Allianz Life Has a Letter, Too
August 27, 2019 by Allison Bell
Allianz Life Insurance Company of North America announced today that it has received a tax ruling that could help it offer annuities through fee-based advisors.
The Internal Revenue Service gave Allianz Life a private letter ruling that will let advisors get their fees directly from the assets inside a client’s Allianz Life annuity contract, without creating a taxable income distribution event.
The IRS ruling applies to individual variable annuities held outside individual retirement accounts, and outside other arrangements that qualify for special IRS tax treatment.
The ruling also applies to indexed annuities that are filed as fixed insurance products and held outside qualified accounts.