A Midwestern life insurer affiliated with Insurance Capital Group LLC recently updated the N-4 registration statement for its individual deferred variable annuity contract.
The insurer, Federal Life Group Inc., filed the N-4 revision with the U.S. Securities and Exchange Commission (SEC).
(Related: Federal Life Updates Variable Annuity Registration Statement)
Like a similar N-4 form filed in May, the updated form shows that Federal Life will depend heavily on exchange-traded funds (ETFs) from WisdomTree Investments Inc. to power the contract investment options.
The update also includes tweaks to expense ratios, and a statement that the commissions paid to traditional insurance agents at the time of purchase could be up to 7% of the purchase payment.
It’s not clear from the filing how many agents would really get commissions equal to 7% of the purchase payment.
Insurance Capital Group LLC helped Riverwoods, Illinois-based Federal Life demutualize and shift to a stock company charter in 2018.
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