A Midwestern life insurer that recently raised $35 million through a stock offering has posted a new N-4 registration statement for its individual deferred variable annuity contract.
The insurer, Federal Life Group Inc., filed the document with the U.S. Securities and Exchange Commission. The last time the company filed a similar document was in 2008.
(Related: Federal Life Goes Public)
Federal Life has said that it wants to use cash from the stock offering to expand its variable annuity program.
A summary of the transaction expenses included in the registration statement shows that the contract would come with no sales load, deferred sales load or exchange fee.
The maximum premium taxes would be 3.5% of the purchase payment.
The expedited delivery charge would be $25.
The periodic expenses would be a morality and expense risk charge, which would equal 0.75% of the average account value, and an account fee and expenses charge, which would amount to 0.15% of the average account value.
The total annual portfolio operating expenses would be 1.06% of the average daily net assets for the fixed income portfolio and 1.25% of the average daily net assets for the equity portfolio.
The minimum purchase payment is $5,000. The maximum payment without prior review is $5 million.
Federal Life is a Riverwoods, Illinois-based company that has backing from Insurance Capital Group LLC. ICG is a New York-based investment firm led by Craig Huff and Matt Popoli, two Reservoir Capital veterans. ICG also has ties to two former state insurance regulators: Jose Montemayor, a former Texas insurance commissioner, and Anne Dowling, a former Illinois insurance directors.
Federal Life’s Federal Life Insurance Company unit is licensed to sell life insurance and annuities in the District of Columbia, and in every state except Maine, Massachusetts, New Hampshire, New York and Vermont.
A copy of the registration statement for the new Federal Life annuity is available here.
— Read 9 Federal Life Insurance Company Reboot Facts, for Agents, on ThinkAdvisor.