We are an Oklahoma Domestic Insurance Company with two annuities that are perfectly suited for Professional Bondsman Statutory Deposits and Build Up Funds. They are simple, one step, no load, variable annuities that comply with HB 2911, Section 1306, effective November 1, 2002. We take our fiduciary responsibility to our annuity clients very seriously, and have an audit completed by an independent CPA firm annually. Customer Service is our focus!
- SIMPLE, one-step, no-load variable annuities
- NO minimum deposit amount
- NO time commitment required
- NO FEES – ever
- Annuities are issued the same day the money is received
- Interest accrues and can be paid directly to the Bondsman
American Century Life Offers Two Annuities to Oklahoma Bondsman:
- Preferred Annuity: This simple, no-load variable annuity provides tax-deferred growth and no early withdrawal penalties or surrender charges.
- Advantage Annuity: This annuity is designed for a longer time period and has a higher interest rate. There is a surrender charge, which begins at 8% in the first year and declines by 1% each successive year. After year eight there is no surrender charge for the duration of the annuity. However, withdrawals up to 10% may be made annually without additional penalty.
The Principal amount is assigned to the Oklahoma Insurance Department. The interest is credited to you, the Bondsman, either in another annuity or your bank account every month. The interest is tax deferred if left in an annuity. The IRS requires that the first amount withdrawn is always interest.
Bondsman who have used CD’s in the past realize how inconvenient they are. Unlike CDs, these annuities never have to be renewed. Rolling maturing CDs into an ACL annuity is incredibly simple! Our Bondsman clients say they will never use CDs again.
We are insured up to $300,000.00 per Bondsman. When established clients of American Century Life want to increase their statutory deposits, we send the policy straight to the Department, saving an extra trip to Oklahoma City.
We send quarterly statements and will work with CPAs by providing statements to comply with any annual financial reports.
House Bill 2911 Section 1306
Professional Bondsman applicants shall make a deposit with the Insurance Commissioner in the same manner as required of domestic insurance companies of an amount to be determined by the Commissioner, which shall not be less than Twenty Thousand dollars. Such deposits shall be subject to all laws, rules and regulations as deposits by domestic insurance companies but in no instance shall a professional bondsman write bonds which equal more than ten times the amount of the deposit which such bondsman has submitted to the Commissioner. In Addition, a professional bondsman may make the deposit by purchasing an annuity through a licensed domestic insurance company in the state of Oklahoma. The annuity shall be in the name of the bondsman as owner with legal assignment to the Insurance Commissioner. The assignment form shall be approved by the Commissioner. If a bondsman exceeds the above limitation, the bondsman shall be notified by the Commissioner by mail with return receipt requested that the excess shall be reduced or the deposit increased within ten days of notification, or the license of the bondsman shall be suspended immediately after the ten-day period, pending a hearing on the matter.