Another LPL Rep Sues Ohio National Over Annuity Contracts

January 8, 2019 by Diana Britton

Jackson, Miss.-based LPL Financial broker Chris Noone is the latest to file a lawsuit against Ohio National Life Insurance Company and its affiliates for cutting trail commissions on annuity contracts with guaranteed minimum income benefit riders.

In September, Ohio National notified broker/dealers that it was terminating selling agreements as of Dec. 12 and ceasing payments of trail commissions on annuity contracts with a GMIB rider. An Oct. 29 email from Ohio National says the company will offer clients a buyout of their variable annuity contract with GMIBs from Nov. 12, 2018 to Feb. 11, 2019.

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Originally Posted at Wealth Management on January 2, 2019 by Diana Britton.