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Life insurers could face charges in the billions from miscalculations about the number of...

Life insurers could face charges in the billions from miscalculations about the number of customers exercising lifetime-income guarantees on variable annuities, according to Moody's. It's not news to insurers who for years have looked for ways to reduce these liabilities. "If you do not allocate your contract value ... the guarantee WILL BE REVOKED," goes the boldfaced part of a letter from Hartford (HIG) to customers this month. Others facing an impact include: MET and ING U.S. (VOYA).
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