annuity Option B or F, we will also pay any remaining
value to the named Beneficiary(s).
• If we are still required to make Annuity Payments under the
selected Annuity Option and the deceased was a sole Owner,
the Beneficiary becomes the new sole Owner.
• If we are still required to make Annuity Payments under the
selected Annuity Option and the deceased was a Joint
Owner, the surviving Joint Owner becomes the sole Owner.
|
UPON THE DEATH OF THE ANNUITANT DURING THE ANNUITY PHASE AND THERE IS A SURVIVING JOINT
ANNUITANT
|
|
• Only Annuity Options F and G allow joint Annuitants. Under
Annuity Options F and G, Annuity Payments to the Payee
continue during the lifetime of the surviving joint Annuitant. If
Income Payments were converted to Annuity Payments
under Annuity Option F, we will also pay any remaining value
to the named Beneficiary(s).
|
• No death benefit is payable.
• If we are still required to make Annuity Payments under the
selected Annuity Option and the deceased was a sole Owner,
the Beneficiary becomes the new Owner.
• If we are still required to make Annuity Payments under the
selected Annuity Option and the deceased was a Joint
Owner, the surviving Joint Owner becomes the sole Owner.
|
(a)
|
1.
|
Resolution of Board of Directors of the Company authorizing the establishment of the
Separate Account, dated May 31, 1985 incorporated by reference as exhibit EX-99.B1. from Registrant's initial filing on Form N-4 (File Nos. 333-06709 and 811-05618), electronically filed on June 25, 1996.
|
|
2.
|
Resolution of Board of Directors of the Company authorizing
registration of the Allianz Index Advantage annuity and establishment of a new separate account, dated December 11, 2012, incorporated by reference as exhibit EX-99.B1. from Registrant's initial filing on Form N-4 (File Nos. 333-185866 and
811-05618), electronically filed on January 3, 2013.
|
||
(b)
|
Not Applicable
|
||
(c)
|
1.
|
Principal Underwriter Agreement by and between North American Life and Casualty Company
on behalf of NALAC Financial Plans, Inc. dated September 14, 1988 incorporated by reference as exhibit EX-99.B3.a. from Pre-Effective Amendment No.1 to Registrant's Form N-4 (File Nos. 333-06709 and 811-05618), electronically filed on December
13, 1996. (North American Life and Casualty Company is the predecessor to Allianz Life Insurance Company of North America. NALAC Financial Plans, Inc., is the predecessor to USAllianz Investor Services, LLC, which is the predecessor to Allianz
Life Financial Services, LLC.)
|
|
2.
|
Broker-Dealer Agreement (amended and restated) between Allianz Life Insurance
Company of North America and Allianz Life Financial Services, LLC, dated June 1, 2010 incorporated by reference as exhibit EX-99B3b. from Pre-Effective Amendment No. 1 to Registrant's Form N-4 (File Nos. 333-166408 and 811-05618),
electronically filed on September 24, 2010.
|
||
3.
|
The current specimen of the selling agreement between Allianz Life Financial
Services, LLC, the principal underwriter for the Contracts, and retail brokers which offer and sell the Contracts to the public is incorporated by reference as exhibit EX-99.B3.b. from Registrant's initial filing on Form N-4 (File Nos.
333-134267 and 811-05618), electronically filed on May 19, 2006.The underwriter has executed versions of the agreement with approximately 2,100 retail brokers.
|
||
(d)
|
1.
|
Individual Variable Annuity Contract, L40538-01, incorporated by reference as
EX-99. D1 from Registrant’s Initial Registration on Form N-4 (File Nos. 333-268826 and 811-05618), electronically filed on December 16, 2022.
|
|
2.
|
Contract Schedule Page-S40875-01-IAI, incorporated by reference
as EX-99. D2 from Registrant’s Initial Registration on Form N-4 (File Nos. 333-268826 and 811-05618), electronically filed on December 16, 2022.
|
||
3.
|
Index Options Contract Schedule Page, S40877-INCOME, incorporated by reference as
EX-99. D3 from Registrant’s Initial Registration on Form N-4 (File Nos. 333-268826 and 811-05618), electronically filed on December 16, 2022.
|
||
4.
|
Index Protection Strategy with Trigger Rider, S40879-02, incorporated by reference
as EX-99. D4 from Registrant’s Initial Registration on Form N-4 (File Nos. 333-268826 and 811-05618), electronically filed on December 16, 2022.
|
||
5.
|
Index Guard Strategy Rider-S40889-03, incorporated by reference as EX-99. D5 from
Registrant’s Initial Registration on Form N-4 (File Nos. 333-268826 and 811-05618), electronically filed on December 16, 2022.
|
||
6.
|
Index Precision Strategy Rider, S40891-02, incorporated by reference as EX-99. D6
from Registrant’s Initial Registration on Form N-4 (File Nos. 333-268826 and 811-05618), electronically filed on December 16, 2022.
|
||
7.
|
Index Performance Strategy II-S40903-01, incorporated by reference as EX-99. D7
from Registrant’s Initial Registration on Form N-4 (File Nos. 333-268826 and 811-05618), electronically filed on December 16, 2022.
|
||
8.
|
Index Performance Strategy Rider III – S40904-01, incorporated by reference as
EX-99. D8 from Registrant’s Initial Registration on Form N-4 (File Nos. 333-268826 and 811-05618), electronically filed on December 16, 2022.
|
||
9.
|
Index Protection Strategy with Cap Rider, S40899-02, incorporated by reference as
EX-99. D9 from Registrant’s Initial Registration on Form N-4 (File Nos. 333-268826 and 811-05618), electronically filed on December 16, 2022.
|
||
10.
|
Performance Lock Rider (with lock and go), S40908, incorporated by reference as
EX-99. D10 from Registrant’s Initial Registration on Form N-4 (File Nos. 333-268826 and 811-05618), electronically filed on December 16, 2022.
|
||
11.
|
Waiver of Withdrawal Charge Rider, S40749-01, incorporated by reference as EX-99.
D11 from Registrant’s Initial Registration on Form N-4 (File Nos. 333-268826 and 811-05618), electronically filed on December 16, 2022.
|
||
12.
|
Traditional Death Benefit Rider-S40880-01, incorporated by reference as EX-99.
D12 from Registrant’s Initial Registration on Form N-4 (File Nos. 333-268826 and 811-05618), electronically filed on December 16, 2022.
|
13.
|
Maximum Anniversary Death Benefit Rider- S40897-01, incorporated by reference as
EX-99. D13 from Registrant’s Initial Registration on Form N-4 (File Nos. 333-268826 and 811-05618), electronically filed on December 16, 2022.
|
||||||||||||
14.
|
Income Benefit Rider (with lock and go), S40901-04-IAI , incorporated by reference as EX-99. D14 from Registrant’s Initial Registration on Form N-4 (File Nos. 333-268826 and 811-05618), electronically filed on December 16, 2022.
|
||||||||||||
15.
|
Income Multiplier Benefit Rider S40905-01, incorporated by reference as EX-99.
D15 from Registrant’s Initial Registration on Form N-4 (File Nos. 333-268826 and 811-05618), electronically filed on December 16, 2022.
|
||||||||||||
16.
|
Income Benefit Rider Contract Schedule, S40902-02, incorporated by reference as
EX-99. D16 from Registrant’s Initial Registration on Form N-4 (File Nos. 333-268826 and 811-05618), electronically filed on December 16, 2022.
|
||||||||||||
17.
|
Income Multiplier Benefit Rider Contract Schedule, S40906-01, incorporated by
reference as EX-99. D17 from Registrant’s Initial Registration on Form N-4 (File Nos. 333-268826 and 811-05618), electronically filed on December 16, 2022.
|
||||||||||||
18.
|
Maximum Anniversary Value Death Benefit Contract
Schedule- S40898-IVA, incorporated by reference as EX-99. D19 from Registrant’s
Initial Registration on Form N-4 (File Nos. 333-268826 and 811-05618), electronically filed on December 16, 2022.
|
||||||||||||
19.**
|
Index Precision Strategy Rider- S40891-03
|
||||||||||||
20.**
|
Index Dual Precision Strategy Rider- S40909
|
||||||||||||
21.**
|
Index Options Contract Schedule- S40877-01-INCOME
|
||||||||||||
22.
|
Inherited IRA/Roth IRA Endorsement-S40713 incorporated by reference as exhibit
EX-99.B4.q. from Pre-Effective Amendment No. 1 to Registrant's Form N-4 (File Nos. 333-134267 and 811-05618), electronically filed on September 25, 2006.
|
||||||||||||
23.
|
Roth IRA Endorsement-S40342 incorporated by reference as exhibit EX-99.B4.l. from
Pre-Effective Amendment No. 1 to Registrant's Form N-4 (File Nos. 333-134267 and 811-05618), electronically filed on September 25, 2006.
|
||||||||||||
24.
|
IRA Endorsement-S40014 incorporated by reference as exhibit
EX-99.B4.g. from Pre-Effective Amendment No.1 to Registrant's Form N-4 (File Nos. 333-82329 and 811-05618), electronically filed on December 30, 1999.
|
||||||||||||
25.
|
Unisex Endorsement-(S20146) incorporated by reference as exhibit
EX-99.B4.h. from Pre-Effective Amendment No.1 to Registrant's Form N-4 (File Nos. 333-82329 and 811-05618), electronically filed on December 30, 1999.
|
||||||||||||
(e) |
|
1.
|
Application for Individual Variable Annuity Contract – IAI-APP-04, incorporated by
reference as as Exhibit 4(c)(i) to Registrant's Initial Registration on Form S-1 (File No. 333-268826), electronically filed on December 16, 2022.
|
||||||||||
2.
|
Annuity Purchase Acknowledgment, E-APA-VAR-03, incorporated by reference as EX-99. D18 from Registrant’s Initial Registration on Form N-4 (File Nos. 333-268826 and
811-05618), electronically filed on December 16, 2022.
|
||||||||||||
(f) |
|
1.
|
Articles of Incorporation, as amended and restated August 1, 2006, of Allianz
Life Insurance Company of North America (as amended August 1, 2006) incorporated by reference as exhibit EX-99.B6.i. from Pre-Effective Amendment No. 1 to Registrant's Form N-4 (File Nos. 333-166408 and 811-05618), electronically filed on
September 24, 2010.
|
||||||||||
2. |
Bylaws, as amended and restated August 1, 2006, of Allianz Life Insurance Company of North America (as amended August 1, 2006) incorporated by reference as exhibit EX-99.B6.ii. from Pre-Effective Amendment No. 1 to Registrant's Form N-4 (File Nos. 333-166408 and 811-05618), electronically filed on September 24, 2010. | ||||||||||||
(g) |
|
Not Applicable
|
|||||||||||
(h)
|
1.
|
Amended and Restated Participation Agreement dated November 1, 2015, between Allianz
Variable Insurance Products Trust, Allianz Life Insurance Company of North America, and Allianz Life Financial Services, LLC, filed on February 12, 2016 as Exhibit (e)(2) to Registrant's Post-Effective Amendment No. 53 (File Nos. 333-83423 and
811-09491), is incorporated by reference.
|
|||||||||||
2.
|
Amended and Restated Participation Agreement, dated November 1, 2015, between
Allianz Variable Insurance Products Fund of Funds Trust, Allianz Life Insurance Company of North America, and Allianz Life Financial Services, LLC, filed on April 18, 2016, as Exhibit (e)(2) to Registrant’s Post-Effective Amendment No. 28 (File
Nos. 333-119867 and 811-21624), is incorporated by reference.
|
||||||||||||
(i) | 1. | Master Professional Services Agreement effective January 1, 2020 between Allianz Life Insurance Company of North America and Tata Consultancy Services Limited, incorporated by reference as exhibit 27(i)(1). from Post-Effective Amendment No. 23 to Registrant's Form N-4 (File Nos. 333-185866 and 811-05618), electronically filed on April 15, 2022. | |||||||||||
2.
|
BPO Service Description and Statement of Work of the Master Professional
Serives Agreement between Allianz Life Insurance Company of North America and Tata Consultancy Services Limited effective January 1, 2020, incorporated by reference as exhibit 27(i)(2). from Post-Effective Amendment No. 23 to Registrant's Form
N-4 (File Nos. 333-185866 and 811-05618), electronically filed on April 15, 2022.
|
||||||||||||
3.
|
Attachment 2-F to BPO Schedule 2 of the BPO Service Description and
Statement of Work of the Master Professional Serives Agreement between Allianz Life Insurance Company of North America and Tata Consultancy Services Limited effective January 1, 2020, incorporated by reference as exhibit 27(i)(3). from
Post-Effective Amendment No. 23 to Registrant's Form N-4 (File Nos. 333-185866 and 811-05618), electronically filed on April 15, 2022.
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(j)
|
Not Applicable
|
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(k)**
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Opinion and Consent of Counsel
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||||||||||||
(l)**
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Consent of Independent Registered Public Accounting Firms
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(m)
|
Not Applicable
|
||||||||||||
(n)
|
Not Applicable
|
||||||||||||
(o)
|
Not Applicable
|
||||||||||||
(p)
|
1.
|
Powers of Attorney incorporated by reference as exhibit 27(p) from Initial Filing
to Registrant's Form N-4 (File Nos. 333-268826 and 811-05618), electronically filed on December 16, 2022.
|
|||||||||||
2.
|
Powers of Attorney, dated June 6, 2023, as signed by Director Lauren K. Day, filed
on June 23, 2023 as Exhibit 24(d) to Registrant’s Post-Effective Amendment No. 3 to Form S-1 (File No. 333-264349), is incorporated by reference.
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*
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|||||||||||||
**
|
To be filed by amendment
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Unless noted otherwise, all officers and directors have the following principal business address:
|
|
5701 Golden Hills Drive
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The following are the Officers and Directors of the Company:
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Name and Principal Business Address
|
Positions and Offices with Depositor
|
Director, President, and Chief Executive Officer
|
|
Andreas G. Wimmer
Allianz SE
Königinstraße 28
Munich, Germany 80802
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Director and Board Chair
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William E. Gaumond
|
Director, Senior Vice President, Chief Financial Officer, and Treasurer
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Eric J. Thomes
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Senior Vice President, Chief Distribution Officer
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Neil H. McKay
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Senior Vice President, Chief Actuary
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Gretchen Cepek
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Senior Vice President, General Counsel, and Secretary
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Jean-Roch P.F. Sibille
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Senior Vice President, Chief Investment Officer
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Rebecca A. Wysocki
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Vice President, Controller and Assistant Treasurer
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Jenny L. Guldseth
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Senior Vice President, Chief Human Resources Officer
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Emmanuelle Thommerot
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Senior Vice President, Chief Marketing and Growth Officer
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Karim Akhavan-Hezavei
|
Senior Vice President, Chief Operating Officer
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Walter R. White
|
Director
|
Udo Frank
|
Director
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Kevin E. Walker
|
Director
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Howard E. Woolley
|
Director
|
Lauren Kathryn Day
Allianz SE
Koeniginstrasse 28
Munich, Germany 80802
|
Director
|
Indemnification provision, as required by the ’33 Act, Rule 484
|
||
The Bylaws of the Insurance Company provide:
|
||
ARTICLE XI. INDEMNIFICATION OF DIRECTORS, OFFICERS AND EMPLOYEES
|
||
SECTION 1. RIGHT TO INDEMNIFICATION:
|
||
(a)
|
Subject to the conditions of this Article and any conditions or limitations imposed by applicable law, the Corporation shall indemnify any employee, director or officer of
the Corporation (an "Indemnified Person") who was, is, or in the sole opinion of the Corporation, may reasonably become a party to or otherwise involved in any Proceeding by reason of the fact that such Indemnified Person is or was:
|
|
(i)
|
a director of the Corporation; or
|
|
(ii)
|
acting in the course and scope of his or her duties as an officer or employee of the Corporation; or
|
|
(iii)
|
rendering Professional Services at the request of and for the benefit of the Corporation; or
|
|
(iv)
|
serving at the request of the Corporation as an officer, director, fiduciary or member of another corporation, association, committee, partnership, joint venture, trust,
employee benefit plan or other enterprise (an "Outside Organization").
|
|
(b)
|
Notwithstanding the foregoing, no officer, director or employee shall be indemnified pursuant to these bylaws under the following circumstances:
|
|
(i)
|
in connection with a Proceeding initiated by such person, in his or her own personal capacity, unless such initiation was authorized by the Board of Directors;
|
|
(ii)
|
if a court of competent jurisdiction finally determines that any indemnification hereunder is unlawful;
|
|
(iii)
|
for acts or omissions involving intentional misconduct or knowing and culpable violation of law;
|
|
(iv)
|
for acts or omissions that the Indemnified Person believes to be contrary to the best interests of the Corporation or its shareholders or that involve the absence of good
faith on the part of the Indemnified Person;
|
(v)
|
for any transaction for which the Indemnified Person derived an improper personal benefit;
|
|
(vi)
|
for acts or omissions that show a reckless disregard for the Indemnified Person's duty to the Corporation or its shareholders in circumstances in which the Indemnified
Person was aware or should have been aware, in the ordinary course of performing the Indemnified Person's duties, of the risk of serious injury to the Corporation or its shareholders;
|
|
(vii)
|
for acts or omissions that constitute an unexcused pattern of inattention that amounts to an abdication of the Indemnified Person's duties to the Corporation or its
shareholders;
|
|
(viii)
|
in circumstances where indemnification is prohibited by applicable law;
|
|
(ix)
|
in the case of service as an officer, director, fiduciary or member of an Outside Organization, where the Indemnified Person was aware or should have been aware that the
conduct in question was outside the scope of the assignment as contemplated by the Corporation.
|
|
SECTION 2. SCOPE OF INDEMNIFICATION:
|
||
(a)
|
Indemnification provided pursuant to Section 1(a)(iv) shall be secondary and subordinate to indemnification or insurance provided to an Indemnified Person by an Outside
Organization or other source, if any.
|
|
(b)
|
Indemnification shall apply to all reasonable expenses, liability and losses, actually incurred or suffered by an Indemnified Person in connection with a Proceeding,
including without limitation, attorneys' fees and any expenses of establishing a right to indemnification or advancement under this article, judgments, fines, ERISA excise taxes or penalties, amounts paid or to be paid in settlement and all
interest, assessments and other charges paid or payable in connection with or in respect of such expense, liability and loss.
|
|
(c)
|
Such indemnification shall continue as to any Indemnified Person who has ceased to be an employee, director or officer of the Corporation and shall inure to the benefit of
his or her heirs, estate, executors and administrators.
|
|
SECTION 3. DEFINITIONS:
|
||
(a)
|
"Corporation" for the purpose of Article XI shall mean Allianz Life Insurance Company of North America and all of its subsidiaries.
|
|
(b)
|
"Proceeding" shall mean any threatened, pending, or completed action, suit or proceeding whether civil, criminal, administrative, investigative or otherwise, including
actions by or in the right of the Corporation to procure a judgment in its favor.
|
|
(c)
|
"Professional Services" shall mean services rendered pursuant to (i) a professional actuarial designation, (ii) a license to engage in the practice of law issued by a State
Bar Institution or (iii) a Certified Public Accountant designation issued by the American Institute of Certified Public Accountants.
|
|
Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted for directors and officers or controlling persons of the Insurance Company
pursuant to the foregoing, or otherwise, the Insurance Company has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the Insurance Company of expenses incurred or paid by a director, officer or controlling person of the Insurance Company in the successful defense
of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Company will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
|
Allianz Life Financial Services, LLC (previously USAllianz Investor Services, LLC) is the principal underwriter for the Contracts. It also is the principal underwriter for:
|
|||||
Allianz Life Variable Account A
|
|||||
Allianz Life of NY Variable Account C
|
|||||
Allianz Funds
|
|||||
The following are the officers (managers) and directors (Board of Governors) of Allianz Life Financial Services, LLC. All officers and directors have the following principal
business address:
|
|||||
5701 Golden Hills Drive
|
|||||
Name
|
Positions and Offices with Underwriter
|
||||
Corey Walther
|
Governor and President
|
||||
Eric J. Thomes
|
Governor, Chief Executive Officer, and Chief Manager
|
||||
William E. Gaumond
|
Governor
|
||||
Amy K. Borden
|
Chief Financial Officer and Treasurer
|
||||
Matthew C. Dian
|
Vice President, Chief Compliance Officer
|
||||
Heather L. Kelly
|
Executive Vice President, Head of Advisory & Strategic Accounts
|
||||
Kristine M. Lord-Krahn
|
Chief Legal Officer and Secretary
|
||||
Nicole D. Van Walbeek
|
Assistant Secretary
|
||||
For the period 1-1-2022 to 12-31-2022
|
|||||
Name of Principal Underwriter
|
Net Underwriting Discounts and Commissions
|
Compensation on Redemption
|
Brokerage Commissions
|
Compensation
|
|
Allianz Life Financial Services, LLC
|
$371,545,470.24
|
$0
|
$0
|
$0
|
|
The $371,545,470.24 that Allianz Life Financial Services, LLC received from Allianz
Life as commissions on the sale of Contracts issued under Allianz Life Variable Account B was subsequently paid entirely to the third party broker/dealers that perform the retail distribution of the Contracts and, therefore, no commission or
compensation was retained by Allianz Life Financial Services, LLC.
|
1. |
Include appropriate disclosure regarding the redemption restrictions imposed by Section 403(b)(11) in each registration statement, including the prospectus, used in connection with the offer of
the contract;
|
2. |
Include appropriate disclosure regarding the redemption restrictions imposed by Section 403(b)(11) in any sales literature used in connection with the offer of the contract;
|
3. |
Instruct sales representatives who solicit participants to purchase the contract specifically to bring the redemption restrictions imposed by Section 403(b)(11) to the attention of the potential
participants;
|
4. |
Obtain from each plan participant who purchases a Section 403(b) annuity contract, prior to or at the time of such purchase, a signed statement acknowledging the participant's understanding of
(1) the restrictions on redemption imposed by Section 403(b)(11), and (2) other investment alternatives available under the employer's Section 403(b) arrangement to which the participant may elect to transfer his contract value.
|
Signature
|
Title
|
|||
Director, President & Chief Executive Officer
|
||||
Andreas G. Wimmer (1)
|
Director and Board Chair
|
|||
William E. Gaumond(1)
|
Director, Senior Vice President, Chief Financial Officer and Treasurer
(principal accounting officer)
|
|||
Howard E. Woolley(1)
|
Director
|
|||
Udo Frank(1)
|
Director
|
|||
Kevin E. Walker(1)
|
Director
|
|||
Walter R. White(1)
|
Director
|
|||
Lauren K. Day(1)
|
Director
|
This ‘485APOS’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/31/32 | ||||
5/1/24 | ||||
1/1/24 | ||||
12/31/23 | ||||
11/7/23 | ||||
Filed on: | 8/22/23 | 485APOS | ||
8/3/23 | ||||
6/30/23 | ||||
6/23/23 | ||||
6/6/23 | ||||
5/9/23 | ||||
5/1/23 | 485BPOS, 497, AW, CORRESP, N-4/A | |||
4/20/23 | 485BPOS | |||
4/1/23 | ||||
3/31/23 | ||||
3/15/23 | N-CEN | |||
1/1/23 | ||||
12/31/22 | 24F-2NT, N-4/A, N-CEN, N-VPFS | |||
12/30/22 | ||||
12/16/22 | N-4 | |||
10/1/22 | ||||
8/1/22 | ||||
6/30/22 | ||||
5/12/22 | ||||
4/15/22 | 485BPOS | |||
4/1/22 | ||||
2/15/22 | ||||
1/1/22 | ||||
12/31/21 | 24F-2NT, N-CEN, N-VPFS | |||
9/1/21 | 497 | |||
1/1/21 | ||||
12/31/20 | 24F-2NT, N-CEN | |||
6/30/20 | ||||
5/1/20 | 485BPOS | |||
1/1/20 | ||||
12/31/19 | 24F-2NT, N-CEN | |||
12/20/19 | ||||
4/1/19 | ||||
1/1/19 | ||||
5/23/17 | ||||
4/18/16 | ||||
2/12/16 | ||||
1/1/16 | ||||
11/1/15 | ||||
5/1/15 | ||||
4/8/14 | ||||
1/3/13 | N-4 | |||
12/11/12 | ||||
2/17/12 | 497 | |||
1/1/12 | ||||
9/24/10 | N-4/A | |||
6/1/10 | 497 | |||
9/25/06 | EFFECT, N-4/A | |||
8/1/06 | ||||
5/19/06 | N-4 | |||
9/11/01 | ||||
5/15/00 | ||||
12/30/99 | N-4/A | |||
12/13/96 | N-4 EL/A | |||
6/25/96 | POS AMI | |||
List all Filings |