New York (State or other jurisdiction of incorporation or organization) | 6311 (Primary Standard Industrial Classification Code Number) | 13-3191369 (I.R.S. Employer Identification No.) |
The information in this prospectus is not complete and may be changed. We cannot sell the Allianz Index Advantage+SM New York Variable Annuity Commission is effective. This prospectus is not an offer to sell the Contract and is not soliciting an offer to buy the Contract in any state where the offer or sale is not permitted. |
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Back Cover | ||
Back Cover |
FEES AND EXPENSES | Prospectus Location | FEES AND EXPENSES | Prospectus Location | |||||
Charges for Early Withdrawals | If you withdraw money from the Contract within 6 years of your last Purchase Payment, you will be assessed a withdrawal charge of up to 8% of the Purchase Payment withdrawn, declining to 0% over that time period. For example, if you invest $100,000 in the Contract and make an early withdrawal, you could pay a withdrawal charge of up to $8,000. In addition, if you take a full or partial withdrawal (including financial adviser fees that you choose to have us pay from this Contract) from an Index Option on a date other than the Term End Date, a Daily Adjustment will apply to the Index Option Value available for withdrawal. The Daily Adjustment also applies if before the Term End Date you execute a Performance Lock, annuitize the Contract, we pay a death benefit, or we deduct Contract fees and expenses. A Term is the time period we use to measure Index performance. We offer 1-year, 3-year, and 6-year Terms. The Daily Adjustment may be positive, negative, or equal to zero. A negative Daily Adjustment will result in loss. In extreme circumstances, a negative Daily Adjustment could result in a loss beyond the protection of the Buffer, but it cannot result in a total loss of -100%. The Buffer is the amount of negative Index performance we absorb over the duration of a Term before you receive a negative Performance Credit. We offer 10%, 20%, or 30% Buffers. | Fee Tables 4. Valuing Your Contract – Daily Adjustment 6. Expenses – Withdrawal Charge Appendix B – Daily Adjustment | If you withdraw money from the Contract within six years of your last Purchase Payment, you will be assessed a withdrawal charge of up to 8% of the Purchase Payment withdrawn, declining to 0% over that time period. For example, if you invest $100,000 in the Contract and make an early withdrawal, you could pay a withdrawal charge of up to $8,000. In addition, if you take a full or partial withdrawal (including financial adviser fees that you choose to have us pay from this Contract) from an Index Option on a date other than the Term End Date, a Daily Adjustment will apply to the Index Option Value available for withdrawal. The Daily Adjustment also applies if before the Term End Date you execute a Performance Lock, you annuitize the Contract, we pay a death benefit, or we deduct Contract fees and expenses. The Daily Adjustment may be positive, negative, or equal to zero. A negative Daily Adjustment will result in a loss. In extreme circumstances, a negative Daily Adjustment could result in a loss beyond the protection of the 10%, 20%, or 30% Buffer Buffer, as applicable. The maximum potential loss from a negative Daily Adjustment is -99%. | Fee Tables 4. Valuing Your Contract 6. Expenses Appendix B – Daily Adjustment | ||||
Transaction Charges | In addition to withdrawal charges, and Daily Adjustments that may apply to withdrawals and other transactions from the Index Options, we will also charge you a fee of $25 per transfer after you exceed 12 transfers between Variable Options (the variable investments available to you) in a Contract Year. | Fee Tables 6. Expenses – Transfer Fee | Other than withdrawal charges and Daily Adjustments that may apply to withdrawals and other transactions under the Contract, there are no other transaction charges. | Fee Tables 6. Expenses | ||||
Ongoing Fees and Expenses (annual charges) | The table below describes the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your Contract specifications page for information about the specific fees you will pay each year based on the options you have elected. These ongoing fees and expenses do not reflect any financial adviser fees paid to a Financial Professional from your Contract Value or other assets of the Owner. If such charges were reflected, these ongoing fees and expenses would be higher. | Fee Tables 6. Expenses Appendix D – Variable Options Under the Contract | The table below describes the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your Contract specifications page for information about the specific fees you will pay each year based on the options you have elected. These ongoing fees and expenses do not reflect any financial adviser fees paid to a Financial Professional from your Contract Value or other assets of the Owner. If such charges were reflected, these ongoing fees and expenses would be higher. [To be updated by amendment] | Fee Tables 6. Expenses Appendix C – Variable Option Available Under the Contract | ||||
Annual Fee | Minimum | Maximum | Annual Fee | Minimum | Maximum | |||
Base Contract(1) | 1.25% | 1.25% | Base Contract(1) | 1.26% | ||||
Investment Options(2) (Variable Option fees and expenses) | 0.65% | 0.71% | Investment Options(2) (Variable Option fees and expenses) | [XX]% | ||||
Optional Benefits Available for an Additional Charge (for a single optional benefit, if elected) | Not Applicable | Optional Benefits Available for an Additional Charge (for a single optional benefit, if elected) | Not Applicable | |||||
(1) As a percentage of the Charge Base. | (1) As a percentage of the Variable Option’s net asset value, plus an amount attributable to the estimated contract maintenance charge based on expected Contract sales. | |||||||
(2) As a percentage of the Variable Option’s average daily net assets. | (2) As a percentage of the Variable Option’s average daily net assets. | |||||||
Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the Contract, which if taken from the Index Options could result in substantial losses due to the application of negative Daily Adjustments. | ||||||||
Lowest Annual Cost: $1,753 | Highest Annual Cost: $1,803 |
FEES AND EXPENSES | Prospectus Location | |||
Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the Contract, which could be subject to a withdrawal charge, and if taken from the Index Options could result in substantial losses due to the application of negative Daily Adjustments. [To be updated by amendment] | ||||
Lowest Annual Cost: $[XX] | Highest Annual Cost: $[XX] | |||
Assumes: •Investment of $100,000 in the Variable Option • •No additional Purchase Payments, transfers, or withdrawals •No financial adviser fees | Assumes: •Investment of $100,000he Variable Option • •No additional Purchase Payments, transfers, or withdrawals •No financial adviser fees | |||
RISKS | ||||
Risk of Loss | You can lose money by investing in the Contract, including loss of principal and previous earnings. | Risk Factors | ||
Not a Short-Term Investment | • This Contract is not a short-term investment and is not appropriate if you need ready access to cash. • Considering the benefits of tax deferral and long-term income, the Contract is generally more beneficial to investors with a long investment time horizon. • If, within six years after we receive a Purchase Payment, you take a full or partial withdrawal (including financial adviser fees that you choose to have us pay from this Contract), withdrawal charges will apply. A withdrawal charge will reduce your Contract Value or the amount of money that you actually receive. Withdrawals may reduce or end Contract guarantees. • Withdrawals federal tax • Amounts invested in an Index Option must be held in the Index Option for the full Term before they can receive a Performance Credit. We apply a Daily Adjustment, if before the Term End Date, you take a full or partial withdrawal (including financial adviser fees that you choose to have us pay from this Contract), annuitize the Contract, we pay a death benefit, or we deduct Contract fees and expenses. • The withdrawals that reduce both the Contract Value, Cash Value, and Guaranteed Death Benefit Value to zero. Withdrawals may reduce the Guaranteed Death Benefit Value by more than the Traditional Death Benefit. | Risk Factors 4. Valuing Your Contract 10. Death Benefit Appendix B – Daily Adjustment | ||
Risks Associated with Investment Options | • An investment in the Contract is subject to the risk of poor investment performance and can vary depending on the performance of the available under the Contract. • • You should review factors, | Risk Factors | ||
Insurance Company Risks | An investment in the Contract is subject to the risks related to us. All obligations, guarantees or benefits of the Contract are the obligations of Allianz Life of New York and are subject to our claims-paying ability and financial strength. More information about Allianz Life of New York, including our financial strength ratings, is available upon request by visiting allianzlife.com/new-york/about/why-allianz, | Risk Factors |
RESTRICTIONS | Prospectus Location | ||||
Investments | • Certain Index Options may not be available under your Contract. • We restrict additional Purchase Payments during the Accumulation Phase. Each Index Year, you cannot add more than your initial amount (i.e., the total of all Purchase Payments received before the first Quarterly Contract Anniversary of the first Contract Year) without our prior approval. • We do not accept additional Purchase Payments during the Annuity Phase. • We typically only allow assets to move into the Index Options on the Index Effective Date and on subsequent Index Contract – Allocation of Purchase Payments and Contract Value Transfers. However, if you execute an Early Reallocation, we will move assets into an Index Option on the Business Day we receive your Early Reallocation request in Good Order. The Index Performance Early Reallocation, but they can be a source. • transfer assets out of an Index Option Performance Lock • We do not allow assets to move into an established Index Option until the Term End Date. If you request to Index Anniversary that is not a Term End Date, we will Index Option with a new Term Start Date. • With we are unable to support the minimum Trigger Rate or Cap on – We can make all Index Options temporarily unavailable for Early Reallocation at any time, which means there may be times when Early Reallocation is unavailable to you. – We cannot make Group A Index Options temporarily unavailable on the Index Effective Date or an Index Anniversary. – We can make Group B Index Options temporarily unavailable on the Index Effective Date or an Index Anniversary. – We can make Group C Index Options temporarily unavailable on an Index Anniversary occurring on or after the sixth Index (For more information on an Index Option’s temporary unavailability group, please see Overview of the Contract – What are Index Option temporarily unavailable, it may continue to be unavailable so long as we are unable to support its minimum availability or cost of hedging. However, we cannot permanently eliminate Index Options after we issue your Contract, and a temporarily unavailable Index Option will become available once we can support its minimum Trigger Rate or Cap. Although we cannot eliminate an Index Option from your Contract, we reserve the right to either on a Term Start Date or during a Term. • We reserve the right to discontinue accepting new allocations into specific Index Options and to Indexes either on a Term Start Date or during a Term. We can also decline a Purchase Payment if it does not meet the Contract – Purchase Requirements. | Overview of | the Contract Risk Factors 3. Purchasing the Contract 4. Valuing Your Contract 5. Variable Option Appendix A – Available Indexes | ||
Optional Benefits | The Contract does not offer any Optional Benefits. | Not Applicable |
TAXES | Prospectus Location | |||
Tax Implications | • Consult with a tax professional to determine the tax implications of an investment in and withdrawals from or payments received under the Contract. • If you purchased the Contract through a tax-qualified plan or individual retirement account (IRA), you do not get any additional tax benefit under the Contract. • when withdrawn, and withdrawn before age 59 1 • Generally, distributions from Qualified Contracts are taxed at ordinary income tax rates when withdrawn, and may also be subject to a 10% additional federal tax for amounts withdrawn before age 59 1∕2. | 11. Taxes | ||
CONFLICTS OF INTEREST | ||||
Investment Professional Compensation | Your Financial Professional may receive compensation for selling this Contract to you, in the form of commissions, additional cash benefits (e.g., cash bonuses), and non-cash compensation. We and/or our wholly owned subsidiary distributor may also make marketing support payments to certain selling firms for marketing services and costs associated with Contract sales. This conflict of interest may influence your Financial Professional to recommend this Contract over another investment for which the Financial Professional is not compensated or compensated less. | 12. Other Information – Distribution | ||
Exchanges | Some Financial Professionals may have a financial incentive to offer you a new contract in place of after comparing the features, fees, and risks of both contracts, that it is better for you to purchase the new contract rather than continue to own your existing contract. | 12. Other Information – Distribution |
• Accumulation Phase. This is the first phase of your Contract, and it begins on the Issue Date. During the Accumulation Phase, your money is invested under the Contract on a tax-deferred basis. Tax deferral may not be available for certain non-individually owned contracts. Tax deferral means you are not taxed on any earnings or appreciation on the assets in your Contract until you take money out of your Contract. In addition, during this phase, you can make additional Purchase Payments (subject to limitations), you can take withdrawals, and if you die, we pay a death benefit to your named Beneficiary(ies). | |
Currently Available Crediting Methods, Term Lengths and Buffers | Temporarily Unavailable Identifier | Currently Available Indexes | Positive Index Participation Limit | |
Index Dual Precision Strategy 1-year Term with 10% Buffer | • Group B | • S&P 500® • Russell 2000® Index • Nasdaq-100® Index • EURO STOXX 50® | • 5% minimum Trigger Rate | |
Index Precision Strategy 1-year Term with 10% Buffer | • Group C | • S&P 500® Index • Russell 2000® Index • Nasdaq-100® Index • EURO STOXX 50® | • 5% minimum Trigger Rate | |
Index Performance Strategy 1-year Term with 10%, 20%, or 30% Buffer | • Group A for 10% Buffer • Group C for 20% or 30% Buffer | • S&P 500® Index • Russell 2000® Index • Nasdaq-100® Index • EURO STOXX 50® | • 3% minimum Cap for 30% Buffer • 4% minimum Cap for 20% Buffer • 5% minimum Cap for 10% Buffer • Can be “uncapped” (i.e., we do not declare a | |
Index 3-year Term with 10%, 20%, or 30% Buffer | • Group A for 10% Buffer • Group C for 20% or 30% Buffer | • S&P 500® Index • Russell 2000® Index | • 9% minimum Cap for 30% Buffer • 12% minimum Cap for 20% Buffer • 15% minimum Cap for 10% Buffer • Can be uncapped • 100% minimum Participation Rate | |
Index Performance Strategy 6-year Term with 30% Buffer | • Group A for 10% Buffer • Group C for 20% or 30% Buffer | • S&P 500 • Russell 2000® Index | • 18% minimum Cap for Buffer • 24% minimum Cap for 20% Buffer • 30% minimum Cap for 10% Buffer • Can be uncapped • 100% minimum Participation Rate |
• Accessing Your Money. During the Accumulation Phase, you can surrender the Contract (take a full withdrawal), or take partial withdrawals. Withdrawals may be subject to negative Daily Adjustments, are subject to a withdrawal charge, income taxes, and may also be subject to a 10% additional federal tax for amounts withdrawn before age 59 1∕2. | |
Administrative Expenses (or contract maintenance charge)(1) (per year) | $50 |
Base Contract Expenses(2) (as a percentage of the Variable Option’s net asset value) | 1.25% |
Minimum | Maximum | ||
(expenses that are deducted from Variable Option assets, including management fees, distribution and/or service (12b-1) fees, and other expenses) | 0.65% | 0.71% |
(expenses that are deducted from the Variable Option's assets, including management fees, distribution and/or service (12b-1) fees, and other expenses) | [XX]% |
1 Year | 3 Years | 5 Years | 10 Years | |
(1) If you surrender your Contract (take a full withdrawal) at the end of the applicable time | $[XX] | $[XX] | $[XX] | $[XX] |
1 Year | 3 Years | 5 Years | 10 Years | |
Maximum Variable Option expense | $9,184 | $11,532 | $13,234 | $22,749 |
Minimum Variable Option expense | $9,124 | $11,350 | $12,926 | $22,119 |
(2) | If you annuitize your Contract at the end of the applicable time period. | N/A* | $[XX] | $[XX] | $[XX] |
1 Year | 3 Years | 5 Years | 10 Years | |
Maximum Variable Option expense | N/A* | $6,132 | $10,534 | $22,749 |
Minimum Variable Option expense | N/A* | $5,950 | $10,226 | $22,119 |
(3) | If you do not surrender your Contract. | $[XX] | $[XX] | $[XX] | $[XX] |
1 Year | 3 Years | 5 Years | 10 Years | |
Maximum Variable Option expense | $1,984 | $6,132 | $10,534 | $22,749 |
Minimum Variable Option expense | $1,924 | $5,950 | $10,226 | $22,119 |
In recent years, the financial markets have experienced periods of significant volatility and negative returns, to an uncertain and evolving economic environment. The interrelating factors such as, but not limited to, the COVID-19 pandemic, interest rates, Depending on your individual circumstances (e.g., your selected Index Options and the timing of any Purchase Payments, transfers, or withdrawals), you may experience (perhaps significant) negative returns under the Contract. You should consult with a Financial Professional about how decisions related to the Contract, such as purchasing the Contract or making Purchase Payments, transfers, or withdrawals, based on your individual circumstances. |
• interest rate decreases, • dividend rate increases, • poor market performance, and • the expected volatility of Index prices. Increases in the expected volatility of Index prices negatively affect the Index Dual Precision Strategy, Index Precision Strategy, and Index Performance Strategy 1-year Term Index Options. For the Index Performance Strategy |
January 1, 2011 through December 31, 2021 | |||||||
S&P 500® Index | Nasdaq-100® Index | Russell 2000® Index | EURO STOXX 50® | ||||
Returns without dividends | 14.84% | 22.67% | 12.57% | 7.03% | |||
Returns with dividends | 17.11% | 24.05% | 14.07% | 10.88% |
January 1, 2013 through December 31, 2023 | ||||
S&P 500® Index | Nasdaq-100® Index | Russell 2000® Index | EURO STOXX 50® | |
Returns without dividends | [XX] % | [XX] % | [XX] % | [XX] % |
Returns with dividends | [XX] % | [XX] % | [XX] % | [XX] % |
We will not provide advice or notify you regarding whether you should Reallocation or the optimal time for doing so. We will not warn you if you Reallocation at a sub-optimal time. We are not responsible for any losses related to your decision whether or not to execute a Performance |
We will not provide advice or notify you regarding whether you should execute an Early Reallocation or the optimal time for doing so. We will not warn you if you execute an Early Reallocation at a sub-optimal time. We are not responsible for any losses related to your decision whether or not to execute an Early Reallocation. |
• The Business Day before the Annuity Date. | |
Financial Adviser Fee Withdrawal | Contract Value | Traditional Death Benefit’s Guaranteed Death Benefit |
Prior to 1st years withdrawal | $ 100,000 | $ 90,000 |
$5,000 withdrawal (subject to an | ||
8% withdrawal charge) | – [($5,000 ÷ (1 – 8%)] | |
Amount withdrawn | – $5,435 | – [($5,435 ÷ 100,000) x 90,000] |
= - $4,891 | ||
After 1st years withdrawal | $ 94,565 | $ 85,109 |
Prior to 2nd years withdrawal | $ 97,000 | $ 85,109 |
$5,000 withdrawal (not subject to a | ||
withdrawal charge) | – $5,000 | – [($5,000 ÷ 97,000) x 85,109] |
= - $4,387 | ||
After 2nd years withdrawal | $ 92,000 | $ 80,722 |
Prior to 3rd years withdrawal | $ 80,000 | $ 80,722 |
$5,000 withdrawal (not subject to a | ||
withdrawal charge) | – $5,000 | – [($5,000 ÷ 80,000) x 80,722] |
= - $5,045 | ||
After 3rd years withdrawal | $ 75,000 | $ 75,677 |
UPON THE DEATH OF A SOLE OWNER | ||
Action if the Contract is in the Accumulation Phase | Action if the Contract is in the Annuity Phase | |
• – continue to receive RMD payments based on the remaining life expectancy of the deceased Owner and the Contract Value as of the Business Day we receive a Valid Claim, until ten years after the Owner’s death at which time we make a lump sum payment, or – receive a lump sum payment of the Contract Value as of the Business Day we receive a Valid Claim. • For all other Contracts, we pay a death benefit to the Beneficiary unless the Beneficiary is the surviving spouse and continues the Contract. • If the deceased Owner was a Determining Life and the surviving spouse Beneficiary continues the Contract: – we increase the Contract Value to equal the Guaranteed Death Benefit Value if greater and available, and the death benefit ends, – the surviving spouse becomes the new Owner, – the Accumulation Phase continues, – upon the surviving spouse’s death, his or her Beneficiary(ies) receives the Contract Value. • If the deceased Owner was not a Determining Life, the Traditional Death Benefit is not available and the Beneficiary(ies) receives the Contract Value. | • The Beneficiary becomes the Payee. If we are still required to make Annuity Payments under the selected Annuity Option, the Beneficiary also becomes the new Owner. • If the deceased was not an Annuitant, Annuity Payments to the Payee continue. No death benefit is payable. • If the deceased was the only surviving Annuitant, Annuity Payments end or continue as follows. – Annuity Option guaranteed period ends. – Annuity Option – For more information on the Annuity Options, please see section 8. • If the deceased was an Annuitant and there is a surviving joint Annuitant, Annuity Payments to the Payee continue during the lifetime of the surviving joint Annuitant. No death benefit is payable. • For a Qualified Contract, the Annuity Payments must end ten years after the Owner’s death. |
FOR JOINTLY OWNED CONTRACTS: The sole primary Beneficiary is the surviving Joint Owner regardless of any other named primary Beneficiaries. If both Joint Owners die simultaneously, we pay the death benefit to the named surviving primary Beneficiaries. If there are no named surviving primary Beneficiaries, we pay the death benefit to the named surviving contingent Beneficiaries, or equally to the estate of the Joint Owners if there are no named surviving contingent Beneficiaries. |
• An assignment may be a taxable event. In addition, there are other restrictions on changing the ownership of a Qualified Contract and Qualified Contracts generally cannot be assigned absolutely or on a limited basis. You should consult with your tax adviser before assigning this Contract. |
• An assignment will only change the Determining Life (Lives) if it involves removing a Joint Owner due to divorce, or replacing Joint Owners with a Trust. |
We do not accept additional Purchase Payments if you have an Inherited IRA, or Inherited Roth IRA Contract. |
On your application if you select… | Your Index Effective Date will be either… |
the earliest Index Effective Date | • your Issue Date, or • the first Business Day of the next month if the Issue Date is the 29th, 30th, or 31st of a month |
the deferred Index Effective Date | • your first Quarterly Contract Anniversary, or • the next Business Day if the first Quarterly Contract Anniversary occurs on a non-Business Day, or the first Business Day of the next month if the first Quarterly Contract Anniversary is the 29th, 30th, or 31st of a month |
• In order to apply Purchase Payments we receive after the Index Effective Date to your selected Index Option(s) on the next Index Anniversary, we must receive them before the end of the Business Day on the Index Anniversary (or before the end of the prior Business Day if the anniversary is a non-Business Day). |
• The Variable Assets you allocate to Option before transferring them to your selected Index Options. |
Variable Account Value increases when…. | Variable Account Value decreases when…. |
• you add assets to or make allocation instruction changes that transfer Index Option Value, • we hold assets in the Variable Option due to Purchase Payments destined for the Index Options, a Contract Value increase due to death, or an Index Option becoming temporarily unavailable, or • there is positive Variable Option performance | • you take assets out of withdrawal (including any financial adviser fees that you choose to have us pay from this Contract), make allocation instruction changes that transfer Variable Account Value, or Early Reallocation, • we transfer assets held in the Variable Option that are destined for the Index Options according to allocation instructions, • there is negative Variable Option performance, or • we deduct Contract fees and expenses |
Contractfees andexpenses we deduct from the Variable withdrawal charge Contract are described in section 1, The Contract. |
Index Option Values increase when…. | Index Option Values decrease when…. |
• you add assets to an Index Option by Purchase Payment, make allocation instruction changes that transfer Contract Value, or • we transfer assets held in the Variable Option that are destined for the Index Options according to allocation instructions, or • you receive a positive Performance Credit or Daily Adjustment | • you take assets out of an Index Option by withdrawal (including any financial adviser fees that you choose to have us pay from this Contract) instruction changes that transfer Contract Value, or Early Reallocation, • we transfer assets out of an Index Option on a Term Start Date because the Index Option became temporarily unavailable, • you receive a negative Performance Credit or Daily Adjustment, or • we deduct Contract fees and expenses |
Contract fees and expenses we deduct from the Index Options include the charge as described in section 6, Expenses. Financial adviser fees that you choose to have us pay from this Contract are described in section 1, The Contract. |
• The Index Performance Credits. A negative Performance Credit means you can lose principal and previous earnings. maximum potential negative Performance Credit is: -90% with a 10% Buffer, -80% with a 20% Buffer, and -70% with a 30% Buffer. |
• Because we calculate Index Returns only on a single date in time, you may experience negative or flat performance even though the Index you selected for a given Crediting Method experienced gains through some, or most, of the Term. |
• If that Term) it does not mean that we will not declare a Cap for it on future Term Start Dates. On the next Term Start Date we can declare a Cap for the next Term, or declare it to be uncapped. |
What is the asset protection? | |||
Index Dual Precision Strategy | • or less than what is available with the Index Performance | Option. • Buffer absorbs 10% 10% . • Potential for large losses in any Term. • More sensitive to large negative market movements because small negative market movements within the 10% Buffer result in a positive Performance Credit. |
What is the asset protection? | |
Index Precision Strategy | • Protection is equal to what is available with the Index Dual Precision Strategy. Protection may be equal to or less than what is available with the Index Performance Strategy depending on the Index Option. • Buffer absorbs 10% of loss, but you receive a negative Performance Credit for losses greater than 10%. • Potential for large losses in any Term. • More sensitive to large negative market movements because small negative market movements are absorbed by the 10% Buffer. |
Index Performance Strategy | • Index Options with a 10% Buffer provide the same protection as the Index Dual Precision Strategy and Index Precision Strategy. Index Options with a 20% or what is • Buffer absorbs 10%, 20%, or 30% of loss depending on the Index Option you select, but you receive a negative Performance Credit for losses greater than the Buffer. • Potential for large losses in any Term. • More sensitive to large negative market movements because small negative market movements are absorbed by the Buffer. • In extended periods of moderate to large negative market performance, 3-year and 6-year Terms may provide less protection than the 1-year Terms because, in part, the Buffer is applied over a longer period of time. |
What is the growth opportunity? | ||
Index Dual Precision Strategy | • Growth opportunity limited by the | Trigger Rates. • most return potential during periods of small negative market movements. • Generally less growth opportunity |
Index Precision Strategy | • Growth opportunity limited by the Trigger Rates. • May perform best in periods of small positive market movements. • Generally more growth opportunity than the Index Dual Precision Strategy. However, less growth opportunity than the Index Dual Precision Strategy during periods of small negative market movements. • Growth opportunity may be more or less than the Index Performance Strategy depending on Caps. | |
Index Performance Strategy | • Growth opportunity limited by the Caps and/or Participation Rates. If we do not declare a Cap for Index Option, there is no maximum limit on the positive Index Return for that Index Option. In addition, you can receive more than the positive Index Return if the Participation Rate applies and is greater than its 100% minimum. However, the Participation Rate cannot boost Index Returns beyond a declared Cap. • May perform best in a strong market. • 1-year Term with 10% Buffer Index Options, 3-year Term with 10% or 20% Buffer Index Options, and 6-year Term with 10% or 20% Buffer Index Options have the most growth opportunity. • Growth opportunity for the 1-year Term with 20% or 30% Buffer may be less than the Index Dual Precision Strategy and Index Precision Strategy depending on Trigger Rates and Caps. |
What can change within a Crediting Method? | |||
Index Dual Precision Strategy | • Renewal Date. – 1-year Term has a 5% minimum Trigger Rate. • Index Option to your Contract after the Issue Date, we establish the Buffer for it on the date we add the Index Option to your Contract. The minimum Buffer is 5% for a |
What can change within a Crediting Method? | ||
Index Precision Strategy | • Renewal and Early Reallocation Trigger Rates for existing Contracts can change on each Term Start Date. – 1-year Term has a 5% minimum Trigger Rate. • The 10% Buffers for the currently available Index Options cannot change. However, if we add a new Index Option to your Contract after the the Index | |
Index Performance Strategy | • Renewal and Early Reallocation Caps and/or Participation Rates for existing Contracts can change on each Term Start Date. – 1-year Term with 30% Buffer has a 3% minimum Cap. – 1-year Term with 20% Buffer has a 4% minimum Cap. – 1-year Term with 10% Buffer has a 5% minimum Cap. – 3-year Term with 30% Buffer has a 9% minimum Cap, and 100% minimum Participation Rate. – 3-year Term with 20% Buffer has a 12% minimum Cap, and 100% minimum Participation Rate. – 3-year Term with 10% Buffer has a 15% minimum Cap, and 100% minimum Participation Rate. – 6-year Term with 30% Buffer has a 18% minimum Cap, and 100% minimum Participation Rate. – 6-year Term with 20% Buffer has a 24% minimum Cap, and 100% minimum Participation Rate. – 6-year Term with 10% Buffer has a 30% minimum Cap, and 100% minimum Participation Rate. • The 10%, 20%, and 30% Buffers for the currently available Index Options cannot change. However, if we add a new Index Option to your Contract after the Issue Date, we establish the Buffer for it on the date we add the Index Option to your Contract. |
• You participate in any negative Index Return in excess of the Buffer, which reduces your Contract Value. For example, for a 10% Buffer we absorb the first -10% of Index Return and you could lose up to 90% of the Index Option Value. |
• Trigger Rates, Caps, and Participation Rates as set by us from time-to-time may vary substantially based on market conditions. However, in extreme market environments, it is possible that all Trigger Rates, Caps, and Participation Rates will be reduced to their respective minimums of stated in the table above. Note that the minimum Early Reallocation Trigger Rates or Caps will be at least equal to these minimums, but could be higher as discussed later in this section. |
• If your Contract is within its free look period you may be able to take advantage of any increase in initial Trigger Rates, Caps, and/or Participation Rates by cancelling your Contract and purchasing a new Contract. |
• If the initial Trigger Rates, Caps, and/or Participation Rates available on the Index Effective Date are not acceptable you have the following options. |
– Cancel your Contract if you are still within the free look period. If you took a withdrawal that was subject to a withdrawal charge (including financial adviser fees that you choose to have us pay from this Contract) we will refund any previously deducted withdrawal charge upon a free look cancellation. |
– Request to extend your Index Effective Date if you have not reached your first Quarterly Contract Anniversary. |
– If the free look period has expired, request a full withdrawal and receive the Cash Value. This withdrawal is subject to withdrawal charges, income taxes, and may also be subject to a 10% additional federal tax for amounts withdrawn before age 59 1∕2. If this occurs on or before the Index Effective Date, the Daily Adjustment does not apply. If this occurs after the Index Effective Date, you are subject to the Daily Adjustment. |
• Trigger Rates, Caps, and Participation Rates can be different from Index Option to Index Option. For example, Caps for the Index Performance Strategy 1-year Terms can be different between the S&P 500® Index and the Nasdaq-100® the Index Performance Contract-to-Contract. For example, assume that on May 1, 2026 we set Caps for the Index 1-year Term with 10% Buffer using the S&P 500® Index as follows: |
– 13% initial rate and 12% Early Reallocation rate for new Contracts issued in 2026, |
– 14% renewal rate and 14% Early Reallocation rate for existing Contracts issued in 2025, and |
– 12% renewal rate and 13% Early Reallocation rate for existing Contracts issued in 2024. |
First Index Option | Second Index Option | |||
Index Option Value | Index Option Base | Index Option Value | Index Option Base | |
Prior to partial withdrawal | $ 75,000 | $ 72,000 | $ 25,000 | $ 22,000 |
$10,000 partial withdrawal | – $7,500 | – $7,200 | – $2,500 | – $2,200 |
After partial withdrawal | $ 67,500 | $ 64,800 | $ 22,500 | $ 19,800 |
• Amounts removed from the Index Options during the Term for partial withdrawals you take (including any financial adviser fees that you choose to have us pay from this Contract) and deductions we make for Contract fees and expenses do not receive a Performance Credit on the Term End Date. However, the remaining amount in the Index Options is eligible for a Performance Credit on the Term End Date. |
• You cannot specify from which Allocation Option we deduct Contract fees and expenses; we deduct Contract fees and expenses from each Allocation Option proportionately based on the percentage of Contract Value in each |
Crediting Method and Term Length | If Index Value is less than it was on the Term Start Date (i.e., Index Return is negative): | If Index Value is equal to or greater than it was on the Term Start Date (i.e., Index Return is zero or positive): |
Index Strategy 1-year Term | Performance Credit is equal to the Trigger Rate if the negative Index Return is less than or equal to the 10% Buffer. However, if the negative Index Return is greater than the 10% Buffer you receive a Performance Credit equal to the negative Index Return in excess of the 10% Buffer. If the Index Return is… • -8%, the Performance Credit is equal to the Trigger Rate set on the Term Start Date. • -12%, the Performance Credit is -2%. | Performance Credit is equal to the Trigger Rate set on the Term Start Date |
Index Precision Strategy 1-year Term | Performance Credit is equal to the negative Index Return in excess of the If the Index Return is… • -8%, the Performance Credit is zero. • -12%, the Performance Credit is | Performance Credit is equal to the on the Term Start |
Index Performance Strategy | Performance Credit is equal to the negative Index Return in excess of the 10% Assume you select a 1-year Term Index Option with 10% Buffer. If the Index Return for the year is… • -8%, the Performance Credit is zero. • -12%, the Performance Credit is -2%. Instead assume you select a 1-year Term Index Option with 20% Buffer, and the Index Return for the Term is… • -19%, the Performance Credit is 0%. • -24%, the Performance Credit is -4%. Instead assume you select a 1-year Term Index Option with 30% Buffer, and the Index Return for the Term is… • -29%, the Performance Credit is 0%. • -36%, the Performance Credit is -6%. | Performance Credit is equal to the Index Return up to Assume the Cap for the 1-year Term is 8%. If the Index Return for the year is… • 0%, the Performance Credit is zero. • 6%, the Performance Credit is 6%. • 12%, the Performance Credit is 8%.If instead the 1-year Term were uncapped, the Performance Credit is 12%. |
Crediting Method and Term Length | If Index Value is less than it was on the Term Start Date (i.e., Index Return is negative): | If Index Value is equal to or greater than it was on the Term Start Date (i.e., Index Return is zero or positive): |
Index Performance Strategy | Performance Credit is equal to the negative Index Return in excess of the 10%, 20%, or Assume you select a 3-year Term Index Option with 10% Buffer. If the Index Return for the Term is… • -19%, the Performance Credit is -9%. • -24%, the Performance Credit is -14%. Instead assume you select a 3-year Term Index Option with 20% the Term is… • -19%, the Performance Credit is 0%. • -24%, the Performance Credit is -4%. Instead assume you select a 3-year Term Index Option with 30% Buffer, and the Index Return for the Term is… • -29%, the Performance Credit is 0%. • -36%, the Performance Credit is -6%. | Performance Credit is equal to the Index Return multiplied by the Participation Rate, up to any Cap set on the Term Start Date Assume the Participation Rate is 100% and the Cap is 80%. If the Index Return for the Term is… • 0%, the Performance Credit is zero. • 65%, the Performance Credit is 65%. • 90%, the Performance Credit is 80%. If instead the Participation Rate is 110% and the 3-year Term were uncapped, for the Term is… • 0%, the Performance Credit is zero. • 65%, the Performance Credit is 71.5%. • 90%, the Performance Credit is 99%. |
Index Performance Strategy | Performance Credit is equal to the negative Index Return in excess of the 10% If the Index Return for the Term is… • -19%, the Performance Credit is -9%. • -24%, the Performance Credit is -14%. Instead assume you select a 6-year Term Index Option with 20% Buffer, and the Index Return for the Term is… • -19%, the Performance Credit is 0%. • -24%, the Performance Credit is -4%. Instead assume you select a 3-year Term Index Option with 30% Buffer, and the Index Return for the Term is… • -29%, the Performance Credit is 0%. • -36%, the Performance Credit is -6%. | Performance Credit is equal to the Index Return multiplied by the Participation Rate, up to any Cap set on the Term Start Date Assume the Participation Rate is 100% and the Cap is • 0%, the Performance Credit is zero. • 65%, the Performance Credit is 65%. • 90%, the Performance Credit is If instead the Participation Rate is 110% and the 6-year Term were uncapped, for the Term is… • 0%, the Performance Credit is zero. • 65%, the Performance Credit is 71.5%. • 90%, the Performance Credit is 99%. |
(i) any Index gains during the Term subject to the applicable Trigger Rate, Cap, and/or Participation Rate, | |
We will not provide advice or notify you regarding whether you should time for doing so. We will not warn you if you responsible for any losses related to your decision whether or not to |
We will not provide advice or notify you regarding whether you should execute an Early Reallocation or the time for doing so. We will not warn you if you responsible for any losses related to your decision whether or |
Currently, the Contract does not offer any Variable Option other than the AZL Government Money Market Fund. If we were to offer additional Variable Option(s) in the future they would be subject to the following provisions. |
This Contract is not designed for professional market timing organizations, or other persons using programmed, large, or frequent transfers, and we may restrict excessive or inappropriate transfer activity. |
Base Contract Expenses (as a percentage of the | |
Mortality and Expense Risk (M&E) Charge(1) | 1.25% |
(1) |
Calculating a Withdrawal Charge | Example | |||
For purposes of calculating any withdrawal charge, we withdraw Purchase Payments on a “first-in-first-out” (FIFO) basis and we process withdrawal requests as follows. | You make an initial Purchase Payment of another Purchase Payment in the first month of the second Contract Year of Contract Year, your Contract Value is $110,000 and you request a compute the withdrawal charge as follows. | |||
1.First, we withdraw from Purchase Payments that we have had for six or more complete years, which is your Contract’s withdrawal charge period. This withdrawal is not subject to a withdrawal charge and it reduces the Withdrawal Charge Basis dollar for dollar. | 1.Purchase Payments beyond the withdrawal charge period. All payments are still within the withdrawal charge period, so this does not apply. | |||
2.Amounts available as a Penalty-Free Withdrawal. This includes partial withdrawals you take during the Accumulation Phase under the free withdrawal privilege or waiver of withdrawal charge benefit, and RMD payments you take under our minimum distribution program. Penalty-Free Withdrawals are not subject to a withdrawal charge, but they reduce the Withdrawal Charge Basis dollar for dollar, and are withdrawn from Purchase Payments on a FIFO basis. | 2.Amounts available as a Penalty-Free Withdrawal. You did not take any other withdrawals this year, so the entire free withdrawal privilege (10% of your total Purchase Payments, or $10,000) is available to you without incurring a withdrawal charge. We also deduct this $10,000 from the first Purchase Payment. | |||
3.Next, on a FIFO basis, we withdraw from Purchase Payments within your Contract’s withdrawal charge period and assess a withdrawal charge. Withdrawing payments on a FIFO basis may help reduce the total withdrawal charge because the charge declines over time. We determine your total withdrawal charge by multiplying each payment by its applicable withdrawal charge percentage and then totaling the charges. These withdrawals reduce the Withdrawal Charge Basis. The withdrawal charge as a percentage of each Purchase Payment withdrawn is as follows. | 3.Purchase Payments within the withdrawal charge period on a FIFO basis. The total amount we withdraw from the first Purchase Payment is withdrawal charge, and you receive this amount as follows: (amount withdrawn) x (1 – withdrawal charge) = the amount you receive, or: $ The total amount we withdraw from the second Purchase Payment charge, and you receive $17,700. We as follows: ( amount $ | |||
Number of Complete Years Since Purchase Payment | Withdrawal Charge Amount | |||
0 1 2 3 4 5 6 years or more | 8% 7% 6% 5% 3% 1% 0% |
Calculating a Withdrawal Charge | Example | |
4.Finally, we withdraw any Contract earnings. This withdrawal is not subject to a withdrawal charge and it does not reduce the Withdrawal Charge Basis. | 4. Contract earnings. We already withdrew your requested amount, so this does not apply. In total we withdrew which you received charge of Payment from Payment from Please note that this example may differ from your actual results due to rounding. |
• Upon a full withdrawal, the free withdrawal privilege is not available to you, and we apply a withdrawal charge against Purchase Payments that are still within the withdrawal charge period, including amounts previously withdrawn under the free withdrawal privilege. On a full withdrawal, your Withdrawal Charge Basis may be greater than your Contract Value because the following reduce your Contract Value, but do not reduce your Withdrawal Charge Basis: |
– deductions we make for Contract fees and expenses other than the withdrawal charge, and/or |
– poor performance. |
This also means that upon a full withdrawal you may not receive any money. |
• Withdrawals (including any financial adviser fees that you choose to have us pay from this Contract)are subject to ordinary income taxes, and may also be subject to age 59 1 (which can be negative) Dates, there may be no time you can take a withdrawal without application of at least one Daily Adjustment. Please consult with your Financial Professional before requesting us to pay financial adviser fees from this Contract |
• For tax purposes, and in most instances, withdrawals from Non-Qualified Contracts are considered to come from earnings first, not Purchase Payments. |
Index Index Performance Strategy | |
Daily Adjustment Maximum Potential Loss | 99% |
(as a percentage of Index Option Value, applies for distributions from an Index Option before any Term End Date) |
• Withdrawals tax affected by the Daily Adjustment (which can be negative). Please consult with your Financial Professional before requesting us to pay financial adviser fees from this Contract |
• Joint Owners: We send one check payable to both Joint Owners and we tax report to each Joint Owner individually. Tax reporting each Joint Owner individually can create a discrepancy in taxation if only one Joint Owner is under age 59 1 |
• We may be required to provide information about you or your Contract to government regulators. We may also be required to stop Contract disbursements and thereby refuse any transfer requests, and refuse to pay any withdrawals (including a full withdrawal), or death benefits until we receive instructions from the appropriate regulator. If, pursuant to SEC rules, the AZL Government Money Market Fund suspends payment of redemption proceeds in connection with a fund liquidation, we will delay payment of any transfer, full or partial withdrawal, or death benefit from the AZL Government Money Market Fund subaccount until the fund is liquidated. |
The free withdrawal privilege is not available upon a full withdrawal. |
• You should consult a tax adviser before purchasing a Qualified Contract that is subject to RMD payments. |
• The minimum distribution program is not available qualified plan. |
• If you do not choose an Annuity Option before the Annuity Date, we make Annuity Payments to the Payee under Annuity Option |
• For Owners younger than age 59 1∕2, Annuity Payments may be subject to a 10% additional federal tax. |
• For a Qualified Contract, the Annuity Payments must end ten years after the Owner’s death. |
• If Annuity Payments would be less than $100, we reserve the right to require you to take a full withdrawal and your Contract will then terminate. We do not assess a withdrawal charge on this full withdrawal. |
• If on the maximum Annuity Date We notify you of your available options in writing 60 days in not selected an Annuity Option, we make payments under Annuity Option payments. Upon annuitization you no longer have Contract Value or a death benefit, and you cannot receive any other periodic withdrawals or payments other than Annuity Payments. |
Standard Benefits (No Additional Charge) | ||
Name of Benefit | Purpose | Brief Description of Restrictions/Limitations |
Free Withdrawal Privilege | Allows you to withdraw up to 10% of your total Purchase Payments each Contract Year without incurring a withdrawal charge. | • Only available during the Accumulation Phase. • Not available upon a full withdrawal. • Unused free withdrawal amounts not available in future years. • Program withdrawals may be subject to negative Daily Adjustments. • Program withdrawals are subject to income taxes, and may also be subject to a 10% additional federal tax for amounts withdrawn before age 59 1∕2. |
Minimum Distribution Program | Allows you to automatically take withdrawals to satisfy the minimum distribution requirements (RMD) imposed by the Internal Revenue Code. | • Only available during the Accumulation Phase. • Only available to IRA or SEP IRA Contracts. • Generally required for Inherited IRA and Inherited Roth IRA Contracts. • Program withdrawals count against free withdrawal privilege. • Program withdrawals may be subject to negative Daily Adjustments. • Program withdrawals are subject to income |
• Program withdrawals may be monthly, quarterly, semi-annual or annual, unless you | have less than $25,000 in Contract Value, in which case only annual payments are available. • We reserve the right to discontinue or modify the | |
program subject to the requirements of law. |
Financial Adviser Fees | ||
If you have a financial adviser and want to pay their financial adviser fees from this Contract, you can instruct us to withdraw the fee from your Contract and pay it to your Financial Professional or Financial Professional’s firm as instructed. | • Only available during the Accumulation Phase. • Financial adviser fees are in addition to the Contract’s fees and expenses. • Deductions for financial adviser fees are treated as withdrawals under the Contract. • Program withdrawals count against free withdrawal privilege. • Program withdrawals may be subject to negative Daily Adjustments. • Program withdrawals are subject to withdrawal charges, income taxes, and may also be subject to a 10% additional federal tax withdrawn before age 59 1 • We reserve the right to discontinue or modify the program. • See section 1 for an example of how deduction of financial adviser fees impact the Contract. |
Standard Benefits (No Additional Charge) | ||
Name of Benefit | Purpose | Brief Description of Restrictions/Limitations |
Waiver of Withdrawal Charge Benefit | Waives withdrawal charges if you become confined to a skilled nursing | • Only available during the Accumulation Phase. • Confinement must begin after the first Contract Year, be for at least 90 consecutive days, and requires proof of stay. • Requires physician certification. • Not available if any Owner was confined Issue Date. • Program withdrawals count against free withdrawal privilege. • Program withdrawals may be subject to negative Daily Adjustments. • Program withdrawals are not subject to withdrawal charges, but also be subject to a 10% additional federal tax amounts withdrawn before age 59 1 • State variations may apply. |
Traditional Death Benefit | Provides a death benefit equal to the greater of the Contract Value, or Guaranteed Death Benefit Value. The Guaranteed Death Benefit Value is total Purchase Payments adjusted for withdrawals. An example of the death benefit provided by the Traditional Death Benefit is included in section 10, Death Benefit. An example of fees | • Benefit only available during the Accumulation Phase. • Withdrawals, including any negative Daily Adjustments, may significantly reduce the benefit as indicated in section 1, Financial Adviser Fee Deduction Example. • Restrictions on Purchase Payments may limit the benefit. • Annuitizing the Contract will end the benefit. |
Standard Benefits (No Additional Charge) | ||
Name of Benefit | Purpose | Brief Description of Restrictions/Limitations |
Performance Lock | Allows you to capture the current Index Option Value during the Term for an Index eliminate doubt about future Index performance and possibly limit the impact of negative performance. Can allow you to transfer out of an Index Option before the Term End Date. A Performance Lock example is included in section 4, Valuing Your Contract — Performance Locks. | • Available during the Accumulation Phase. • Term End Date. • If Index Option will no longer participate in Index performance (positive or negative) for the remainder of the Term, and will not receive a Performance Credit on the Term End Date. • You will not know your locked Index Option Value in advance. • The locked Index Option Value will reflect a Daily Adjustment. • If a Performance Lock is executed when the Daily Adjustment has declined, it will lock in any loss. • each Term for each Index Option. • Cannot portion of the Index Option Value. • Deductions (e.g. withdrawals, fees) decrease the locked Index Option Value. • Cannot transfer locked Index Option Value until the next Index Anniversary that occurs on or immediately after the Lock Date unless you execute an Early Reallocation. • We will not provide advice or notify you regarding whether you should Performance Lock or the optimal time for doing so. • We will not warn you if you Performance Lock at a sub-optimal time. • We are not responsible for any losses related to your decision whether or not to execute a Performance Lock. |
Early Reallocation | Allows you to transfer from the Variable Option and/or locked Index Options on days other than an Index Anniversary. An Early Reallocation Request example is included in section 4, Valuing Your Contract — Early Reallocations. | • Available during the Accumulation Phase. • Early Reallocation requests are not accepted before the Index Effective Date, or within 14 calendar days before an Index Anniversary, and are limited to two Early Reallocation requests each Index Year. • All Index Options can be temporarily unavailable for Early Reallocation at any time, which means there may be times when Early Reallocation is unavailable to you. • Index Performance Strategy 6-year Term Index Options and the Variable Option are not available as destinations for Early Reallocation, but they can be a source. • We will not provide advice or notify you regarding whether you should execute an Early Reallocation or the optimal time for doing so. • We will not warn you if you execute an Early Reallocation at a sub-optimal time. • We are not responsible for any losses related to your decision whether or not to execute an Early Reallocation. |
• The Business Day before the Annuity Date. • The Business Day that the Guaranteed Death Benefit Value and Contract Value are both zero. • Upon the death of a Determining Life, the end of the Business Day we receive a Valid Claim from all Beneficiaries if you and the Determining Life are the same individuals, or if you and the Determining Life (Lives) are different individuals and die simultaneously. • Upon the death of a Determining Life, the end of the Business Day we receive due proof of the Determining Life’s death if you and the Determining Life (Lives) are different individuals and do not die simultaneously. • Upon the death of an Owner (or Annuitant if the Owner is a non-individual), the end of the Business Day we receive the first Valid Claim from any one Beneficiary, if the Owner (or Annuitant) is no longer a Determining Life. • The Business Day the Contract ends.
Death of the Owner and/or Annuitant Death Benefit Payment Options During the Accumulation Phase Each Beneficiary must select one of the death benefit payment options listed below. If a Beneficiary requests a lump sum payment under Option A, we pay that Beneficiary within seven days of receipt of his or her Valid Claim, unless the suspension of payments or transfers provision is in effect. Payment of the death benefit may be delayed, pending receipt of any state forms. Spousal Continuation: If the Beneficiary is the deceased Owner’s spouse, he or she can choose to continue the Contract with the portion of the death benefit the spouse is entitled to in his or her own name. However, spousal continuation is not available if this is an Inherited IRA, or Inherited Roth IRA. For an IRA, Roth IRA, or SEP IRA Contract, spousal continuation can only occur if the surviving spouse is the Contract’s sole primary Beneficiary. For Qualified Contracts Allianz Index Advantage+SM New York Variable Annuity Prospectus – [MMDD], 2024 61 purchased through a qualified plan and non-individually owned Contracts, spousal continuation is only available to Qualified Contracts through a direct rollover to an IRA. Spouses must qualify as such under federal law to continue the Contract. Individuals who have entered into a registered domestic partnership, civil union, or other similar relationship that is not considered to be a marriage under state law are also not considered to be married under federal law. An election by the spouse to continue the Contract must be made on the death claim form before we pay the death benefit. If the deceased Owner was a Determining Life and the surviving spouse Beneficiary continues the Contract, at the end of the Business Day we receive his or her Valid Claim, we increase the Contract Value to equal the Guaranteed Death Benefit Value if greater and available, and the Traditional Death Benefit ends. • he or she becomes the new Owner and may exercise all of the Owner’s rights, including naming a new Beneficiary or Beneficiaries; • he or she is subject to any remaining withdrawal charge; and • upon the surviving spouse’s death, their Beneficiary(ies) receive the Contract Value determined at the end of the Business Day during which we receive a Valid Claim from each Beneficiary. Death Benefit Payment Options The following applies to Non-Qualified Contracts. Different rules may apply to Qualified Contracts. For more information, please see section 11, Taxes – Distributions Upon the Owner’s Death (or Annuitant’s Death if the Owner is a Non-Individual). Option A: Lump sum payment of the death benefit. Option B: Payment of the entire death benefit within five years of the date of any Owner’s death. The Beneficiary can continue to make transfers between Allocation Options and is subject to a Option C: If the Beneficiary is an individual, payment of the death benefit as Annuity Payments under Annuity Options Distribution from Non-Qualified Contracts under Option C must begin within one year of the date of the Owner’s death. Any portion of the death benefit from Non-Qualified Contracts not applied to Annuity Payments within one year of the date of the Owner’s death must be distributed within five years of the date of death. If a Non-Qualified Contract is owned by a non-individual, then we treat the death of an Annuitant as the death of an Owner for purposes of the Code’s distribution at death rules, which are set forth in Section 72(s) of the Code. In all events, notwithstanding any provision to the contrary in the Contract or this prospectus, a Non-Qualified Contract is interpreted and administered in accordance with Section 72(s) of the Code. 11.Taxes This section provides a summary explanation of the tax ramifications of purchasing a Contract. We do not provide individual tax advice. You should contact your tax adviser to discuss this Contract’s effects on your personal tax situation. Annuity Contracts in General Annuity contracts are a means of setting aside money for future needs – usually retirement. Congress recognized the importance of saving for retirement and provided special rules in the Code for annuities. There are different rules regarding how you will be taxed, depending upon how you take the money out and whether the annuity is Qualified or Non-Qualified. Generally, any taxable distribution is subject to You can purchase either a Qualified Contract or a Non-Qualified Contract. If you do not purchase one of the various types of Qualified Contracts described in this section, the Contract is referred to as a Non-Qualified Contract. This prospectus does not address specific state tax laws. You should discuss state taxation with your tax adviser. Allianz Index Advantage+SM New York Variable Annuity Prospectus – [MMDD], 2024 62 Qualified Contracts If you purchase the Contract as an IRA, Roth IRA, SEP IRA, Inherited IRA, Inherited Roth IRA, or to fund a qualified retirement plan, the Contract is referred to as a Qualified Contract. Qualified Contracts are subject to certain restrictions under the Code, including restrictions on the amount of annual contributions, restrictions on how much you can earn and still be able to contribute to a Qualified Contract, and specialized restrictions on withdrawals. Qualified Contracts must be purchased from earned income from the relevant year or years, or from a rollover or transfer from a qualified contract. An IRA to IRA indirect rollover can occur only once in any twelve-month period from all of the IRAs you currently own. Adverse tax consequences may result if contributions, distributions, and transactions in connection with the Qualified Contract do not comply with the law. A Qualified Contract funded by an annuity does not provide any additional tax deferral. However, the Contract has features and benefits other than tax deferral that may make it appropriate for an IRA or qualified retirement plan. You should consult your tax adviser regarding these features and benefits before purchasing a Qualified Contract. We may issue the following types of Qualified Contracts to an individual. Purchasers of a Contract for use with IRAs have the right to revoke their purchase within seven days of the earliest of the establishment of the IRA, or their purchase.
• Roth IRA. Section 408A of the Code permits certain eligible individuals to contribute to a Roth IRA. Contributions to a Roth IRA are limited each year to the lesser of a dollar amount specified in the Code or 100% of the amount of earned income included in the Owner’s income. Contributions are also limited or prohibited if the Owner’s income is above certain limits. Contributions must be made in cash. The limit on the amount contributed to a Roth IRA does not apply to distributions from certain other types of IRAs or qualified retirement plans that are transferred or rolled over (conversion) into a Roth IRA. Conversions to a Roth IRA from an IRA or other eligible qualified retirement plan are permitted regardless of an individual’s income. A conversion to a Roth IRA results in a taxable event, but not a 10% additional federal tax for early withdrawal if certain qualifications are met (please consult your tax adviser for more details). • SEP IRA. Employers may establish SEP IRAs under Code Section 408(k) to provide IRA contributions on behalf of their employees. In addition to all of the general rules governing IRAs, such plans are subject to additional requirements and different contribution limits. • Inherited IRA and Inherited Roth IRA. The Code permits beneficiaries of investments that were issued under qualified retirement plans or IRAs to directly transfer the death benefit from that investment into a variable annuity contract (Inherited IRA or Inherited Roth IRA). If you purchase this Contract as a transfer from another carrier, you will become the Owner of the new Inherited IRA or Inherited Roth IRA Contract. The ownership of this Contract will also reflect the name of the deceased previous owner. Once an Inherited IRA or Inherited Roth IRA is established, no further Purchase Payments can be made. We may choose not to allow this Contact to be purchased as an Inherited IRA or Inherited Roth IRA. We may issue the following type of Qualified Contract to a qualified retirement plan. • Qualified Retirement Plans: Pension and Profit-Sharing Plans. A qualified plan is a retirement or pension plan that meets the requirements for tax qualification under the Code. Sections 401(a) and 401(k) of the Code permit employers, including self-employed individuals, to establish various types of retirement plans for employees. These retirement plans may permit the purchase of the Contracts to provide benefits under the plan. Contributions to the plan for the benefit of employees are not included in the gross income of the employee until distributed from the plan. The tax consequences to participants may vary, depending upon the particular plan design. Participant loans are not allowed under the Contracts purchased in connection with these plans. If the Contract is purchased for a qualified plan under Section 401 of the Code, the plan is both the Owner and the Beneficiary. The authorized signatory, plan administrator, or plan trustee for the plan must make representations to us that the plan is qualified under the Code on the Issue Date and is intended to continue to be qualified for the entire Accumulation Phase of the Contract, or as long as the qualified plan owns the Contract. The qualified plan may designate a third party administrator to act on its behalf. All tax reporting is the responsibility of the plan. In the event Allianz Index the qualified plan instructs us to roll the plan assets into an IRA for the Annuitant under this Contract, we change the qualification type of
Summary of Individuals and Entities That Can Own a Qualified Contract Currently, we offer the following types of Qualified Contracts.
Non-Qualified Contracts You can instead purchase a Non-Qualified Contract, which is not qualified pursuant to a specialized provision of the Code. There are no Code restrictions on annual contributions to a Non-Qualified Contract or how much you can earn and still contribute to a Contract. Non-Qualified Contracts Owned by Non-Individuals When a Non-Qualified Contract is owned by a non-individual (other than a trust holding the Contract as an agent for an individual), the Contract is not generally treated as an annuity for tax purposes. This means that the Contract may not receive the benefits of tax deferral and any Contract earnings may be taxable every year. Taxation of Withdrawals Section 72 of the Code governs taxation of annuities in general. An Owner is generally not taxed on increases in the value of a Contract until a distribution occurs, either in the form of withdrawals or as Annuity Payments. For a full withdrawal (total redemption), a partial withdrawal, or a death benefit, the recipient is taxed on the portion of the payment that exceeds your investment in the Contract (often referred to as cost basis). For Non-Qualified Contracts, this cost basis is generally the Purchase Payments, while for Qualified Contracts there is generally no cost basis, which means the withdrawal is fully taxable, except for qualified distributions from Roth IRAs and IRAs where you have separately tracked and reported any after-tax contributions that you have made. For Non-Qualified Contracts, the taxable portion of a partial withdrawal is the portion of the payment considered to be gain in the Contract (for example, the difference, if any, between the Contract Value immediately before the withdrawal, unreduced by any withdrawal charges, and the Contract’s cost basis). The withdrawals are generally taxed as though you were paid taxable earnings first, and then as a non-taxable return of Purchase Payments. Allianz Index Advantage+SM New York Variable Annuity Prospectus – [MMDD], 2024 64 Distributions from a Roth IRA generally are not subject to income tax if the Roth IRA has been held for five years (starting with the year in which the first contribution is made to any Roth IRA) and the Owner satisfies a triggering event such as attaining age 59 1 Distribution before satisfying the five year period or triggering event requirement may subject the distribution to taxation. Please be aware that each Roth IRA conversion has its own five year holding period requirement for purposes of determining if the 10% additional federal tax described below applies. 10% Additional Federal Tax Withdrawals Exceptions to the 10% Additional Federal Tax for Qualified Contracts 1) distributions made on or after the date you (or the Annuitant as applicable) reach age 59 1∕2; 2) distributions following your death or disability (or the Annuitant as applicable) (for this purpose disability is as defined in Section 72(m)(7) of the Code); 3) distributions paid in a series of substantially equal payments made annually (or more frequently) for your life (or life expectancy) or joint lives of you and your designated Beneficiary; 4) distributions made to you after separation from service after reaching age 55 (does not apply to IRAs); 5) distributions made to you to the extent such distributions do not exceed the amount allowed as a deduction under Code Section 213 for amounts paid during the tax year for medical care; 6) distributions made on account of an IRS levy upon the Qualified Contract; 7) distributions from an IRA for the purchase of medical insurance (as described in Section 213(d)(1)(D) of the Code) for you and your spouse and dependents if you have received unemployment compensation for at least 12 weeks (this exception will no longer apply after you have been re-employed for at least 60 days); 8) distributions from an IRA made to you, to the extent such distributions do not exceed your qualified higher education expenses (as defined in Section 72(t)(7) of the Code) for the tax year; 9) distributions from an IRA which are qualified first-time homebuyer distributions (as defined in Section 72(t)(8) of the Code); 10) distributions made to an alternate Payee pursuant to a qualified domestic relations order (does not apply to an IRA); 11) distributions made to a reservist called to active duty after September 11, 2001, for a period in excess of 179 days (or for an indefinite period), from IRAs or amounts attributable to elective deferrals under a 401(k) plan made during such active period; 12) distributions made during the payment period starting on the birth of a child or the finalization of an adoption (up to $5,000); 13) distributions that are qualified disaster recovery distributions; 14) distributions due to having a terminal illness; 15) distributions that are emergency personal expense distributions up to $1,000 after December 31, 2023; and 16) distributions that are eligible distributions as a domestic abuse victim, not to exceed the lesser of $10,000 or 50% of the IRA or qualified plan vested benefit value, after December 31, 2023. With respect to (12) through (16) above, a qualified birth or adoption distribution, a qualified disaster recovery distribution, a terminal illness distribution, an emergency personal expense distribution and an eligible distribution as a domestic abuse victim may each be repaid any time within the 3-year period from the date the distribution was received in one or more contributions into an IRA or qualified retirement plan (if you are eligible to make a contribution to the qualified retirement plan). The repayment contribution will be treated as a rollover into the IRA or qualified retirement plan. With respect to (3) above, if the series of substantially equal periodic payments is modified before the later of the Annuitant attaining age 59 1 Allianz Index Advantage+SM New York Variable Annuity Prospectus – [MMDD], 2024 65 after a series of substantially equal periodic payments has begun will result in the modification of the series of substantially equal payments and therefore will result in the imposition of the 10% additional federal tax and interest for the period as described above. You should obtain competent tax advice before you take any partial withdrawals from your Contract. Adding Purchase Payments to a Contract that is making substantially equal periodic payments will also result in a modification of the payments. For 2020 only, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, permitted corona-virus related distributions from Qualified Contracts and IRAs up to an aggregate amount of $100,000. This type of distribution was an exception to the 10% additional federal Exceptions to the 10% Additional Federal Tax for Non-Qualified Contracts
2) paid after you die; 4) paid in a series of substantially equal payments made annually (or more frequently) for your life (or life expectancy) or joint lives of you and your designated Beneficiary; 5) paid as annuity payments under an immediate annuity; or 6) that come from Purchase Payments made before August 14, 1982. With respect to (4) above, if the series of substantially equal periodic payments is modified before the later of your attaining age 59 1 Non-Qualified Annuity Medicare Tax Distributions from Non-Qualified Contracts are considered investment income for purposes of the Medicare tax on investment income. Thus, in certain circumstances, a 3.8% tax may apply to some or all of the taxable portion of distributions (e.g. earnings) to individuals whose income exceeds certain threshold amounts ($200,000 for filing single, $250,000 for married filing jointly and $125,000 for married filing separately.) This tax does not apply to distributions from Qualified Contracts. Please consult a tax adviser for more information. Payments for Financial Adviser Fees Any financial adviser fees that you choose to have us pay from this Contract to your Financial Professional or Financial Professional's firm may result in a taxable distribution. Please consult with your Financial Professional before requesting us to pay financial adviser fees from this Contract RMDs From Qualified Contracts Distributions from a Qualified Contract must commence no later than the required beginning date. For Roth IRAs, no distributions are required during the Owner’s lifetime. For IRAs other than Roth IRAs, the required beginning date is April 1 of the calendar year following the year in which you attain age Generally, RMDs must be made over a period not exceeding the life or life expectancy of the individual or the joint lives or life expectancies of the individual and his or her designated Beneficiary. If the RMDs are not made, a Allianz Index Advantage+SM New York Variable Annuity Prospectus – [MMDD], 2024 66 present value of future benefits provided under the Contract may need to be included in calculating the amount required to be distributed. If you enroll in our minimum distribution program, we make RMD payments to you that are designed to meet this Contract’s RMD requirements. Diversification Code Section 817(h) and accompanying Treasury Department Regulations Owner Control The Treasury Department has indicated that the diversification regulations do not provide guidance regarding the circumstances in which an Owner’s control of the Separate Account’s investments may cause the Owner to be treated as the owner of the Separate Account’s assets, which would cause the Contract to lose its favorable tax treatment. In certain circumstances, variable annuity contract owners have been considered for federal income tax purposes to be the owners of the separate account’s assets, due to their ability to exercise investment control over those assets. In this case, the contract owners have been currently taxed on income and gains attributable to the variable account assets. There is little guidance in this area and some of our Contract’s features, such as the flexibility of an Owner to allocate Purchase Payments and transfer amounts among any available Variable Options, have not been explicitly addressed in published rulings. While we believe that the Contracts do not give Owners investment control over Separate Account assets, we reserve the right to modify the Contracts as necessary to prevent an Owner from being treated as the owner of the Separate Account assets. Taxation of Annuity Payments For Annuity Payments from Non-Qualified Contracts, the portion of each payment included in income is determined by an exclusion ratio. The exclusion ratio is a calculation that causes a portion of each Annuity Payment to be non-taxable, based upon the percentage of your Contract Value that is from Purchase Payments. We determine the exclusion ratio for Annuity Payments by dividing the investment in the Contract (adjusted for any guaranteed period or refund guarantee) by the expected return anticipated to be paid as Annuity Payments (which is determined by Treasury Regulations). We determine the amount of each Annuity Payment that is excluded from income by multiplying the Annuity Payment by the exclusion ratio. Annuity Payments received after the investment in the Contract has been recovered (for example, when the total of the amounts excluded from income equal the investment in the Contract) are fully taxable. Generally, Annuity Payments from Qualified Contracts are fully taxable unless you have separately tracked and reported any after-tax contributions that you have made. Annuity Payments that are qualified distributions from Roth IRAs are federal income tax free. Owners, Annuitants and Beneficiaries under the Contracts should seek competent financial advice about the tax consequences of any distributions. Distributions Upon the Owner’s Death (or Annuitant’s Death If the Owner Is a Non-individual) Section 72(s) of the Code requires that, to be treated as an annuity contract for federal income tax purposes, a Non-Qualified Contract must contain certain provisions regarding distributions when an Owner dies. Specifically, Section 72(s) requires that: (a) if an Annuitant dies on or after you annuitize the Contract, but before distribution of the entire Contract’s interest, the entire Contract’s interest must be distributed at least as rapidly as under the distribution method being used as of the Annuitant’s date of death; and (b) if any Owner (or the Annuitant if the Owner is a non-individual) dies before you annuitize the Contract, the Contract’s entire interest must be distributed within five years after the Owner’s date of death. These requirements are satisfied as to any part of an Owner’s interest that is payable to, or for the benefit of, a designated Beneficiary and distributed over the designated Beneficiary’s life, or over a period not extending beyond that Beneficiary’s life expectancy, provided that distributions begin within one year of the Owner’s death. The designated Beneficiary refers to an individual designated by the Owner as a Beneficiary and to whom ownership of the Contract passes by reason of death. Allianz Index Advantage+SM New York Variable Annuity Prospectus – [MMDD], 2024 67 However, if the designated Beneficiary is the deceased Owner’s surviving spouse, the surviving spouse can continue the Contract as the new Owner. If a couple is married in a jurisdiction (including a foreign country) that recognizes same-sex marriage, that marriage will be recognized for all federal tax purposes regardless of the law in the jurisdiction where they reside. However, the IRS did not recognize civil unions and registered domestic partnerships as marriages for federal tax purposes. Same-sex civil union couples, domestic partners and spouses should contact their financial professional and a qualified tax adviser regarding their personal tax situation, the implications of any Contract benefits based on a spousal relationship, and their partner’s/spouse’s rights and benefits under the Contract. Non-Qualified Contracts contain provisions that are intended to comply with these Code requirements. Upon death of an Owner of a Qualified Contract, the Setting Every Community Up for Retirement (SECURE) Act (contained within the Further Consolidated Appropriations Act enacted December 20, 2019) made significant changes to the payment options available to Beneficiaries of Owners who die on or after January 1, 2020. The rules discussed below reference IRA Contracts, but similar rules also apply to qualified retirement plans. With some exceptions, IRA Beneficiaries must receive their entire death benefit by December 31 following the tenth anniversary of the IRA Owner’s death. The If you are an EDB, then you can begin RMD payments based on your single life expectancy (“stretch payments”) in the year following the deceased Owner’s death. You must begin to receive these RMD payments by December 31 of the year following the deceased Owner’s death (but see the exception for a spouse beneficiary below). If you are an EDB that elected to receive payments over your life expectancy, once you die, then your beneficiary must receive their entire death benefit by December 31 following the tenth anniversary of your death. Proposed Treasury regulations would also require your beneficiary in certain circumstances to continue stretch payments during this 10-year period. For a minor child Beneficiary, the payments based on life expectancy may continue only until the minor child reaches the age of majority (age If you were the spouse Beneficiary of the deceased Owner’s IRA Contract and your spouse had not yet reached the date at which he/she was required to begin receiving RMD payments (treating a Roth IRA as a traditional IRA for this purpose only), then you can wait to begin receiving RMD payments until the year that your spouse would have reached age If you are a designated Beneficiary (generally an individual), but are not an EDB, the entire death benefit must be distributed by December 31 after the tenth anniversary of the IRA Owner’s death. If you die before the end of the ten-year period and the entire death benefit has not been distributed, your beneficiary must receive the entire death benefit by the same date you would have been required to receive the death benefit. Proposed Treasury regulations would require you to receive a RMD each year if the Owner died on or after their required beginning date. If the Beneficiary of the IRA Contract is a trust, current Treasury Regulations provide “see-through” treatment for trusts that meet certain requirements. If such treatment applies, the beneficiaries of the trust, rather than the trust itself will be treated as having been designated as beneficiaries of the IRA Contract for purposes of determining the distribution period for RMD payments. Due to the changes made by SECURE, there is uncertainty regarding which distribution options are available when a trust is the Beneficiary of an IRA Contract. If the IRA Beneficiary is not a “designated beneficiary” (e.g., beneficiary is an estate, charity, or a trust that does not meet the requirements for “see-through” treatment), then the payment options are unchanged by the SECURE Act. If the IRA Owner had not yet reached the date at which he/she was required to begin receiving RMD payments (treating a Roth IRA Allianz Index Advantage+SM New York Variable Annuity Prospectus – [MMDD], 2024 68 as a traditional IRA for this purpose only), then these IRA Beneficiaries must receive their entire death benefit by December 31 following the fifth anniversary of the IRA Owner’s death. Alternatively, if the deceased Owner had already reached the date at which he/she was required to begin receiving RMD payments, these IRA Beneficiaries can begin RMD payments based on the single life expectancy of the Owner in the year of the deceased Owner’s death, reduced by one. These Beneficiaries must begin to receive these RMD payments by December 31 of the year following the deceased Owner’s death. The SECURE Act impacts situations when the IRA Owner died before January 1, 2020 and the Beneficiary had elected stretch payments. In this situation, the stretch payments can continue to the Beneficiary, but once that Beneficiary dies, the successor beneficiary must receive any remaining death benefit by December 31 following the tenth anniversary of the original Beneficiary’s death. Proposed Treasury regulations would require the successor beneficiary to receive a RMD payment each year. The SECURE Act may limit the annuitization options that a Beneficiary may elect at the IRA Owner’s death to comply with the new death benefit payment rules. Also, if an IRA Owner elected an annuitization option and then dies, action may be needed by the Beneficiary if any remaining Annuity Payments do not comply with the new death benefit payment rules for a Beneficiary. Tax-Free Section 1035 Exchanges Subject to certain restrictions, you can make a “tax-free” exchange under Section 1035 of the Code for all or a portion of one non-qualified annuity contract for another, or all of a life insurance policy for a non-qualified annuity contract. If you perform a partial 1035 exchange, please be aware that no distributions or withdrawals can occur from the old or new annuity contract within 180 days of the partial exchange, unless you qualify for an exception to this rule. IRS guidance also provides that certain partial exchanges may not qualify as tax-free exchanges. You should consult a tax adviser to discuss the potential tax effects before making a 1035 exchange. Before making an exchange, you should compare both contracts carefully. Remember that if you exchange a life insurance policy or annuity contract for the Contract described in this prospectus: • you might have to pay a withdrawal charge on your previous contract, • there is a new withdrawal charge period for this Contract, • other fees and expenses under this Contract may be higher (or lower), • the benefits may be different, and • you no longer have access to any benefits from your previous contract. If the exchange does not qualify for Section 1035 treatment, you also may have to pay federal income tax, including a possible additional federal tax, on the exchange. You should not exchange an existing life insurance policy or another annuity contract for this Contract unless you determine the exchange is in your best interest and not just better for the person selling you the Contract who generally earns a commission on each sale. Multiple Non-Qualified Contracts Purchased In the Same Year By the Same Owner Code Section 72(e)(12) provides that multiple Non-Qualified deferred annuity contracts issued within the same calendar year to the same owner by one company or its affiliates are treated as one annuity contract for purposes of determining a distribution’s tax consequences. This treatment may result in adverse tax consequences, including more rapid taxation of distributions from combined contracts. For purposes of this rule, contracts received in a Section 1035 exchange are considered issued in the year of the exchange. You should consult a tax adviser before Assignments, Pledges and Gratuitous Transfers Any assignment or pledge (or agreement to assign or pledge) the Contract Value is treated for federal income tax purposes as a full withdrawal. The Contract will not qualify for tax deferral while the assignment or pledge is effective. Qualified Contracts generally cannot be assigned, pledged, or transferred to another individual. For Non-Qualified Contracts, the Contract’s cost basis is increased by the amount includible as income with respect to such amount or portion, though it is not affected by any other aspect of the assignment or pledge (including its release). If an Owner transfers a Non-Qualified Contract (an ownership change) without adequate consideration to a person other than their spouse (or to a former spouse incident to divorce), the Owner is taxed on the difference between his or her Contract Value and the Contract’s cost basis at the time of transfer. In such case, the transferee’s investment in the Contract is increased to reflect the increase in the transferor’s income. An Owner should consult a tax adviser before requesting an assignment, transfer, or pledge. Allianz Index Advantage+SM New York Variable Annuity Prospectus – [MMDD], 2024 69 Income Tax Withholding Any part of a distribution that is taxable to the Owner or Beneficiary is subject to federal and/or state income tax withholding. Generally, we withhold amounts from Annuity Payments at the same rate as wages, and we withhold 10% from non-periodic payments, such as withdrawals. However, in most cases, you may elect not to have taxes withheld or to have withholding done at a different rate. Certain distributions from retirement plans qualified under Code Section 401 that are not directly rolled over to another eligible retirement plan or IRA, are subject to a mandatory 20% federal income tax withholding. The 20% withholding requirement generally does not apply to: • a series of substantially equal payments made at least annually for the life or life expectancy of the participant or joint and last survivor expectancy of the participant and a designated Beneficiary, or for a specified period of ten years or more; or • RMDs; or • any part of a distribution not included in gross income (for example, returns of after-tax contributions); or • hardship withdrawals. Plan participants should consult a tax adviser regarding income tax withholding requirements. Federal Estate Taxes While no attempt is being made to discuss the Contract’s federal estate tax implications, an Owner should keep in mind the annuity contract’s value payable to a Beneficiary upon the Owner’s death is included in the deceased Owner’s gross estate. Depending on the annuity contract, the annuity’s value included in the gross estate may be the value of the lump sum payment payable to the designated Beneficiary, or the actuarial value of the payments to be received by the Beneficiary. Consult an estate planning adviser for more information. Generation-Skipping Transfer Tax The Code may impose a “generation-skipping transfer tax” when all or part of an annuity contract is transferred to, or a death benefit is paid to, an individual two or more generations younger than the Owner. Regulations may require us to deduct this tax from your Contract, or from any applicable payment, and pay it directly to the IRS. Foreign Tax Credits We may benefit from any foreign tax credits attributable to taxes paid by certain funds to foreign jurisdictions to the extent permitted under the federal tax law. Possible Tax Law Changes Although the likelihood of legislative or regulatory changes is uncertain, there is always the possibility that the Contract’s tax treatment could change. Consult a tax adviser with respect to legislative or regulatory developments and their effect on the Contract. We have the right to modify the Contract in response to legislative or regulatory changes that could otherwise diminish the favorable tax treatment that annuity owners currently receive. We make no guarantee regarding the tax status of any Contract and do not intend the above discussion as tax advice. 12.Other Information The Registered Separate Account We established Allianz Life of NY Variable Account C (the Separate Account, formerly Preferred Life Variable Account C), as a separate account under New York State insurance law on February 26, 1988. The Separate Account is registered with the SEC as a unit investment trust under the Investment Company Act of 1940. The SEC does not supervise our management of the Separate Account. The Separate Account holds the Variable Allianz Index Advantage+SM New York Variable Annuity Prospectus – [MMDD], 2024 70 We own the assets of the Separate Account. Income, gains, and losses credited to, or charged against, the Separate Account reflect the Separate Account’s own investment experience and not the investment experience of If the Separate Account’s assets exceed the required reserves and other liabilities, we may transfer the excess to our general account, to the extent of seed money invested by us or earned fees and expenses. The obligations under the Contracts are obligations of Allianz Life of New York. We are obligated to pay all amounts promised to investors under the Contracts. Our General Account Our general account holds all our assets other than assets in our separate accounts. We own our general account assets, and, subject to applicable law, have sole investment discretion over them. The assets are subject to our general business operation liabilities and claims of our creditors and may lose value. We have not registered our general account as an investment company under the Investment Company Act of 1940. Our general account assets fund guarantees provided in the Contracts. Contract Value that you apply to Annuity Payments becomes part of our general account. Our Unregistered Separate Account We allocate all assets backing the Index Options to an unregistered, non-unitized, non-insulated separate account (Separate Account IANY), which we established under New York Insurance Law solely for the purpose of supporting our obligations to pay Performance Credits associated with the Index Options. Separate Account IANY has two subaccounts: Subaccount IABV (which is a book value subaccount) and Subaccount IAMV (which is a market value subaccount). Initially, a substantial majority of the aggregate assets backing the Index Options are allocated to Subaccount IABV. We hold all other assets that you allocate to the Index Options that are not invested in Subaccount IABV in Subaccount IAMV. Subsequently, there may be significant Index performance during the then-current Index Year. We typically transfer assets between the subaccounts if there is a 10% incremental change in year-to-date Index performance. We invest the assets in Subaccount IAMV in hedging instruments, including derivative investments such as put and call options, as well as cash and fixed income securities. Like our general account, the assets in Separate Account IANY are subject to our general business operation liabilities and the claims of our creditors. An Owner who allocates Contract Value to an Index Option does not have any interest in or claim on the assets in Separate Account IANY. In addition, neither the Owner nor the Index Options participate in any way in the performance of assets held in Separate Account IANY. Distribution Allianz Life Financial Services, LLC (ALFS), a wholly owned subsidiary of Allianz Life Insurance Company of North America, serves as principal underwriter for the Contracts. ALFS is a limited liability company organized in Minnesota, and is located at 5701 Golden Hills Drive, Minneapolis, MN 55416. ALFS is registered as a broker-dealer with the SEC under the Securities Exchange Act of 1934, as well as with the securities commissions in the states in which it operates, and is a member of the Financial Industry Regulatory Authority (FINRA). ALFS is not a member of Securities Investors Protection Corporation. More information about ALFS is available at finra.org or by calling 1-800-289-9999. You also can obtain an investor brochure from FINRA describing its Public Disclosure Program. We have entered into a distribution agreement with ALFS for the distribution of the Contracts. ALFS also may perform various administrative services on our behalf. We may fund ALFS operating and other expenses, including: • overhead, • legal fees, • accounting fees, • Financial Professional training, • compensation for the ALFS management team, and • other expenses associated with the Contracts. Allianz Index Advantage+SM New York Variable Annuity Prospectus – [MMDD], 2024 71 Financial Professionals and their managers may also be eligible for various benefits, such as production incentive bonuses, insurance benefits, and non-cash compensation items that we may provide jointly with ALFS. Non-cash items include conferences, seminars and trips (including travel, lodging and meals in connection therewith), entertainment, awards, merchandise and other similar items. ALFS does not itself sell the Contracts on a retail basis. Rather, ALFS enters into selling agreements with other broker-dealers registered under the 1934 Act (selling firms) for the sale of the Contracts. We pay sales commissions to the selling firms and their Financial Professionals. The maximum commission payable to the selling firms for Contract sales is expected to not exceed 7% of Purchase Payments. Sometimes, we enter into an agreement with a selling firm to pay commissions as a combination of a certain amount of the commission at the time of sale and a trail commission which, when totaled, could exceed 7% of Purchase Payments. As of December 31, We and/or ALFS may make bonus payments to certain selling firms based on aggregate sales of our variable insurance contracts (including this Contract) or persistency standards, or as part of a special promotion. These additional payments are not offered to all selling firms, and the terms of any particular agreement governing the payments may vary among selling firms. In some instances, the amount paid may be significant. A portion of the payments made to selling firms may be passed on to their Financial Professionals. Financial Professionals may receive cash and non-cash compensation and other benefits. Ask your Financial Professional for further information about what they and their firm may receive in connection with your purchase of a Contract. Commissions paid on the Contract, including other incentives or payments, are not charged directly to the Owners or the Separate Account. We intend to recover commissions and other expenses indirectly through fees and expenses imposed under the Contract. Broker-dealers and their Financial Professionals and managers involved in sales of the Contracts may receive payments from us for administrative and other services that do not directly involve the sale of the Contracts, including payments made for recordkeeping, the recruitment and training of personnel, production of promotional literature and similar services. In addition, certain firms and their Financial Professionals may receive compensation for distribution and administrative services when acting in a wholesaling capacity and working with retail firms. In certain instances, we and/or ALFS may make payments to a broker-dealer for inclusion of this Contract in its list of products that it offers for sale. We and/or ALFS may pay certain selling firms additional marketing support allowances for: • marketing services and increased access to their Financial Professionals; • sales promotions relating to the Contracts; • costs associated with sales conferences and educational seminars; • the cost of client meetings and presentations; and • other sales expenses incurred by them. We retain substantial discretion in determining whether to grant a marketing support payment to a particular broker-dealer firm and the amount of any such payment. We may also make payments for marketing and wholesaling support to broker-dealer affiliates of Variable Options that are available through the Additional information regarding marketing support payments can be found in the Distributor section of the Statement of Additional Information. Some Financial Professionals may have a financial incentive to offer you a new contract in place of the one you already own. You should only exchange your contract if you determine, after comparing the features, fees and risks of both contracts, that it is better for you to purchase the new contract rather than continue to own your existing The Allianz Index Advantage+SM New York Variable 72 In certain instances, an investment adviser and/or subadviser (and/or their affiliates) of a Variable Option may make payments for administrative services to ALFS or its affiliates. We offer the Contracts to the public on a continuous basis. We anticipate continuing to offer the Contracts but reserve the right to discontinue the offering. Administration/Allianz Service Center The Allianz Service Center performs certain administrative services regarding the Contracts and is located at 5701 Golden Hills Drive, Minneapolis, Minnesota. The Service Center mailing address and telephone number are listed at the back of this prospectus. The administrative and routine customer services performed by our Service Center include processing and mailing of account statements and other mailings to Owners, responding to Owner correspondence and inquiries. Allianz Life Insurance Company of North America (as service provider for the Contracts) also contracts with Tata Consultancy Services (Tata) located at #42(P) & 45(P), Think Campus, Electronic City, Phase II, Bangalore, Karnataka 560100, India, to perform certain administrative services including: • • maintenance of Owner records, and • routine customer service including: − processing of Contract changes, − processing withdrawal requests (both partial and total), and − processing requests for fixed annuity payments. Services performed by Tata are overseen and quality control checked by our Service Center. To reduce expenses, only one copy of most financial reports and prospectuses, including reports and Legal Proceedings Like other life insurance companies, we from time to time are involved in legal proceedings of various kinds, including regulatory proceedings and individual and class action lawsuits. In some legal proceedings involving insurers, substantial damages have been sought and/or material settlement payments have been made. Although the outcome of any such proceedings cannot be predicted with certainty, we believe that, at the present time, there are no pending or threatened legal proceedings to which we, the Separate Account, or ALFS is a party that are reasonably likely to materially affect the Separate Account, our ability to meet our obligations under the Contracts, or ALFS ability to perform its obligations. Status Pursuant to Securities Exchange Act of 1934 Allianz Life of New York hereby relies on the exemption provided by Rule 12h-7 under the Securities Exchange Act of 1934 from the requirement to file reports pursuant to Section 15(d) of that Act. 13.Information on Allianz Life of New York [To be updated by amendment] Allianz Life of New York is a stock life insurance company organized under the laws of the State of New York on September 21, 1982. Our address is 1633 Broadway, 42nd Floor, New York, NY 10019-7585. Before January 1, 2003, Allianz Life of New York was known as Preferred Life Insurance Company of New York. We are a subsidiary of Allianz Life Insurance Company of North America (Allianz Life), which is also a stock life insurance company. Allianz Life is a subsidiary of Allianz of America, Inc. (AZOA), a financial holding company. AZOA is a wholly owned subsidiary of Allianz Europe, B.V., which in turn is a wholly owned subsidiary of Allianz SE, which is registered in Munich, Germany. We currently offer registered index-linked annuities and are licensed to do direct business in six states, including New York and the District of Columbia. This prospectus currently is offered only in New York. Allianz Index Advantage+SM New York Variable Annuity Prospectus – [MMDD], 2024 73 Directors, Executive Officers and Corporate Governance BOARD OF DIRECTORS The Board currently consists of nine members, including our Chair and Chief Executive Officer, our President, our Chief Financial Officer and Treasurer, our Vice President, Appointed Actuary, three independent outside board members, and two other non-independent board members. Age and positions are provided as of December 31, The Board holds regular semi-annual meetings, generally in April and November of each year, and holds special meetings or takes action by unanimous written consent as circumstances warrant. There was also one special joint meeting of the Board held in 2022 with the Board of Directors of Allianz Life Insurance Company of North America, the Company’s parent. The Board has standing Executive, Audit and Evaluation, Conflict of Interest, and Finance Committees, each of which is described in further detail below. The current members of our Board are as follows. Jasmine M. Jirele Chair, Director, and Chief Executive Officer Jasmine M. Jirele, age Previously, Ms. Jirele was Excellence at Wells Fargo Consumer Bank/Consumer Auto. Ms. Jirele brings to the Board extensive operations, product innovation, marketing and communications, growth strategy and insurance industry experience. William E. Gaumond Director, Chief Financial Officer, and Treasurer William E. Gaumond, age Mr. Gaumond also serves as the Chief Financial Officer of Allianz Foundation for North America Mr. Gaumond also serves as a Director and President of AZOA Services Corporation and PHP Holdings, Inc., respectively. He is also a Director of Questar Agency, Inc., Questar Capital Corporation, Yorktown Financial Companies, Inc., Mr. Gaumond previously served as a Director of Questar Asset Management, Inc. from January 2016 to September Allianz Index Advantage+SM New York Variable Annuity Prospectus – [MMDD], 2024 74 to November 2022, respectively. Mr. Gaumond previously served as the Interim Controller for Allianz Life and Allianz Life of New York, the Interim Treasurer for Allianz Foundation for North America, from October 2022 through March 2023. Mr. Gaumond also served as the interim Vice President, Controller and Assistant Treasurer and a Director of Allianz Life Insurance Company of Missouri until April 2023. Mr. Gaumond is responsible for all finance and risk management functions, with oversight of the controller, financial planning, treasury, and corporate risk management areas. Mr. Gaumond brings to the Board extensive financial services, investment, and insurance industry experience, including serving as Chief Financial Officer and Treasurer of Allianz Life and Allianz Life of New York. Eric J. Thomes Director and President Eric J. Thomes, age Mr. Thomes brings to the Board extensive financial services and insurance industry experience. Director and Vice President, Appointed Actuary Mr. Ronald M. Clark Director Ronald M. Clark, age Mr. Clark brings to the Board extensive experience in the financial services and insurance industries, as well as extensive experience with investment matters. Martha Clark Goss Director Martha Clark Goss, age Allianz Index Advantage+SM New York Variable Annuity Prospectus – [MMDD], 2024 75 number of public and private company boards, has provided independent consulting services to various companies and serves as an instructor for executive leadership training for Deloitte LLP. Ms. Goss currently serves as a director of American Water Works Company, Inc. and Neuberger Berman Mutual Funds. Ms. Goss brings to the Board extensive experience in the financial services industry as well as expertise on corporate governance and risk management matters. The Board also benefits from her perspective as a current and former director of other companies. Lorraine Lods Director Lorraine Lods, age Gary A. Smith Director Gary A. Smith, age Kevin E. Walker Director Kevin E. Walker, age Mr. Walker brings to the Board extensive experience in the insurance industry, as well as extensive experience in finance and operations. EXECUTIVE OFFICERS The current executive officers (other than Ms. Jirele and Messrs. Gaumond, Karim Akhavan-Hezavei Chief Operating Officer Karim Akhavan-Hezavei, age 46, joined Allianz Life of New York August 1, 2022 and serve as the Chief Operating Officer. Mr. Akhavan-Hezavei also serve as the Senior Vice President, Chief Operating Officer. Mr. Akhavan-Hezavei is responsible for Enterprise Operations, IT, and IT Security functions. Mr. Akhavan-Hezavei was previously the Chief Operating Officer for Allianz Services from January 2019 to July 2022. He was also a member of the Allianz Services Executive Management team with responsibility for operations and IT, global projects, and development of global business models. Mr. Akhavan-Hezavei has served at various Allianz affiliates since 2013 in a variety of senior leadership roles. Prior to joining Allianz, he held positions with Siemens and Ernst & Young Consulting. Mr. Akhavan-Hezavei has a Master’s degree in Economics from Ludwig-Maximillans University in Munich, Germany. Allianz Index Advantage+SM New York Variable Annuity Prospectus – [MMDD], 2024 76 Gretchen Cepek Chief Legal Officer and Secretary Gretchen Cepek, age Chief Jean-Roch P.F. Sibille Chief Investment Officer Jean-Roch P.F. Sibille, age 40, joined Allianz Life of New York in October 2018 and currently serves as the Chief Investment Officer since May 3, 2022. He also currently serves as the Senior Vice President, Chief Investment Officer of Allianz Life, and the Chief Investment Officer of Allianz Life Insurance Company of Missouri, LLC, respectively. Mr. Sibille is a Governor and the Chief Executive Officer of Allianz Investment Management U.S. LLC and a Governor of Allianz Investment Management, LLC and Allianz Strategic Investments, LLC, respectively. In addition, he also serves as a Director and Vice President and Treasurer of AZL PF Investments Inc., Dresdner Kleinwort Pfandbriefe Investments II Inc., and Allianz Fund Investments, Inc., respectively. He also serves as a Director and the President of Allianz Finance Corporation. Mr. Sibille leads the investment management, liquidity planning, hedging, and trading functions at Allianz Life. He is also a member of the global Allianz Investment Management Board, which serves the Allianz Group of insurance companies. Previously, Mr. Sibille served as the Senior Vice President, Chief Risk Officer and Chief Credit Officer of Allianz Life and as the Chief Risk Officer of Allianz Life of New York from January 2019 to May 2022. Prior to his current roles, he spent four years at Allianz SE as the Head of Market Risk Management and Risk Reporting, and Head of the Independent Validation Unit. Mr. Sibille also has broad work experience in risk management with AXA Belgium and Mr. Sibille earned an Executive Master of Business Administration at the Kellogg-WHU School of Management, a Ph.D. in Finance from the University of Liѐge, and CORPORATE GOVERNANCE Committees of the Board The Executive Committee of the Board (“Executive Committee”) is currently composed of Ms. Jirele (Chair) The Audit and Evaluation Committee of the Board is currently composed of Ms. Goss (Chair) and Messrs. Clark and Walker. The Audit and Evaluation Committee is responsible for recommending the selection of independent certified public accountants, reviewing Allianz Life of New York’s financial condition and the scope and results of the independent audit and any internal audit, nominating candidates for director, evaluating the performance of principal officers deemed by the Audit and Evaluation Committee to be principal officers of Allianz Life of New York and recommending to the Board of Directors the selection and compensation of such principal officers and any plan to issue options to its officers and employees for the purchase of shares of stock. The Audit and Evaluation Committee met two times in The Conflict of Interest Committee of the Board is currently composed of Ms. Jirele (Chair) Allianz Index The Finance Committee of the Board is currently composed of Messrs. Gaumond (Chair), Clark and Independence of Certain Directors Allianz Life of New York is not subject to the independence standards of the New York Stock Exchange or any other national securities exchange, but is subject to the independence standards set out in New York Insurance laws and the Model Audit Rule. Applying the independence standards of the Model Audit Rule to the current members of Allianz Life of New York’s Board of Directors, as well as the members that served on Allianz Life of New York’s Audit and Evaluation Committee during Code of Ethics All of our officers and employees, including our Chief Executive Officer, President, Chief Financial Officer and Controller, are subject to Allianz Life of New York’s Code of Ethics. Executive Compensation Compensation Discussion and Analysis In this section, we provide an overview of the goals and principal components of our executive compensation program and describe how we determine the compensation of our “Named Executive Officers” or “NEOs.” Allianz Life of New York is a subsidiary of Allianz Life. Each of our NEOs is employed by both Allianz Life of New York and Allianz Life. Our NEOs are compensated directly by Allianz Life. Allianz Life charges Allianz Life of New York an allocated percentage of each NEO’s compensation. The allocated percentage of compensation charged to Allianz Life of New York for our NEOs during the year ended December 31,
(1) Our two most highly paid executive officers other than our principal executive officer and principal financial officer are not included as NEOs for 2022 because their total compensation allocable to Allianz Life of New York did not exceed the $100,000 threshold established by SEC rules. The details of each NEO’s compensation may be found in the Summary Compensation Table and other compensation tables included in this Executive Compensation section. Executive Summary Our NEOs are also officers of Allianz Life, our parent company, and are not paid additional compensation for serving as executive officers of Allianz Life of New York. Instead, our NEOs are paid directly by Allianz Life with a certain portion of their Allianz Life compensation allocated to Allianz Life of New York, which allocation is reviewed and approved by our Audit and Evaluation Committee with respect to those NEOs that are also the NY Principal Officers. The “NY Principal Officers” are the Chief Executive Officer, President, Chief Legal Officer, and Secretary, Chief Administrative Officer and Chief Financial Officer and Treasurer. Therefore, our parent company, Allianz Life, establishes our NEOs’ compensation programs with our Audit and Evaluation Committee reviewing and approving the compensation allocations to Allianz Life of New York with respect to our NY Principal Officers. Allianz Life’s compensation programs are intended to align our NEOs’ interests with those of our ultimate stockholder, Allianz SE, the ultimate parent company of Allianz Life and Allianz Life of New York. Allianz Life’s compensation programs are designed to reward performance that meets or exceeds the goals established by the Compensation Committee, a management committee of Allianz Life. Allianz Life is tasked with establishing the executive compensation philosophy. In line with Allianz Life’s compensation philosophy described below, the total compensation received by our NEOs will vary based on individual and corporate performance in light of annual and long-term performance goals. Our NEOs’ total compensation is composed of a mix of annual base Compensation Philosophy and Strategy Overview The overriding goal of Allianz Life’s executive compensation programs is to attract, retain and motivate top-performing executive officers who will dedicate themselves to long-term financial and operational success. To this end, Allianz Life has structured the executive compensation programs to foster a pay-for-performance management culture by: • providing total compensation opportunities that are competitive with the levels of total compensation available at the large diversified financial services companies with which Allianz Life most directly competes in the marketplace; • setting performance metrics and objectives for variable compensation arrangements that reward executives for attaining both annual targets and long-term business objectives, thereby providing individual executives with the opportunity to earn above-average compensation by achieving above-average results; • establishing equity-based arrangements that align executives’ financial interests with those of Allianz SE by ensuring executives have a material financial stake in the equity value of Allianz SE and the business success of its affiliates; and • structuring compensation packages and outcomes to foster internal pay equity. Compensation Components To support this pay-for-performance strategy, Allianz Life’s total compensation program provides a mix of compensation components that bases the majority of each executive’s compensation on their success and on an assessment of each executive’s overall contribution to that success.
In addition, Allianz Life offers all employees, including our NEOs, broad-based benefits, including comprehensive medical, dental and vision insurance, group term life insurance and participation in a 401(k) plan. | Fixed rate of pay that compensates employees for fulfilling their basic job responsibilities. For NEOs, increases are generally provided in the or a significant discrepancy versus the market. | Attract and | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual Incentive Plan | Incentive compensation that promotes and rewards the achievement of under the Allianz Life | • Link compensation to annual performance results. • Attract and motivate high-caliber leadership. • Align the interests of NEOs and our stockholder. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance-Based Equity Incentives | Incentive compensation through restricted stock unit awards made promotes and rewards the achievement of performance objectives. | • Retain high-caliber leadership with multi-year vesting. • Align the interests of NEOs and | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Severance Arrangements | Severance payments to employees, including NEOs, under certain company-initiated termination events. | Compensate employees for situations where the employee’s employment is involuntarily terminated in a qualifying termination of contributions to the NEOs’ accounts in the 401(k) plan and reimbursements, and reimbursements for financial planning, tax preparation services, and spousal travel expenses. Provide market competitive total compensation |
• reward the performance of participants who have made significant contributions to the achievement of their company’s annual goals and objectives, | |
Name and Principal Position (a) | Year (b) | NY Allocation % | Salary (c) | Bonus (d) | Stock Awards (e)(2) | Non-Equity Incentive Plan Compensation (g) | All Other Compensation (i)(3) | Total (j) |
Jasmine M. Jirele(1) Chair and Chief Executive Officer | 2022 | 5.00% | $37,500 | $10,000 | $67,444 | $44,963 | $1,191 | $161,097 |
2021 | 2.50% | $14,049 | $9,750 | $26,708 | $17,805 | $563 | $68,874 | |
William E. Gaumond Chief Financial Officer and Treasurer | 2022 | 5.00% | $25,261 | $0 | $47,125 | $21,417 | $1,242 | $95,045 |
2021 | 5.00% | $23,795 | $15,000 | $38,548 | $25,699 | $1,122 | $104,163 | |
2020 | 5.00% | $23,444 | $0 | $24,112 | $16,075 | $1,315 | $64,946 |
Name and Principal Position (a) | Year (b) | NY Allocation % | Salary (c) | Bonus (d) | Stock Awards (e)(3) | Non-Equity Incentive Plan Compensation (g) | All Other Compensation (i)(4) | Total (j) |
Walter R. White Chair and Chief Executive Officer | 2021 | 5.00% | $43,255 | $15,000 | $116,789 | $77,859 | $1,133 | $254,036 |
Jasmine M. Jirele(1,2) Chair and Chief Executive Officer | 2021 | 2.50% | $14,049 | $9,750 | $26,708 | $17,805 | $563 | $68,874 |
William E. Gaumond Chief Financial Officer and Treasurer | 2021 | 5.00% | $23,795 | $15,000 | $38,548 | $25,699 | $1,122 | $104,163 |
Neil H. McKay Senior Vice President, Chief Actuary | 2021 | 5.00% | $25,500 | $2,500 | $46,310 | $27,540 | $1,220 | $103,070 |
Name (a) | Grant Date (b) | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | Estimated Future Payouts Under Equity Incentive Plan Awards(2,3) | ||||
Threshold ($) (c) | Target ($) (d) | Maximum ($) (e) | Threshold ($) (f) | Target ($) (g) | Maximum ($) (h) | ||
Walter R. White | 3/4/2022 | ||||||
RSUs (under AEI) | $0 | $77,859 | $350,366 | ||||
AIP Award | $0 | $51,906 | $77,859 | ||||
Jasmine M. Jirele | 3/4/2022 | ||||||
RSUs (under AEI) | $0 | $21,073 | $94,830 | ||||
AIP Award | $0 | $14,049 | $21,073 | ||||
William E. Gaumond | 3/4/2022 | ||||||
RSUs (under AEI) | $0 | $25,699 | $115,644 | ||||
AIP Award | $0 | $17,132 | $25,699 | ||||
Neil H. McKay | 3/4/2022 | ||||||
RSUs (under AEI) | $0 | $27,540 | $123,930 | ||||
AIP Award | $0 | $18,360 | $27,540 |
(1) The target and maximum columns show the target award and maximum award for 2022 for each NEO under the AIP. There is no threshold amount for any participant in the AIP. The actual 2022 awards granted to the NEOs are listed in the Non-Equity Incentive Compensation column of the Summary Compensation Table. AIP target and maximum awards are a pre-designated percentage of base salary determined at the executive’s level. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name (a) | RSUs | |
Number of RSUs That Have Not Vested (g)(1,2) | Market Value of RSUs That Have Not Vested (h)(3) | |
Walter R. White | ||
351.500 | $81,896 | |
261.950 | $61,032 | |
304.850 | $71,027 | |
406.950 | $94,815 | |
Jasmine M. Jirele | ||
0.000 | $0 | |
73.350 | $17,090 | |
94.300 | $21,971 | |
120.350 | $28,040 | |
William E. Gaumond | ||
101.950 | $23,753 | |
76.900 | $17,917 | |
97.400 | $22,693 | |
123.150 | $28,693 | |
Neil H. McKay | ||
110.150 | $25,664 | |
86.550 | $20,165 | |
106.150 | $24,732 | |
125.150 | $29,159 |
Name (a) | RSUs | |
Number of RSUs That Have Not Vested (g)(1,2) | Market Value of RSUs That Have Not Vested (h)(3) | |
Jasmine M. Jirele | ||
73.350 | $15,737 | |
94.300 | $20,231 | |
120.350 | $25,820 | |
309.750 | $66,454 | |
William E. Gaumond | ||
76.900 | $16,498 | |
97.400 | $20,896 | |
73.150 | $15,694 | |
223.550 | $47,960 |
Name | Stock Awards | |
Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($)(1) | |
Walter R. White | 408.050 | 100,227 |
Jasmine M. Jirele | 0.000 | - |
William E. Gaumond | 72.600 | 17,832 |
Neil H. McKay | 127.500 | 31,317 |
Name | Stock Awards | |
Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($)(1) | |
Jasmine M. Jirele | - | - |
William E. Gaumond | 102 | $22,905 |
NEOs | Lump Sum Payment |
Jasmine M. Jirele | $ |
William E. Gaumond | $ |
Name (a) | Fees Earned or Paid in Cash ($)(1) (b) | Total ($) (h) |
Jasmine M. Jirele(2) Chair and Chief Executive Officer | N/A | N/A |
William E. Gaumond(2) Chief Financial Officer and Treasurer | N/A | N/A |
Eric J. Thomes(2) President | N/A | N/A |
Steven J. Thiel(2) Vice President, Appointed Actuary | N/A | N/A |
Lorraine Lods(2) Non-Independent Director | N/A | N/A |
Ronald M. Clark Independent Director | $30,000 | $30,000 |
Martha Clark Goss Independent Director | $45,000 | $45,000 |
Gary A. Smith Non-Independent Director | $30,000 | $30,000 |
Kevin E. Walker Independent Director | $30,000 | $30,000 |
Name (a) | Fees Earned or Paid in Cash ($)(1) (b) | Total ($) (h) |
Jasmine M. Jirele(2) Chair and Chief Executive Officer | N/A | N/A |
William E. Gaumond(2) Chief Financial Officer and Treasurer | N/A | N/A |
Eric J. Thomes(2) President | N/A | N/A |
Steven J. Thiel(2) Vice President, Appointed Actuary | N/A | N/A |
Jesse J. Kling(2) Vice President, Appointed Actuary | N/A | N/A |
Lorraine Lods(2) Non-Independent Director | N/A | N/A |
Ronald M. Clark Independent Director | $30,000 | $30,000 |
Martha Clark Goss Independent Director | $45,000 | $45,000 |
Gary A. Smith Non-Independent Director | $30,000 | $30,000 |
Kevin E. Walker Independent Director | $30,000 | $30,000 |
• Difficult Economic Conditions. Our financial condition is materially affected by conditions in the global capital markets and the economy generally. During an economic downturn, the demand for our financial insurance products and services could be adversely affected. In addition, an economic downturn could cause the number and amount of full and partial withdrawals under our insurance products to increase significantly, and owners of our insurance products may choose to defer making purchase payments or paying insurance premiums or stop them altogether. | |
14. | |
• sponsor, endorse, sell or promote Allianz products. • recommend that any person invest in Allianz products or any other securities. • have any responsibility or liability for or make any decisions about the timing, amount or pricing of Allianz | |
Investment Objectives | Variable Option and Adviser/Subadviser | Current Expenses | Average Annual Total Returns (as of December 31, 2021) | ||
1 Year | 5 Years | 10 Years | |||
Current income consistent with stability of principal | AZL® Government Money Market Fund(1) Adviser: Allianz Investment Management LLC Subadviser: BlackRock Advisors, LLC | 0.64% | 0.00% | 0.53% | 0.27% |
Long-term capital appreciation with preservation of capital as an important consideration | AZL® MVP Balanced Index Strategy Fund(2) Adviser: Allianz Investment Management LLC | 0.71% | 10.02% | 7.73% | 7.20% |
Long-term capital appreciation | AZL® MVP Growth Index Strategy Fund(2) Adviser: Allianz Investment Management LLC | 0.68% | 16.40% | 9.77% | 9.23% |
Investment Objectives | Variable Option and Adviser/Subadviser | Current Expenses | Average Annual Total Returns (as of December 31, 2023) | ||
1 Year | 5 Years | 10 Years | |||
Current income consistent with stability of principal | AZL® Government Money Market | ||||
Adviser: Allianz Investment Management LLC Subadviser: BlackRock Advisors, LLC | [XX]% | [XX]% | [XX]% | [XX]% |
To send or for general customer service, please mail to the appropriate address as follows: |
REGULAR MAIL |
Allianz Life Insurance Company of New York P.O. Box 59060 Minneapolis MN 55459-0060 |
OVERNIGHT, CERTIFIED, OR REGISTERED MAIL |
Allianz Life Insurance Company of New York 5701 Golden Hills Drive Minneapolis MN 55416-1297 |
Checks sent to the wrong address for applications or additional Purchase Payments are forwarded to the 5701 Golden Hills Drive address listed above, which may delay processing. |
Securities and Exchange Commission Registration Fee | $ |
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Estimated Printing and Filing Costs: | $ |
-------------- | |
Estimated Accounting Fees: | $ |
--------------- | |
Estimated Legal Fees: | $ |
--------------- | |
Estimated Miscellaneous Fees: | N/A |
--------------- |
1. (a) |
(b) | Broker-Dealer Agreement (amended and restated) between Allianz Life Insurance Company of New York and Allianz Life Financial Services, LLC, dated June 1, 2010 incorporated by reference as exhibit EX- 99.B3.b. from Registrant’s Post-Effective Amendment No. 21 to Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on October 21, 2010. |
(c) | The current specimen of the selling agreement between Allianz Life Financial Services, LLC, the principal underwriter for the Contracts, and retail brokers which offer and sell the Contracts to the public is incorporated by reference as exhibit EX-99.B3.b from the Initial Registration Statement to Allianz Life Variable Account B’s Form N-4 (File Nos.333-134267 and 811-05618) electronically filed on May 19, 2006. The underwriter has executed versions of the agreement with approximately 2,100 retail brokers. |
2. | Not applicable |
3. (a) |
5.** | Opinion re Legality, to be filed by amendment. |
8. | Opinion re Tax Matters - not applicable |
9. | Not applicable |
10. | Material Contracts - not applicable |
11. | Not applicable |
12. | Not applicable |
15. | Not applicable |
16. | Not applicable |
25. | Not applicable |
26. | Not applicable |
(1) | To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: |
(i) | To include any prospectus required by section 10(a)(3) of the Securities Act of 1933; |
(ii) | To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement. |
(iii) | To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement. |
(2) | That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
(3) | To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. |
(4) | That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use. |
(5) | That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities: The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: |
(i) | Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424; |
(ii) | Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; |
(iii) | The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and |
(iv) | Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. |
(6) | Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Insurance Company pursuant to the foregoing provisions, or otherwise, the Insurance Company has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and, is therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Insurance Company of expenses incurred or paid by a director, officer or controlling person of the Insurance Company in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Insurance Company will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. |
Signature | Title |
Jasmine M. Jirele* | Director, Board Chair and Chief Executive Officer |
Eric J. Thomes* | Director and President |
Gary A. Smith* | Director |
Martha Clark Goss* | Director |
Ronald M. Clark* | Director |
William E. Gaumond* | Director, Chief Financial Officer and Treasurer |
(principal accounting officer) | |
Jesse J. Kling* | Director, Vice President and Appointed Actuary |
Lorraine Lods * | Director |
Kevin E. Walker* | Director |
* | By Power of Attorney, filed as Exhibit 24(c) to this Registration Statement. |
Exhibit | Description of Exhibit | |
4(a) | Individual Flexible Purchase Payment Variable and Index-Linked Deferred Annuity Contract, L40538-01-NY | |
4(b) | Contract Schedule Pages, S40875-01-NY and S40876-01-NY | |
4(c) | Application for Individual Annuity Contract, INYP-APP_0524 | |
4(d) | Non-Qualified Annuity Stretch Endorsement, TE-NQ2023-NY | |
24(c) | Powers of Attorney | |
99(a) | Daily Adjustment Calculation | |
107 | Filing |