ome through the workplace. This product lineup is 100% employee-paid through payroll deduction. Group Disability: Group disability includes group long term disability, short term disability, telephonic short term disability, voluntary long term disability and voluntary short term disability products for mid-sized to large employers. This product offering is typically packaged for sale with group life products, especially in the middle-market. Markets and Distribution Employee Benefits works primarily with national and regional benefits consultants, brokers, TPAs, enrollment firms and technology partners. The company’s tenured distribution organization provides local sales and account management support to offer customized solutions to mid-sized to large employers backed by a national accounts team. The company primarily uses three distribution channels to market and sell its employee benefits products. Its channel works through various brokers and consultant firms nationwide and markets its entire product portfolio. Employee Benefits primarily targets mid-sized and large corporate employers through brokers, consultants, TPAs and private exchanges. In addition, it markets stop loss coverage to employer sponsors of self-funded employee health benefits plans. Employee Benefits products are marketed to employers and professional associations through major brokerage operations, benefits consulting firms and direct sales. In the VB market, policies are marketed to employees at the worksite through enrollment firms, technology partners, and brokers. Competition The company’s principal competitors include MetLife, Prudential and Minnesota Life in Group Life; Tokio Marine HCC, Symetra and Sun Life in Stop Loss; and Unum, Allstate and Transamerica in VB. Closed Blocks Closed Blocks consists of two segments which the company has placed in run-off—Closed Block Variable Annuity (CBVA) and Closed Block Other. CBVA CBVA consists of retail variable annuity insurance policies with substantial guarantee features sold primarily from 2001 to early 2010, when the block entered run-off. These policies are long-term savings vehicles in which customers (policyholders) made deposits that are primarily maintained in separate accounts established by the company and registered with the Securities and Exchange Commission (SEC) as unit investment trusts. Many of these policies include living benefit riders, including guaranteed minimum withdrawal benefits for life, guaranteed minimum income benefits, guaranteed minimum accumulation benefits and guaranteed minimum withdrawal benefits. All deferred variable annuity contracts included guaranteed minimum death benefits. Closed Block Other Closed Block Other includes a GIC and funding agreement spread lending business that is in run-off, as well as continuing obligations and assets connected with the group reinsurance and individual reinsurance businesses the company sold between 2004 and 2009. Regulation The financial market disruptions have produced, and are likely to continue to produce, extensive changes in existing laws and regulations applicable to the company’s businesses, including the Dodd-Frank Wall Street Reform and Consumer Protection Act. The company’s U.S. insurance subsidiaries are subject to comprehensive regulation and supervision under U.S. state and federal laws. Certain of the company’s insurance subsidiaries sell variable life insurance and variable annuities that are registered with and regulated by the SEC as securities under the Securities Act of 1933, as amended (the Securities Act). These products are issued through separate accounts that are registered as investment companies under the Investment Company Act, and are regulated by state law. The company’s investment, asset management and retirement products and services are subject to federal and state tax, securities, fiduciary (including the Employment Retirement Income Security Act), insurance and other laws and regulations. The company’s securities operations, principally conducted by a number of SEC-registered broker-dealers, are subject to federal and state securities, co
voya financial inc
(VOYA:New York Consolidated)
230 Park Avenue
New York, NY 10169
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