Filed with the Securities and Exchange Commission on December 13, 2022.
REGISTRATION NO. 333-265027
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
POST-EFFECTIVE AMENDMENT NO. 2
FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
EQUITABLE FINANCIAL LIFE INSURANCE COMPANY OF AMERICA
(Exact name of registrant as specified in its charter)
ARIZONA
(State or other jurisdiction of incorporation or organization)
86-0222062
(I.R.S. Employer Identification No.)
525 Washington Boulevard, Jersey City, NJ 07310
(Address, including zip code, and telephone number, including area code, of registrants principal executive offices)
SHANE DALY
VICE PRESIDENT AND ASSOCIATE GENERAL COUNSEL
EQUITABLE FINANCIAL LIFE INSURANCE COMPANY OF AMERICA
525 WASHINGTON BOULEVARD, JERSEY CITY, NJ 07310
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Approximate date of commencement of proposed sale to the public: As soon after the effective date of this Registration Statement as is practicable.
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||||
Non-accelerated filer | ☒ | Smaller reporting company | ☐ | |||||
Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act. [_]
The Registrant hereby amends this Registration Statement on such date or dates may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.
This Post-Effective Amendment No. 2 (PEA) to the Form S-3 Registration Statement No. 333-265027 (Registration Statement) of Equitable Financial Life Insurance Company of America (Equitable America) is being filed for the purpose of including in the Registration Statement the additions/modifications reflected in the Supplement. Part II has also been updated pursuant to the requirements of Form S-3. The PEA does not amend any other part of the Registration Statement except as specifically noted herein.
Equitable Financial Life Insurance Company
Equitable Financial Life Insurance Company of America
Supplement dated December 14, 2022 to the current prospectus for Structured Capital Strategies® PLUS 21
This Supplement modifies certain information in the above-referenced prospectus (the Prospectus) offered by Equitable Financial Life Insurance Company (the Company). You should read this Supplement in conjunction with your Prospectus and retain it for future reference. This Supplement incorporates the Prospectus by reference. Unless otherwise indicated, all other information included in your Prospectus remains unchanged. The terms we use in this Supplement have the same meaning as in your Prospectus. We will send you another copy of any prospectus or supplement without charge upon request. Please contact the customer service center at 877-899-3743.
Effective December 14, 2022, subject to any state or other approvals, we will begin offering the following new Segment Options and Segment Types: (1) A new Dual Step Up Segment Option (described below); (2) A new Loss Limiter Segment Option (described below); (3) Additional Standard Segment Types with a -20% and -40% Segment Buffer for 1-year Segment Durations and -40% Segment Buffer for 6-year Segment Durations; (4) Additional Dual Direction Segment Types with a -10% and -15% Segment Buffer for 1-year Segment Durations with a minimum Performance Cap Rate of 2%; (5) Additional Step Up Segment Types with a 6-year Segment Duration with a minimum Performance Cap Rate of 12%; (6) Additional Step Up Segment Types with a -15% Segment Buffer for 1-year Segment Durations and 10%; and (7) Additional Enhanced Upside Segment Types with a 1-year Segment Duration, -10% Segment Buffer with a minimum Performance Cap Rate of 2%.
The following chart lists the current Segment Types (including any new Segment Types added herein):
Segment Option | Segment Duration | Segment Buffer | Minimum Performance Cap Rate | |||
Standard1 |
6 year | -10%; -15%; -20%; -40% | 12% | |||
1 year | -10%; -15%; -20%; -40% | 2% | ||||
DualDirection2 |
6 year | -10%; -15%; -20% | 12%; 15%; 20% | |||
1 year | -10%; -15% | 2% | ||||
AnnualLock2 |
6 year | -10% | 2% | |||
StepUp2 |
6 year | -10% | 12% | |||
1 year | -10%; -15% | 2% | ||||
EnhancedUpside3,4 |
6 year | -10%; -15% | 12% | |||
1 year | -10% | 2% | ||||
DualStep Up2 |
1 year | -10%; -15% | 2% | |||
LossLimiter3 |
6 year5 | -10% | 12% | |||
1 year6 | -10% | 2% |
1 | Indices available: S&P 500 Price Return; Russell 2000® Price Return; MSCI EAFE Price Return; NASDAQ-100 Price Return; MSCI Emerging Markets Price Return (not available with 6-year Standard Segments); EURO STOXX 50® Return (not available with 6-year Standard Segments) |
2 | Indices available: S&P 500 Price Return; Russell 2000® Price Return (not available with 6-year Step Up Segments); MSCI EAFE Price Return (not available with 6-year Step Up Segments); NASDAQ-100 Price Return (not available with 6-year Step Up Segments) |
3 | Indices available: S&P 500 Price Return |
4 | Enhanced Upside Rates of 110% and 125% (the Performance Cap Rate is lower if you choose the 125% Enhanced Upside Rate) |
5 | Segment Investment Protection Level of 95% |
6 | Segment Investment Protection Level of 90% |
On a Segment Maturity Date, the highest level of protection is the -40% Segment Buffer and lowest level of protection is the -10% Segment Buffer.
(1) Dual Step Up Segment Option.
We are adding a new Segment Option Dual Step Up. A Dual Step Up Segment is any Segment belonging to a Segment Type whose name includes Dual Step Up. For Dual Step Up Segments the Segment Rate of Return is equal to the Performance Cap Rate if the Index Performance Rate is greater than or equal to the Segment Buffer or the Index Performance Rate subject to the Segment Buffer if the Index Performance Rate is less than the Segment Buffer.
Dual Step Up Segment example: For the S&P 500 Price Return Index/Dual Step Up/1 year/-10% Segment Type, a Segment could be established as S&P 500 Price Return Index Dual Step Up/1 year/-10% with a 10% Performance Cap Rate. This means that you will participate in the performance of the S&P 500 Price Return Index for one year starting from the Segment Start Date. If the Index performs equal to or better than the Segment Buffer, your Segment Rate of Return will be 10% for that Segment Duration. This means if the Index performs negatively down to and including -10%, then your Segment Rate of Return will be 10%. If the Index performs more negatively than the Segment Buffer, your Segment Rate of Return will be negative equal to the percentage loss in the Index which exceeds the Segment Buffer.
Dual Step Up Segments will generally have lower Performance Cap Rates than Standard Segments with the same Index, Segment Duration and Segment Buffer. This is because the Segment Rate of Return for Dual Step Up Segments is equal to the Performance Cap Rate for certain lower and negative returns. Please note that the Performance Cap Rate and Segment Rate of Return for Dual Step Up Segments are cumulative rates of return from the Segment Start Date to the Segment Maturity Date. They are NOT annual rates.
The following Dual Step Up Segment Types are being added:
Index | Segment Duration | Segment Buffer | Minimum Performance Cap Rate | |||
S&P500 Price Return Index |
1 year | -10%; -15% | 2% | |||
Russell2000® Price Return |
1 year | -10%; -15% | 2% | |||
MSCIEAFE Price Return |
1 year | -10%; -15% | 2% | |||
NASDAQ-100Price Return |
1 year | -10%; -15% | 2% |
Dual Step Up Segments. For Dual Step Up Segments, the Segment Rate of Return is equal to the Performance Cap Rate unless the Index Performance Rate is less than the Segment Buffer in which case it is equal to the Index Performance Rate subject to the Segment Buffer, minus the Return of Premium Death Benefit charge if the Return of Premium Death Benefit is elected, as follows:
If the Index Performance Rate: | Your Segment Rate of Return will be: | |
is greater than or equal to the Segment Buffer | equal to the Performance Cap Rate minus the Return of Premium Death Benefit charge if the Return of Premium Death Benefit is elected | |
is negative by a percentage greater than the Segment Buffer | negative, equal to the extent of the percentage exceeding the Segment Buffer minus the Return of Premium Death Benefit charge if the Return of Premium Death Benefit is elected |
These values are based on the value of the relevant Index on the Segment Start Date and the Segment Maturity Date. Any fluctuations in the value of the Index between those dates is ignored in calculating the Segment Rate of Return.
Please note: Because of the way Segment Rate of Return is calculated for Dual Step Up Segments, when the Index Performance Rate is near the Segment Buffer, a very small difference in the Index Performance Rate on the Segment Maturity Date can result in a very different Segment Rate of Return. For example, if the Performance Cap Rate is 10.00%, the Segment Buffer is -10% and the Index Performance Rate is -10.00% on the Segment Maturity Date, the Segment Rate of Return would be 10.00% whereas, if the Index Performance Rate is -10.01% on the Segment Maturity Date the Segment Rate of Return is -0.01%.
Dual Step Up Segment Examples
Assume that you invest $1,000 in an S&P 500 Price Return Index Dual Step Up, 1-year Segment with a -10% Segment Buffer, we set the Performance Cap Rate for that Segment at 10%, and you make no withdrawal from the Segment and do not elect the Return of Premium death benefit.
If the S&P 500 Price Return Index is 20% higher on the Segment Maturity Date than on the Segment Start Date, you will receive a 10% Segment Rate of Return, and your Segment Maturity Value would be $1,100. We reach that amount as follows:
| The Index Performance Rate (20%) is greater than or equal to the Segment Buffer, so the Segment Rate of Return (10%) is equal to the Performance Cap Rate. |
| The Segment Return Amount ($100) is equal to the Segment Investment ($1,000) multiplied by the Segment Rate of Return (10%). |
| The Segment Maturity Value ($1,100) is equal to the Segment Investment ($1,000) plus the Segment Return Amount ($100). |
If the S&P 500 Price Return Index is 5% higher on the Segment Maturity Date than on the Segment Start Date, you will receive a 10% Segment Rate of Return, and your Segment Maturity Value would be $1,100. We reach that amount as follows:
| The Index Performance Rate (5%) is greater than or equal to the Segment Buffer, so the Segment Rate of Return (10%) is equal to the Performance Cap Rate. |
| The Segment Return Amount ($100) is equal to the Segment Investment ($1,000) multiplied by the Segment Rate of Return (10%). |
| The Segment Maturity Value ($1,100) is equal to the Segment Investment ($1,000) plus the Segment Return Amount ($100). |
If the S&P 500 Price Return Index is 5% lower on the Segment Maturity Date than on the Segment Start Date, then you will receive a 10% Segment Rate of Return, and your Segment Maturity Value would be $1,100. We reach that amount as follows:
| The Index Performance Rate (-5%) is greater than or equal to the Segment Buffer, so the Segment Rate of Return (10%) is equal to the Performance Cap Rate. |
| The Segment Return Amount ($100) is equal to the Segment Investment ($1,000) multiplied by the Segment Rate of Return (10%). |
| The Segment Maturity Value ($1,100) is equal to the Segment Investment ($1,000) plus the Segment Return Amount ($100). |
If the S&P 500 Price Return Index is 15% lower on the Segment Maturity Date than on the Segment Start Date, then you will receive a -5% Segment Rate of Return, and your Segment Maturity Value would be $950. We reach that amount as follows:
| The Index Performance Rate is -15% and the Segment Buffer absorbs the first 10% of negative performance, so the Segment Rate of Return is -5% which is equal to the percentage exceeding the Segment Buffer (5%). |
| The Segment Return Amount (-$50) is equal to the Segment Investment ($1,000) multiplied by the Segment Rate of Return (-5%). |
| The Segment Maturity Value ($950) is equal to the Segment Investment ($1,000) plus the Segment Return Amount (-$50). |
Assume that you invest $1,000 in an S&P 500 Price Return Index Dual Step Up, 1-year Segment with a -10% Segment Buffer, we set the Performance Cap Rate for that Segment at 10%, and you make no withdrawal from the Segment and do elect the Return of Premium death benefit.
If the S&P 500 Price Return Index is 20% higher on the Segment Maturity Date than on the Segment Start Date, you will receive a 9.8% Segment Rate of Return, and your Segment Maturity Value would be $1,098. We reach that amount as follows:
| The Index Performance Rate (20%) is greater than or equal to the Segment Buffer, so the Segment Rate of Return (9.8%) is equal to the Performance Cap Rate (10%) minus the Return of Premium Death Benefit charge (0.20%). |
| The Segment Return Amount ($98) is equal to the Segment Investment ($1,000) multiplied by the Segment Rate of Return (9.8%). |
| The Segment Maturity Value ($1,098) is equal to the Segment Investment ($1,000) plus the Segment Return Amount ($98). |
Risk Factors unique to Dual Step Up Segment Types
| For Dual Step Up Segments, your Segment Rate of Return is limited by its Performance Cap Rate, which could cause your Segment Rate of Return to be lower than it would otherwise be if you invested in a mutual fund or exchange traded fund designed to track the performance of the applicable Index. |
| Dual Step Up Segments will tend to have a lower Performance Cap Rate than Standard Segments with the same Index, Segment Duration and Segment Buffer. |
(2) Loss Limiter Segment Option.
We are adding a new Segment Option Loss Limiter. A Loss Limiter Segment is any Segment belonging to a Segment Type whose name includes Loss Limiter. For Loss Limiter Segments, the Segment Rate of Return is equal to the greater of (a) the Index Performance Rate subject to the Performance Cap Rate and Segment Buffer and (b) the Segment Investment Protection Level minus 1. We currently offer a Segment Investment Protection Level of 90% (Loss Limiter 90) for 1-year Segments and a Segment Investment Protection Level of 95% (Loss Limiter 95) for 6-year Segments. The 95% and 90% Segment Investment Protection Levels mean that you will lose no more than 5% or 10%, respectively, of your Segment Investment due to Index performance.
Loss Limiter Segment example: For the S&P 500 Price Return Index/ Loss Limiter 90 /1 year/-10% Segment Type, a Segment could be established as S&P 500 Price Return Index Loss Limiter 90 /1 year/-10% with a 9% Performance Cap Rate and 90% Segment Investment Protection. This means that you will participate in the performance of the S&P 500 Price Return Index for 1 year starting from the Segment Start Date. If the Index performs equal to or better than the Segment Buffer, your Segment Rate of Return could be as much as 9% for that Segment Duration. If the Index performs more negatively than the Segment Buffer, your Segment Rate of Return will be negative but no more than the Segment Investment Protection Level minus 1, in this example, -10%.
Loss Limiter Segments will generally have lower Performance Cap Rates than Standard Segments with the same Index, Segment Duration and Segment Buffer. This is because the Segment Rate of Return for Loss Limiter Segments limits the loss for negative returns to the Segment Investment Protection Level minus 1. Please note that the Performance Cap Rate and Segment Rate of Return for Loss Limiter Segments are cumulative rates of return from the Segment Start Date to the Segment Maturity Date. They are NOT annual rates, even if the Segment Duration is longer than one year.
The following Loss Limiter Segment Types are being added:
Index | Segment Duration | Segment Buffer | Minimum Performance Cap Rate | |||
S&P500 Price Return Index |
6 year* 1 year** |
-10% -10% |
12% 2% |
* | Segment Investment Protection Level of 95% |
** | Segment Investment Protection Level of 90% |
Loss Limiter Segments. For Loss Limiter Segments, the Segment Rate of Return is equal to the greater of (a) Index Performance Rate, subject to the Performance Cap Rate and Segment Buffer and (b) the Segment Investment Protection Level minus 1; minus the Return of Premium Death Benefit charge if the Return of Premium Death Benefit is elected, as follows:
where (a) is equal to:
If the Index Performance Rate: | Your Segment Rate of Return will be: | |
exceeds the Performance Cap Rate | equal to the Performance Cap Rate minus the Return of Premium Death Benefit charge if the Return of Premium Death Benefit is elected | |
is positive but less than or equal to the Performance Cap Rate | equal to the Index Performance Rate minus the Return of Premium Death Benefit charge if the Return of Premium Death Benefit is elected | |
is flat or negative by a percentage equal to or less than the Segment Buffer |
equal to 0% minus the Return of Premium Death Benefit charge if the Return of Premium Death Benefit is elected | |
is negative by a percentage greater than the Segment Buffer | negative, equal to the extent of the percentage exceeding the Segment Buffer minus the Return of Premium Death Benefit charge if the Return of Premium Death Benefit is elected |
and (b) is equal to:
| the Segment Investment Protection Level 1, minus the Return of Premium Death Benefit charge if the Return of Premium Death Benefit is elected. |
This means each Loss Limiter Segment is protected from negative Index performance in two coordinated ways at Segment maturity:
First: | the Segment Buffer absorbs the first 10% of any Index loss and then | |
Second: | the Segment Investment Protection limits your loss beyond the Segment Buffer to -5% or -10% (for Loss Limiter 95 6-year Segments or Loss Limiter 90 1-year Segments, respectively), thereby protecting 95% or 90% (for Loss Limiter 95 6-year Segments or Loss Limiter 90 1-year Segments, respectively) of the Segment Investment at Segment maturity. |
Accordingly, if the Index Performance Rate is more negative than the Segment Buffer (which absorbs the first 10% of the loss), the Segment Investment Protection guarantees your Segment Rate of Return on the Segment Maturity Date will never be less than:
| -5% for 6-year Loss Limiter 95 Segments (since the Segment Investment Protection Level of 95% -1 = -5%) or |
| -10% for 1-year Loss Limiter 90 Segments (since the Segment Investment Protection Level of 90% - 1 = -10%) |
even if the Index Performance Rate is more negative than -15% or -20%, respectively.
Segment Investment Protection does not apply to amounts withdrawn from or transferred out of a Segment, or to free looks, death claims, annuitization, or surrenders before the Segment Maturity Date.
We will not offer new 6-year Loss Limiter Segments with a Segment Investment Protection Level of less than 95% or new 1-year Loss Limiter Segments with a Segment Investment Protection Level of less than 90%.
Loss Limiter Segment Examples
Assume that you invest $1,000 in an S&P 500 Price Return Index Loss Limiter 90, 1-year Segment with a -10% Segment Buffer and 90% Segment Investment Protection Level, we set the Performance Cap Rate for that Segment at 9%, and you make no withdrawal from the Segment and do not elect the Return of Premium death benefit.
If the S&P 500 Price Return Index is 20% higher on the Segment Maturity Date than on the Segment Start Date, you will receive a 9% Segment Rate of Return, and your Segment Maturity Value would be $1,090. We reach that amount as follows:
| The Index Performance Rate (20%) is greater than the Performance Cap Rate (9%) so (a) is equal to the Performance Cap Rate of 9% and (b) is -10% (the Segment Investment Protection Level minus 1 (90%-1=-10%)), so the Segment Rate of Return is the greater of (a) and (b), which is 9%. |
| The Segment Return Amount ($90) is equal to the Segment Investment ($1,000) multiplied by the Segment Rate of Return (9%). |
| The Segment Maturity Value ($1,090) is equal to the Segment Investment ($1,000) plus the Segment Return Amount ($90). |
If the S&P 500 Price Return Index is 5% higher on the Segment Maturity Date than on the Segment Start Date, you will receive a 5% Segment Rate of Return, and your Segment Maturity Value would be $1,050. We reach that amount as follows:
| The Index Performance Rate (5%) is less than the Performance Cap Rate (9%) so (a) is equal to the Index Performance Rate of 5% and (b) is -10% (the Segment Investment Protection Level minus 1 (90%-1=-10%)), so the Segment Rate of Return is the greater of (a) and (b), which is 5% |
| The Segment Return Amount ($50) is equal to the Segment Investment ($1,000) multiplied by the Segment Rate of Return (5%). |
| The Segment Maturity Value ($1,050) is equal to the Segment Investment ($1,000) plus the Segment Return Amount ($50). |
If the S&P 500 Price Return Index is 5% lower on the Segment Maturity Date than on the Segment Start Date, then you will receive a 0% Segment Rate of Return, and your Segment Maturity Value would be $1,000. We reach that amount as follows:
| The Index Performance Rate (-5%) is negative and the Segment Buffer absorbs the first 10% of negative performance so (a) is 0% and (b) is -10% (the Segment Investment Protection Level minus 1 (90%-1=-10%)), so the Segment Rate of Return is the greater of (a) and (b), which is 0%. |
| The Segment Return Amount ($0) is equal to the Segment Investment ($1,000) multiplied by the Segment Rate of Return (0%). |
| The Segment Maturity Value ($1,000) is equal to the Segment Investment ($1,000) plus the Segment Return Amount ($0). |
If the S&P 500 Price Return Index is 15% lower on the Segment Maturity Date than on the Segment Start Date, then you will receive a -5% Segment Rate of Return, and your Segment Maturity Value would be $950. We reach that amount as follows:
| The Index Performance Rate (-15%) is negative and the Segment Buffer absorbs the first 10% of negative performance so (a) is equal to the extent of the percentage exceeding the Segment Buffer (-5%) and (b) is -10% (the Segment Investment Protection Level minus 1 (90%-1=-10%)), so the Segment Rate of Return is the greater of (a) and (b), which is -5%. |
| The Segment Return Amount (-$50) is equal to the Segment Investment ($1,000) multiplied by the Segment Rate of Return (-5%). |
| The Segment Maturity Value ($950) is equal to the Segment Investment ($1,000) plus the Segment Return Amount (-$50). |
If the S&P 500 Price Return Index is 25% lower on the Segment Maturity Date than on the Segment Start Date, then you will receive a -10% Segment Rate of Return, and your Segment Maturity Value would be $900. We reach that amount as follows:
| The Index Performance Rate (-25%) is negative and the Segment Buffer absorbs the first 10% of negative performance so (a) is equal to the extent of the percentage exceeding the Segment Buffer (-15%) and (b) is -10% (the Segment Investment Protection Level minus 1 (90%-1=-10%)), so the Segment Rate of Return is the greater of (a) and (b), which is -10%. |
| The Segment Return Amount (-$100) is equal to the Segment Investment ($1,000) multiplied by the Segment Rate of Return (-10%). |
| The Segment Maturity Value ($900) is equal to the Segment Investment ($1,000) plus the Segment Return Amount (-$100). |
Assume that you invest $1,000 in an S&P 500 Price Return Index Loss Limiter 90, 1-year Segment with a -10% Segment Buffer and 90% Segment Investment Protection Level, we set the Performance Cap Rate for that Segment at 9%, and you make no withdrawal from the Segment and do elect the Return of Premium death benefit.
If the S&P 500 Price Return Index is 20% higher on the Segment Maturity Date than on the Segment Start Date, you will receive an 8.8% Segment Rate of Return, and your Segment Maturity Value would be $1,088. We reach that amount as follows:
| The Index Performance Rate (20%) is greater than the Performance Cap Rate (9%) so (a) is equal to the Performance Cap Rate of 9% and (b) is -10% (the Segment Investment Protection Level minus 1 (90%-1=-10%)), so the Segment Rate of Return is the greater of (a) and (b), which is 9%, minus the Return of Premium Death Benefit charge (0.20%). |
| The Segment Return Amount ($88) is equal to the Segment Investment ($1,000) multiplied by the Segment Rate of Return (8.8%). |
| The Segment Maturity Value ($1,088) is equal to the Segment Investment ($1,000) plus the Segment Return Amount ($88). |
Risk Factors Unique to Loss Limiter Segments
| For Loss Limiter Segments, your Segment Rate of Return is limited by its Performance Cap Rate, which could cause your Segment Rate of Return to be lower than it would otherwise be if you invested in a mutual fund or exchange traded fund designed to track the performance of the applicable Index. |
| Loss Limiter Segments will tend to have a lower Performance Cap Rate than Standard Segments with the same Index, Segment Duration and Segment Buffer. |
| Segment Investment Protection applies on the Segment Maturity Date. |
| While the Segment Investment Protection limits losses due to Index performance to -5% or -10%, you could lose more than that due to withdrawal charges, the Segment Interim Value calculation, other contract fees and charges, and taxes. |
Please also note the following changes to the Prospectus:
(A) | The following hereby amends the corresponding sections in Allocating your contributions in Contract features and benefits: |
Effective February 21, 2023, the maximum current number of Segments that may be active in your contract at any time is 84. If you have 84 or more active Segments on the effective date, you will not be able to do certain things until you no longer have that many active Segments:
| You will not be able to allocate to a new Segment or Segment Type Holding Account. |
| Any account value in a Segment Type Holding Account will be transferred to the EQ/Money Market variable investment option on the next Segment Start Date. |
| The Segment Maturity Value from a maturing Segment will not transfer into a new Segment and will instead be transferred to the EQ/Money Market variable investment option. |
(B) | The following hereby amends the corresponding sections in Incorporation of certain documents by reference: |
Equitable Financial Life Insurance Companys Annual Report on Form 10-K for the period ended December 31, 2021, Equitable Financials Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2022, June 30, 2022 and September 30, 2022 and Equitable Financials current reports on Form 8-K dated August 16, 2022 and October 3, 2022, are considered to be part of this Prospectus because they are incorporated by reference. Equitable Financial Life Insurance Company of Americas Annual Report on Form 10-K for the period ended December 31, 2021 and Equitable Americas Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2022, June 30, 2022 and September 30, 2022, are considered to be part of this Prospectus because they are incorporated by reference. The Calculation of Filing Fee Tables are considered part of this prospectus because they are incorporated by reference.
(C) | The following hereby supplements the information in Appendix: Segment Interim Value Overview of the Purposes and Impacts of the Calculation Fair Value of Hypothetical Derivatives: |
For Dual Step Up Segments, we use hypothetical put and binary call options to estimate the market value, at the time the Segment Interim Value is calculated, of the risk of loss and the possibility of gain at the end of the Segment. This calculation reflects the downside protection that would be provided at maturity by the Segment Buffer as well as the potential payout at maturity equal to the Performance Cap Rate.
For Loss Limiter Segments, we use hypothetical put and call options to estimate the market value, at the time the Segment Interim Value is calculated, of the risk of loss and the possibility of gain at the end of the Segment. This calculation reflects the downside protection that would be provided at maturity by the Segment Buffer and Segment Investment Protection as well as the upper limit that would be placed on gains at maturity due to the Performance Cap Rate.
(D) | The following hereby supplements the information in Appendix: Segment Interim Value Overview of the Purposes and Impacts of the Calculation Fair Value of Hypothetical Derivatives: |
At the time the Segment Interim Value is determined, the Fair Value of Hypothetical Derivatives for Dual Step Up Segments is calculated using two different hypothetical options. These hypothetical options are designated for each Dual Step Up Segment and are described in more detail below.
In-the-Money Binary Call Option (strike price equals the index decreased by the Segment Buffer). For Dual Step Up Segments, the potential gain is estimated using the value of this hypothetical option.
Out-of-the-Money Put Option (strike price equals the index decreased by the Segment Buffer). The risk of loss is estimated using the value of this hypothetical option.
| It is important to note that the put option value will almost always reduce the Segment Interim Value, even where the Index is higher at the time of the withdrawal than at the time of the original investment. This is because the risk that the Index could have been lower at the end of a Segment is present to some extent whether or not the Index has increased at the earlier point in time that the Segment Interim Value is calculated. |
At the time the Segment Interim Value is determined, the Fair Value of Hypothetical Derivatives for Loss Limiter Segments is calculated using several different hypothetical options. These hypothetical options are designated for each Loss Limiter Segment and are described in more detail below.
At-the-Money Call Option (strike price equals the index value at Segment inception). For Loss Limiter Segments, the potential for gain in an up market is estimated using the value of this hypothetical option.
Out-of-the-Money Call Option (strike price equals the index increased by the Performance Cap Rate). The potential for gain in excess of the Performance Cap Rate is estimated using the value of this hypothetical option.
| For Loss Limiter Segments, the net amount of the At-the-Money Call Option less the value of the Out-of-the-Money Call Option is an estimate of the possibility of gain at the end of the Segment in an up market limited by the Performance Cap Rate. |
Out-of-the-Money Put Option (strike equals index decreased by the Segment Buffer). The risk of loss in a down market in excess of the Buffer is estimated using the value of this hypothetical option.
Further Out-of-the-Money Put Option (strike equals index decreased by the (Segment Investment Protection Level 1) less Segment Buffer). For Loss Limiter Segments, the risk of loss in a down market in excess of the (Segment Investment Protection Level 1) less Segment Buffer is estimated using the value of this hypothetical option.
| For Loss Limiter Segments, the net amount of the Segment Investment less Out-of-the-Money Put plus the value of the Further Out-of-the-Money Put is an estimate of the possibility of downside protection at the end of Segment in down market. |
| It is important to note that the put option value will almost always reduce the Segment Interim Value, even where the Index is higher at the time of the withdrawal than at the time of the original investment. This is because the risk that the Index could have been lower at the end of a Segment is present to some extent whether or not the Index has increased at the earlier point in time that the Segment Interim Value is calculated. |
(E) | The following hereby supplements the information in Appendix: Segment Interim Value Detailed Descriptions of Specific Inputs to the Calculation Fair Value of Hypothetical Derivatives: |
For each Dual Step Up Segment, we designate and value two hypothetical options, each of which is tied to the performance of the Index underlying the Segment in which you are invested. For Dual Step Up Segments, these are: (1) the In-the-Money Binary Call Option and (2) the Out-of-the-Money Put Option. At Segment maturity, the binary call option is designed to provide gains equal to the Performance Cap Rate while the put option is designed to value the loss below the buffer.
For each Loss Limiter Segment, we designate and value several hypothetical options, each of which is tied to the performance of the Index underlying the Segment in which you are invested. For Loss Limiter Segments, these are: (1) the At-the-Money Call Option, (2) Out-of-the-Money Call Option, (3) Out-of-the-Money Put Option, and (4) Further Out-of-the-Money Put Option. At Segment maturity, these hypothetical options are designated to value gains up to the Performance Cap Rate in an up market and downside protection (Segment Buffer and then Segment Investment Protection) in a down market.
(F) | The following hereby supplements the information in Appendix: Segment Interim Value Detailed Descriptions of Specific Inputs to the Calculation Fair Value of Hypothetical Derivatives: |
(1) | In-the-Money Binary Call Option: This is an option to receive the Performance Cap Rate on the scheduled Segment Maturity Date, if the index price is at or higher than the index price on the Segment Start Date decreased by a percentage equal to the Segment Buffer. At any time during the Segment Duration, the fair value of the In-the-Money Binary Call Option represents the market value of the potential to receive the Performance Cap Rate on the Segment Maturity Date, multiplied by the Segment Investment. |
(2) |
Out-of-the-Money Put Option: This is an option to sell a position in the relevant Index equal to the Segment Investment on the scheduled Segment Maturity Date, at the price of the Index on the Segment Start Date decreased by a percentage equal to the Segment Buffer. At any time during the Segment Duration, the fair value of the Out-of-the-Money Put Option represents the market value of the potential to receive an amount equal to the excess of the negative return of the index between the Segment Start Date and the Segment Maturity Date beyond the Segment Buffer, multiplied by the Segment Investment. The value of this option reduces the Interim Segment Value, as it reflects losses that may be incurred in excess of the Segment Buffer at Segment maturity. |
For Dual Step Up Segments, the Fair Value of Derivative is equal to (1) minus (2), as defined above.
(1) | At-the-Money Call Option: This is an option to buy a position in the relevant Index equal to the Segment Investment on the scheduled Segment Maturity Date, at the price of the Index on the Segment Start Date. At any time during the Segment Duration, the fair value of the At-the-Money Call Option represents the market value of the potential to receive an amount in excess of the Segment Investment on the Segment Maturity Date equal to the percentage growth in the index between the Segment Start Date and the Segment Maturity Date, multiplied by the Segment Investment. |
(2) |
Out-of-the-Money Call Option: This is an option to buy a position in the relevant Index equal to the Segment Investment on the scheduled Segment Maturity Date, at the price of the Index on the Segment Start Date increased by a percentage equal to the Performance Cap Rate. At any time during the Segment Duration, the fair value of the Out-of-the-Money Call Option represents the market value of the potential to receive an amount in excess of the Segment Investment equal to the percentage growth in the Index between the Segment Start Date and the Segment Maturity Date in excess of the Performance Cap Rate, multiplied by the Segment Investment. The value of this option is used to offset the value of the At-the-Money Call Option, thus recognizing a ceiling on gain at Segment maturity imposed by the Performance Cap Rate. |
(3) |
Out-of-the-Money Put Option: This is an option to sell a position in the relevant Index equal to the Segment Investment on the scheduled Segment Maturity Date, at the price of the Index on the Segment Start Date decreased by a percentage equal to the Segment Buffer. At any time during the Segment Duration, the fair value of the Out-of-the-Money Put Option represents the market value of the potential to receive an amount equal to the excess of the negative return of the Index between the Segment Start Date and the Segment Maturity Date beyond the Segment Buffer, multiplied by the Segment Investment. |
(4) | Further Out-of-the-Money Put Option: This is an option to sell a position in the relevant Index equal to the Segment Investment on the scheduled Segment Maturity Date, at the price of the Index on the Segment Start Date decreased by a percentage equal to the Segment maximum loss and the Segment Buffer (e.g., 15% for 95% Segment Investment Protection Level and 10% Segment Buffer; 20% for 90% Segment Investment Protection Level and 10% Segment Buffer). At any time during the Segment Duration, the fair value of the Out-of-the-Money Put Option represents the market value of the potential to receive an amount equal to the excess of the negative return of the Index between the Segment Start Date and the Segment Maturity Date beyond the (Segment Investment Protection Level 1) less Segment Buffer, multiplied by the Segment Investment. The value of the Further Out-of-the-Money Put is used to offset the value of the Out-of-the-Money Put, thus recognizing a Segment maximum loss equal to the Segment Investment Protection Level 1. |
For Loss Limiter Segments, the Fair Value of Derivatives is equal to (1) minus (2) minus (3) plus (4), as defined above.
(G) | The following hereby supplements the information in Appendix: Segment Interim Value Detailed Descriptions of Specific Inputs to the Calculation (A)(2) Fair Value of Hypothetical Derivatives: |
We determine the fair value of each of the applicable designated hypothetical options for a Dual Step Up or Loss Limiter Segment using a market standard model for valuing a European option on the Index, assuming a continuous dividend yield or net convenience value, with inputs that are consistent with market prices that reflect the estimated cost of exiting the hypothetical Derivatives prior to Segment maturity (e.g., the estimated ask price).
(H) | The following hereby supplements the information in Appendix: Segment Interim Value Detailed Descriptions of Specific Inputs to the Calculation (B) Pro Rata Share of Performance Cap Rate: |
For Dual Step Up and Loss Limiter Segments, prior to the Segment Maturity Date, your Segment Interim Value will be limited by the portion of the Performance Cap Rate corresponding to the portion of the Segment Duration that has elapsed.
(I) | The following hereby supplements the information in Appendix: Segment Interim Value: |
Examples: Segment Interim Value Dual Step Up Segments
Item | 1-Year Segment | 1-Year Segment | ||
SegmentDuration (in months) |
12 | 12 | ||
ValuationDate (months since Segment Start Date) |
3 | 9 | ||
SegmentInvestment |
$1,000 | $1,000 | ||
SegmentBuffer |
-10% | -10% | ||
PerformanceCap Rate |
10% | 10% | ||
Timeto Maturity (in months) |
9 | 3 | ||
Assuming the change in the Index Value is 40% (for example from 100.00 to 140.00) | ||||
FairValue of Hypothetical Fixed Instrument |
$981.76 | $993.88 | ||
FairValue of Hypothetical Derivatives |
$89.80 | $94.84 | ||
CapCalculation Factor |
$12.00 | $4.00 | ||
Sumof above |
$1,083.56 | $1,092.72 | ||
SegmentInvestment multiplied by prorated Performance Cap Rate |
$1,025.00 | $1,075.00 | ||
SegmentInterim Value |
$1,025.00 | $1,075.00 | ||
Assuming the change in the Index Value is 10% (for example from 100.00 to 110.00) | ||||
FairValue of Hypothetical Fixed Instrument |
$981.76 | $993.88 | ||
FairValue of Hypothetical Derivatives |
$58.48 | $86.45 | ||
CapCalculation Factor |
$12.00 | $4.00 | ||
Sumof above |
$1,052.23 | $1,084.33 | ||
SegmentInvestment multiplied by prorated Performance Cap Rate |
$1,025.00 | $1,075.00 | ||
SegmentInterim Value |
$1,025.00 | $1,075.00 | ||
Assuming the change in the Index Value is -10% (for example from 100.00 to 90.00) | ||||
FairValue of Hypothetical Fixed Instrument |
$981.76 | $993.88 | ||
FairValue of Hypothetical Derivatives |
-$22.45 | $6.18 | ||
CapCalculation Factor |
$12.00 | $4.00 | ||
Sumof above |
$971.30 | $1,004.05 | ||
SegmentInvestment multiplied by prorated Performance Cap Rate |
$1,025.00 | $1,075.00 | ||
SegmentInterim Value |
$971.30 | $1,004.05 | ||
Assuming the change in the Index Value is -40% (for example from 100.00 to 60.00) | ||||
FairValue of Hypothetical Fixed Instrument |
$981.76 | $993.88 | ||
FairValue of Hypothetical Derivatives |
-$287.37 | -$296.75 | ||
CapCalculation Factor |
$12.00 | $4.00 | ||
Sumof above |
$706.38 | $701.13 | ||
SegmentInvestment multiplied by prorated Performance Cap Rate |
$1,025.00 | $1,075.00 | ||
SegmentInterim Value |
$706.38 | $701.13 |
The input values to the market standard model that have been utilized to generate the hypothetical examples above are as follows:
(1) | Implied volatility of 22.50% is assumed for the at the money option and implied volatility of 26.50% is assumed for the out of the money options. |
(2) | Investment rate is 4.18%. |
(3) | Swap rate is 4.58%. |
(4) | Index dividend yield is 0.87% annually. |
(5) | One-half estimated Bid-Ask Spread of 50 bps. |
Examples: Effect of Withdrawals on Segment Interim Value Dual Step Up Segments
Item | 1-Year Segment | 1-Year Segment | ||
SegmentDuration (in months) |
12 | 12 | ||
ValuationDate (Months since Segment Start Date) |
3 | 9 | ||
SegmentInvestment |
$1,000 | $1,000 | ||
SegmentBuffer |
-10% | -10% | ||
PerformanceCap Rate |
10% | 10% | ||
Timeto Maturity (in months) |
9 | 3 | ||
AmountWithdrawn1 |
$100 | $100 | ||
Assuming the change in the Index Value is 40% (for example from 100.00 to 140.00) | ||||
SegmentInterim Value2 |
$1,025.00 | $1,075.00 | ||
PercentWithdrawn3 |
9.76% | 9.30% | ||
NewSegment Investment4 |
$902.44 | $906.98 | ||
NewSegment Interim Value5 |
$925.00 | $975.00 | ||
Assuming the change in the Index Value is 10% (for example from 100.00 to 110.00) | ||||
SegmentInterim Value2 |
$1,025.00 | $1,075.00 | ||
PercentWithdrawn3 |
9.76% | 9.30% | ||
NewSegment Investment4 |
$902.44 | $906.98 | ||
NewSegment Interim Value5 |
$925.00 | $975.00 | ||
Assuming the change in the Index Value is -10% (for example from 100.00 to 90.00) | ||||
SegmentInterim Value2 |
$971.30 | $1,004.05 | ||
PercentWithdrawn3 |
10.30% | 9.96% | ||
NewSegment Investment4 |
$897.05 | $900.40 | ||
NewSegment Interim Value5 |
$871.30 | $904.05 | ||
Assuming the change in the Index Value is -40% (for example from 100.00 to 60.00) | ||||
SegmentInterim Value2 |
$706.38 | $701.13 | ||
PercentWithdrawn3 |
14.16% | 14.26% | ||
NewSegment Investment4 |
$858.43 | $857.37 | ||
NewSegment Interim Value5 |
$606.38 | $601.13 |
(1) | Amount withdrawn is net of applicable withdrawal charge. |
(2) | Segment Interim Value immediately before withdrawal. |
(3) | Percent Withdrawn is equal to Amount Withdrawn divided by Segment Interim Value. |
(4) | New Segment Investment is equal to the original Segment Investment ($1,000) multiplied by (1 Percent Withdrawn). |
(5) | New Segment Interim Value is equal to the calculated Segment Interim Value based on the new Segment Investment. It will also be equal to the Segment Interim Value multiplied by (1 Percent Withdrawn). |
Examples: Segment Interim Value Loss Limiter Segments
Item | 1-Year Segment | 1-Year Segment | ||
SegmentDuration (in months) |
12 | 12 | ||
ValuationDate (months since Segment Start Date) |
3 | 9 | ||
SegmentInvestment |
$1,000 | $1,000 | ||
SegmentBuffer |
-10% | -10% | ||
PerformanceCap Rate |
10% | 10% | ||
SegmentInvestment Protection Level |
90% | 90% | ||
Timeto Maturity (in months) |
9 | 3 | ||
Assuming the change in the Index Value is 40% (for example from 100.00 to 140.00) | ||||
FairValue of Hypothetical Fixed Instrument |
$966.23 | $988.62 | ||
FairValue of Hypothetical Derivatives |
$80.88 | $93.65 | ||
CapCalculation Factor |
$15.00 | $5.00 | ||
Sumof above |
$1,062.12 | $1,087.26 | ||
SegmentInvestment multiplied by prorated Performance Cap Rate |
$1,025.00 | $1,075.00 | ||
SegmentInterim Value |
$1,025.00 | $1,075.00 |
Item | 1-Year Segment | 1-Year Segment | ||
Assuming the change in the Index Value is 10% (for example from 100.00 to 110.00) | ||||
FairValue of Hypothetical Fixed Instrument |
$966.23 | $988.62 | ||
FairValue of Hypothetical Derivatives |
$41.26 | $55.04 | ||
CapCalculation Factor |
$15.00 | $5.00 | ||
Sumof above |
$1,022.50 | $1,048.65 | ||
SegmentInvestment multiplied by prorated Performance Cap Rate |
$1,025.00 | $1,075.00 | ||
SegmentInterim Value |
$1,022.50 | $1,048.65 | ||
Assuming the change in the Index Value is -10% (for example from 100.00 to 90.00) | ||||
FairValue of Hypothetical Fixed Instrument |
$966.23 | $988.62 | ||
FairValue of Hypothetical Derivatives |
$5.91 | $0.48 | ||
CapCalculation Factor |
$15.00 | $5.00 | ||
Sumof above |
$987.14 | $994.10 | ||
SegmentInvestment multiplied by prorated Performance Cap Rate |
$1,025.00 | $1,075.00 | ||
SegmentInterim Value |
$987.14 | $994.10 | ||
Assuming the change in the Index Value is -40% (for example from 100.00 to 60.00) | ||||
FairValue of Hypothetical Fixed Instrument |
$966.23 | $988.62 | ||
FairValue of Hypothetical Derivatives |
-$5.02 | -$4.02 | ||
CapCalculation Factor |
$15.00 | $5.00 | ||
Sumof above |
$976.22 | $989.59 | ||
SegmentInvestment multiplied by prorated Performance Cap Rate |
$1,025.00 | $1,075.00 | ||
SegmentInterim Value |
$976.22 | $989.59 |
The input values to the market standard model that have been utilized to generate the hypothetical examples above are as follows:
(1) | Implied volatilities are assumed: 22.50% (At-the-Money Call), 25.07% (Out-of-the-Money Call), 26.50% (Out-of-the-Money Put), and 24.50% (Further Out-of-the-Money Put). |
(2) | Investment rate is 4.18%. |
(3) | Swap rate is 4.58%. |
(4) | Index dividend yield is 0.87% annually. |
(5) | One-half estimated Bid-Ask Spread of 40 bps. |
Examples: Effect of Withdrawals on Segment Interim Value Loss Limiter Segments
Item | 1-Year Segment | 1-Year Segment | ||
SegmentDuration (in months) |
12 | 12 | ||
ValuationDate (Months since Segment Start Date) |
3 | 9 | ||
SegmentInvestment |
$1,000 | $1,000 | ||
SegmentBuffer |
-10% | -10% | ||
PerformanceCap Rate |
10% | 10% | ||
SegmentInvestment Protection Level |
90% | 90% | ||
Timeto Maturity (in months) |
9 | 3 | ||
AmountWithdrawn1 |
$100 | $100 | ||
Assuming the change in the Index Value is 40% (for example from 100.00 to 140.00) | ||||
SegmentInterim Value2 |
$1,025.00 | $1,075.00 | ||
PercentWithdrawn3 |
9.76% | 9.30% | ||
NewSegment Investment4 |
$902.44 | $906.98 | ||
NewSegment Interim Value5 |
$925.00 | $975.00 | ||
Assuming the change in the Index Value is 10% (for example from 100.00 to 110.00) | ||||
SegmentInterim Value2 |
$1,022.50 | $1,048.65 | ||
PercentWithdrawn3 |
9.78% | 9.54% | ||
NewSegment Investment4 |
$902.20 | $904.64 | ||
NewSegment Interim Value5 |
$922.50 | $948.65 |
Item | 1-Year Segment | 1-Year Segment | ||
Assuming the change in the Index Value is -10% (for example from 100.00 to 90.00) | ||||
SegmentInterim Value2 |
$987.14 | $994.10 | ||
PercentWithdrawn3 |
10.13% | 10.06% | ||
NewSegment Investment4 |
$898.70 | $899.41 | ||
NewSegment Interim Value5 |
$887.14 | $894.10 | ||
Assuming the change in the Index Value is -40% (for example from 100.00 to 60.00) | ||||
SegmentInterim Value2 |
$976.22 | $989.59 | ||
PercentWithdrawn3 |
10.24% | 10.11% | ||
NewSegment Investment4 |
$897.56 | $898.95 | ||
NewSegment Interim Value5 |
$876.22 | $889.59 |
(1) | Amount withdrawn is net of applicable withdrawal charge. |
(2) | Segment Interim Value immediately before withdrawal. |
(3) | Percent Withdrawn is equal to Amount Withdrawn divided by Segment Interim Value. |
(4) | New Segment Investment is equal to the original Segment Investment ($1,000) multiplied by (1 Percent Withdrawn). |
(5) | New Segment Interim Value is equal to the calculated Segment Interim Value based on the new Segment Investment. It will also be equal to the Segment Interim Value multiplied by (1 Percent Withdrawn). |
Examples: Segment Interim Value Loss Limiter Segments
Item | 6-Year Segment | 6-Year Segment | ||
SegmentDuration (in months) |
72 | 72 | ||
ValuationDate (months since Segment Start Date) |
9 | 69 | ||
SegmentInvestment |
$1,000 | $1,000 | ||
SegmentBuffer |
-10% | -10% | ||
PerformanceCap Rate |
75% | 75% | ||
SegmentInvestment Protection Level |
95% | 95% | ||
Timeto Maturity (in months) |
63 | 3 | ||
Assuming the change in the Index Value is 40% (for example from 100.00 to 140.00) | ||||
FairValue of Hypothetical Fixed Instrument |
$742.84 | $774.83 | ||
FairValue of Hypothetical Derivatives |
$247.34 | $262.33 | ||
CapCalculation Factor |
$117.50 | $100.83 | ||
Sumof above |
$1,107.68 | $1,137.99 | ||
SegmentInvestment multiplied by prorated Performance Cap Rate |
$1,093.75 | $1,718.75 | ||
SegmentInterim Value |
$1,093.75 | $1,137.99 | ||
Assuming the change in the Index Value is 10% (for example from 100.00 to 110.00) | ||||
FairValue of Hypothetical Fixed Instrument |
$742.84 | $774.83 | ||
FairValue of Hypothetical Derivatives |
$166.07 | $172.15 | ||
CapCalculation Factor |
$117.50 | $100.83 | ||
Sumof above |
$1,026.41 | $1,047.81 | ||
SegmentInvestment multiplied by prorated Performance Cap Rate |
$1,093.75 | $1,718.75 | ||
SegmentInterim Value |
$1,026.41 | $1,047.81 | ||
Assuming the change in the Index Value is -10% (for example from 100.00 to 90.00) | ||||
FairValue of Hypothetical Fixed Instrument |
$742.84 | $774.83 | ||
FairValue of Hypothetical Derivatives |
$111.71 | $112.71 | ||
CapCalculation Factor |
$117.50 | $100.83 | ||
Sumof above |
$972.05 | $988.37 | ||
SegmentInvestment multiplied by prorated Performance Cap Rate |
$1,093.75 | $1,718.75 | ||
SegmentInterim Value |
$972.05 | $988.37 |
Item | 6-Year Segment | 6-Year Segment | ||
Assuming the change in the Index Value is -40% (for example from 100.00 to 60.00) | ||||
FairValue of Hypothetical Fixed Instrument |
$742.84 | $774.83 | ||
FairValue of Hypothetical Derivatives |
$48.95 | $47.84 | ||
CapCalculation Factor |
$117.50 | $100.83 | ||
Sumof above |
$909.29 | $923.50 | ||
SegmentInvestment multiplied by prorated Performance Cap Rate |
$1,093.75 | $1,718.75 | ||
SegmentInterim Value |
$909.29 | $923.50 |
The input values to the market standard model that have been utilized to generate the hypothetical examples above are as follows:
(1) | Implied volatilities are assumed: 22.50% (At-the-Money-Call), 28.40% (Out-of-the-Money-Call), 26.50% (Out-of-the-Money-Put), and 24.50% (Further Out-of-the-Money Put). |
(2) | Investment rate is 4.08%. |
(3) | Swap rate is 5.06%. |
(4) | Index dividend yield is 0.77% annually. |
(5) | One-half estimated Bid-Ask Spread of 40 bps |
Examples: Effect of Withdrawals on Segment Interim Value Loss Limiter Segments
Item | 6-Year Segment | 6-Year Segment | ||
SegmentDuration (in months) |
72 | 72 | ||
ValuationDate (months since Segment Start Date) |
9 | 69 | ||
SegmentInvestment |
$1,000 | $1,000 | ||
SegmentBuffer |
-10% | -10% | ||
PerformanceCap Rate |
75% | 75% | ||
SegmentInvestment Protection Level |
95% | 95% | ||
Timeto Maturity (in months) |
63 | 3 | ||
AmountWithdrawn1 |
$100 | $100 | ||
Assuming the change in the Index Value is 40% (for example from 100.00 to 140.00) | ||||
SegmentInterim Value2 |
$1,093.75 | $1,137.99 | ||
PercentWithdrawn3 |
9.14% | 8.79% | ||
NewSegment Investment4 |
$908.57 | $912.13 | ||
NewSegment Interim Value5 |
$993.75 | $1,037.99 | ||
Assuming the change in the Index Value is 10% (for example from 100.00 to 110.00) | ||||
SegmentInterim Value2 |
$1,026.41 | $1,047.81 | ||
PercentWithdrawn3 |
9.74% | 9.54% | ||
NewSegment Investment4 |
$902.57 | $904.56 | ||
NewSegment Interim Value5 |
$926.41 | $947.81 | ||
Assuming the change in the Index Value is -10% (for example from 100.00 to 90.00) | ||||
SegmentInterim Value2 |
$972.05 | $988.37 | ||
PercentWithdrawn3 |
10.29% | 10.12% | ||
NewSegment Investment4 |
$897.12 | $898.82 | ||
NewSegment Interim Value5 |
$872.05 | $888.37 | ||
Assuming the change in the Index Value is -40% (for example from 100.00 to 60.00) | ||||
SegmentInterim Value2 |
$909.29 | $923.50 | ||
PercentWithdrawn3 |
11.00% | 10.83% | ||
NewSegment Investment4 |
$890.02 | $891.72 | ||
NewSegment Interim Value5 |
$809.29 | $823.50 |
(1) | Amount withdrawn is net of applicable withdrawal charge. |
(2) | Segment Interim Value immediately before withdrawal. |
(3) | Percent Withdrawn is equal to Amount Withdrawn divided by Segment Interim Value. |
(4) | New Segment Investment is equal to the original Segment Investment ($1,000) multiplied by (1 Percent Withdrawn). |
(5) | New Segment Interim Value is equal to the calculated Segment Interim Value based on the new Segment Investment. It will also be equal to the Segment Interim Value multiplied by (1 Percent Withdrawn). |
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
ITEM 14. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION
ITEM OF EXPENSE |
ESTIMATED EXPENSE |
|||
Registration fees |
$ | 2,085,750.00 | ||
Federal taxes |
N/A | |||
State taxes and fees (based on 50 state average) |
N/A | |||
Trustees fees |
N/A | |||
Transfer agents fees |
N/A | |||
Printing and filing fees |
$ | 50,000 | * | |
Legal fees |
N/A | |||
Accounting fees |
N/A | |||
Audit fees |
$ | 20,000 | * | |
Engineering fees |
N/A | |||
Directors and officers insurance premium paid by Registrant |
N/A |
* | Estimated expense. |
ITEM 15. INDEMNIFICATION OF DIRECTORS AND OFFICERS
The By-Laws of Equitable Financial Life Insurance Company of America (the Corporation) provide, in Article VI as follows:
SECTION 1. NATURE OF INDEMNITY. The Corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative, by reason of the fact that he or she is or was or has agreed to become a director or officer of the Corporation, or is or was serving or has agreed to serve at the request of the Corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, or by reason of any action alleged to have been taken or omitted in such capacity, and may indemnify any person who was or is a party or is threatened to be made a party to such an action, suit or proceeding by reason of the fact that he or she is or was or has agreed to become an employee or agent of the Corporation, or is or was serving or has agreed to serve at the request of the Corporation as an employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her or on his or her behalf in connection with such action, suit or proceeding and any appeal therefrom, if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding had no reasonable cause to believe his or her conduct was unlawful; except that in the case of an action or suit by or in the right of the Corporation to procure a judgment in its favor (1) such indemnification shall be limited to expenses (including attorneys fees) actually and reasonably incurred by such person in the defense or settlement of such action or suit, and (2) no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the Corporation unless and only to the extent that the court in which such action or suit was brought or other court of competent jurisdiction shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity.
The termination of any action, suit or proceeding by judgment, order, settlement, conviction or upon a plea of no contest or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his or her conduct was unlawful.
SECTION 6. SURVIVAL; PRESERVATION OF OTHER RIGHTS. The foregoing indemnification provisions shall be deemed to be a contract between the Corporation and each director, officer, employee and agent who serves in any such capacity at any time while these provisions as well as the relevant provisions of Title 10, Arizona Revised Statutes are in effect and any repeal or modification thereof shall not affect any right or obligation then existing with respect to any state of facts then or previously existing or any action, suit or proceeding previously or thereafter brought or threatened based in whole or in part upon any such state of facts. Such a contract right may not be modified retroactively without the consent of such director, officer, employee or agent.
The indemnification provided by this Article shall not be deemed exclusive of any other right to which those indemnified may be entitled under any by-law, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his or her official capacity and as to action in another capacity while holding such office, and shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.
SECTION 7. INSURANCE. The Corporation may purchase and maintain insurance on behalf of any person who is or was a director or officer of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity or arising out of his or her status as such, whether or not the Corporation would have the power to indemnify such person against such liability under the provisions of this By-Law.
The directors and officers of Equitable Financial Life Insurance Company of America are insured under policies issued by X.L. Insurance Company, Arch Insurance Company, Sombo (Endurance Specialty Insurance Company), U.S. Specialty Insurance, ACE (Chubb), Chubb Insurance Company, AXIS Insurance Company, Zurich Insurance Company, AWAC (Allied World Assurance Company, Ltd.), Aspen Bermuda XS, CAN, AIG, One Beacon, Nationwide, Berkley, Berkshire, SOMPO, Chubb, Markel and ARGO RE Ltd. The annual limit on such policies is $300 million, and the policies insure the officers and directors against certain liabilities arising out of their conduct in such capacities.
ITEM 16. EXHIBITS
(1) | Underwriting Agreement. |
(a) |
(1) |
(2) |
(b) |
(c) |
(d) |
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) |
(8) |
(9) |
(10) |
(11) |
(e) |
(2) | Not Applicable. |
(4) | Form of policy. |
a. |
b. |
c. |
d. |
e. |
f. |
g. |
h. |
i. |
j. |
k. |
l. |
m. |
n. |
o. |
p. |
q. |
r. |
s. |
t. |
u. |
v. |
w. |
x. |
y. |
z. |
aa. |
(5) |
(8) | Not Applicable. |
(12) | Not Applicable |
(15) | Not Applicable. |
(23) | Consent of independent registered public accounting firm, filed herewith. |
(24) |
(25) | Not Applicable. |
(26) | Not Applicable. |
(Ex-107) |
ITEM 17. UNDERTAKINGS
(a) | The undersigned registrant hereby undertakes: |
(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 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; |
provided, however, that paragraphs (a) (1) (i), (a) (1) (ii) and (a) (1) (iii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15 (d) of the Securities Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424 (b) that is part of this 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. |
(b) | The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrants annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in the registration statement 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. |
(c) | Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the |
registrant 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 registrant of expenses incurred or paid by a director, officer or controlling person of the registrant 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 registrant 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. |
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets the requirements for filing on Form S-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City and State of New York on the 13th day of December, 2022.
Equitable Financial Life Insurance Company of America (Registrant) | ||
By | /s/ Shane Daly | |
Shane Daly | ||
Vice President and Associate General Counsel |
As required by the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the date indicated:
PRINCIPAL EXECUTIVE OFFICER:
*Mark Pearson | Chief Executive Officer and Director | |
PRINCIPAL FINANCIAL OFFICER: | ||
*Robin Raju | Chief Financial Officer | |
PRINCIPAL ACCOUNTING OFFICER: | ||
*William Eckert | Chief Accounting Officer |
*DIRECTORS:
Francis Hondal | Craig MacKay | George Stansfield | ||
Arlene Isaacs-Lowe | Kristi Matus | |||
Daniel G. Kaye | Mark Pearson | Charles G. T. Stonehill | ||
Joan Lamm-Tennant | Bertram Scott |
*By: | /s/ Shane Daly | |
Shane Daly | ||
Attorney-in-Fact | ||
December 13, 2022 |
Exhibit (4) z
EQUITABLE FINANCIAL LIFE INSURANCE COMPANY OF AMERICA,
domiciled in Arizona
[DUAL STEP UP] SEGMENT OPTION RIDER
This Rider is part of your Contract and its provisions apply in lieu of any Contract provisions to the contrary. There are new definitions in this Rider which are introduced below. In this Rider, we, our and us mean Equitable Financial Life Insurance Company of America, you and your mean the Owner and Rider means this Rider. Subject to the terms and conditions of this Rider, you may make allocations to a [Dual Step Up] Segment with this index linked and variable deferred annuity Contract as described below.
This Rider is effective immediately.
The following is added to the definition of Segment Rate of Return:
SECTION [2.01(n)] SEGMENT RATE OF RETURN
For the [Dual Step Up] Segment Option, your Segment Rate of Return is determined as follows:
If the Index Performance Rate |
Then the Segment Rate of Return applicable | |
Is greater than or equal to the Segment Buffer | Equal to the Performance Cap Rate[, minus the Return of Premium Death Benefit (ROP DB) Rider Charge cumulative percentage for the Segment duration as described in Section III of the ROP DB Rider if the ROP DB Rider is elected]. | |
Is less than the Segment Buffer | Negative, to the extent the percentage decline exceeds the Segment Buffer[, minus the Return of Premium Death Benefit (ROP DB) Rider Charge cumulative percentage for the Segment duration as described in Section III of the ROP DB Rider if the ROP DB Rider is elected]. |
RIDER CHARGE
There is no charge for this Rider.
EQUITABLE FINANCIAL LIFE INSURANCE COMPANY OF AMERICA | ||
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Mark Pearson, | José Ramón González | |
Chief Executive Officer] | Chief Legal Officer and Secretary] |
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Exhibit (4) aa
EQUITABLE FINANCIAL LIFE INSURANCE COMPANY OF AMERICA,
domiciled in Arizona
[LOSS LIMITER] SEGMENT OPTION RIDER
This Rider is part of your Contract and its provisions apply in lieu of any Contract provisions to the contrary. There are new definitions in this Rider that are applicable to [Loss Limiter] Segments which are introduced below. In this Rider, we, our and us mean Equitable Financial Life Insurance Company of America, you and your mean the Owner and Rider means this Rider. Subject to the terms and conditions of this Rider, you may make allocations to a [Loss Limiter] Segment with this index linked and variable deferred annuity Contract as described below.
This Rider is effective immediately.
The following is added to Part II of your Contract:
[Segment Investment Protection Level] is a percentage that is used to determine the amount of downside protection on a negative return for a given [Loss Limiter] Segment when calculating your Segment Rate of Return on the Segment Maturity Date, subject to Section [2.01(n)] shown below. The [Segment Investment Protection Level] associated with each [Loss Limiter] Segment is shown in your Data Pages under the Structured Investment Option listing of Segment Types and is shown in the Segment Types name.
The following is added to the definition of Segment:
SECTION [2.01(e)] SEGMENT
For [Loss Limiter] Segments, Segment means an Investment Option we establish with a specific Index, [Segment Investment Protection Level], Segment Duration, Segment Buffer, Segment Maturity Date, Performance Cap Rate, and Participation Rate.
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The following is added to the definition of Segment Rate of Return:
SECTION [2.01(n)] SEGMENT RATE OF RETURN
For the [Loss Limiter] Segment Option, your Segment Rate of Return is equal to the greater of (a) and (b) described below as follows:
where (a) is equal to:
If the Index Performance Rate multiplied by the Participation Rate: |
Then the Segment Rate of Return will be: | |
Exceeds the Performance Cap Rate | Equal to the Performance Cap Rate[, minus the Return of Premium Death Benefit (ROP DB) Rider Charge cumulative percentage for the Segment duration as described in Section III of the ROP DB Rider if the ROP DB Rider is elected]. | |
Is positive but is less than or equal to the Performance Cap Rate | Equal to the Index Performance Rate multiplied by the Participation Rate[, minus the ROP DB Rider Charge cumulative percentage for the Segment duration as described in Section III of the ROP DB Rider if the ROP DB Rider is elected]. | |
Is zero or negative by a percentage equal to or less than the Segment Buffer | Equal to 0%[, minus the ROP DB Rider Charge cumulative percentage for the Segment duration as described in Section III of the ROP DB Rider if the ROP DB Rider is elected]. | |
Is more negative than the Segment Buffer | Negative, to the extent the percentage decline exceeds the Segment Buffer[, minus the ROP DB Rider Charge cumulative percentage for the Segment duration as described in Section III of the ROP DB Rider if the ROP DB Rider is elected]. |
and where (b) is equal to:
| the [Segment Investment Protection Level] shown in your Data Pages minus 1[, minus the ROP DB Rider Charge cumulative percentage for the Segment duration as described in Section III of the ROP DB Rider if the ROP DB Rider is elected]. |
The following is added to the definition of Segment Type:
SECTION [2.01(r)] SEGMENT TYPE
For [Loss Limiter] Segments, Segment Type means all [Loss Limiter] Segments that have the same Index, [Segment Investment Protection Level], Segment Duration, Segment Buffer, and Participation Rate. The [Loss Limiter] Segment Type(s) currently available under your Contract are shown in your Data Pages.
RIDER CHARGE
There is no charge for this Rider.
EQUITABLE FINANCIAL LIFE INSURANCE COMPANY OF AMERICA
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Mark Pearson, Chief Executive Officer] |
José Ramón González Chief Legal Officer and Secretary] |
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SHANE DALY
Vice President
and Associate General Counsel
(212) 314-3912
(212) 314-3959
[EQUITABLE AMERICA] |
LAW DEPARTMENT |
December 13, 2022
Equitable Financial Life Insurance Company of America
525 Washington Boulevard
Jersey City, NJ 07310
Dear Sirs:
This opinion is furnished in connection with the filing by Equitable Financial Life Insurance Company of America (Equitable America) of a Form S-3 Registration Statement of Equitable America for the purpose of registering Interests in the Structured Investment Option® (Interests) under the Securities Act of 1933.
I have examined such corporate records of Equitable America and provisions of the Arizona Insurance Law as are relevant to authorization and issuance of the Interests and such other documents and laws as I consider appropriate. On the basis of such examination, it is my opinion that:
1. Equitable America is a corporation duly organized and validly existing under the laws of the State of Arizona.
2. The Interests are duly authorized and, when issued in accordance with applicable regulatory approvals, represent validly issued and binding obligations of Equitable America.
I hereby consent to the use of this opinion as an exhibit to the Registration Statement.
Very truly yours, |
/s/ Shane Daly |
Shane Daly |
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in this Post-Effective Amendment No. 2 to the Registration Statement on Form S-3 (No. 333-265027) (the Registration Statement) of our report dated March 4, 2022 relating to the financial statements and financial statement schedules of Equitable Financial Life Insurance Company of America and consent to the incorporation by reference in the Registration Statement of our report dated February 24, 2022 relating to the consolidated financial statements and financial statement schedules of Equitable Financial Life Insurance Company.
/s/ PricewaterhouseCoopers LLP
Charlotte, North Carolina
December 13, 2022
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or Director of Equitable Financial Life Insurance Company of America (the Company), an Arizona stock life insurance company, hereby constitutes and appoints José Ramón González, Kurt Meyers, Ralph A. Petruzzo, Nicholas Huth, Shane Daly and Robert Negron, each of them (with full power to each of them to act alone), his or her true and lawful attorney-in-fact and agent for him or her and on his or her behalf and in his or her name, place and stead, to execute and file any and all reports (and amendments thereto) by the Company under the Securities Exchange Act of 1934 (including but not limited to any report on Forms 10-K, 10-Q or 8-K) and any and all registration statements (and amendments thereto) by the Company or its separate accounts relating to annuity contracts and life insurance policies under the Securities Act of 1933 and/or the Investment Company Act of 1940, including but not limited to the Registration Statements, as defined below, with all exhibits and all instruments necessary or appropriate in connection therewith, each of said attorneys-in-fact and agents being empowered to act with or without the others, and to have full power and authority to do or cause to be done in the name and on behalf of the undersigned each and every act and thing requisite and necessary or appropriate with respect thereto to be done in and about the premises in order to effectuate the same, as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may do or cause to be done by virtue hereof.
The Registration Statements covered by the Power of Attorney are defined to include the registration statements listed below:
Variable Account AA (811-23817)
333-266576
333-266909
Form N-4 registration statements to be filed as necessary.
Equitable America Variable Account A (811-05166)
033-14362
033-20453
033-20696
333-59717
333-72632
333-91776
333-92066
Form N-4 registration statements to be filed as necessary.
Equitable America Variable Account 70A (811-23609)
333-248907
333-265026
333-265028
333-265030
Form N-4 registration statements to be filed as necessary.
Equitable America Variable Account K (811-22886)
333-191149
333-191150
333-207014
333-229237
333-229238
333-256256
Form N-6 registration statements to be filed as necessary.
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Equitable America Variable Account L (811-04234)
002-95990
033-82570
333-56969
333-64417
333-72578
333-72596
333-104162
333-134304
Form N-6 registration statements to be filed as necessary.
Equitable America Variable Account S (811-05100)
033-13183
Form N-6 registration statements to be filed as necessary.
Equitable Financial Life Insurance Company of America
333-210276
333-223704
333-229747
333-236437
333-251416
333-263529
333-263742
333-265009
333-265027
333-265029
333-265032
333-267329
Form S-1 or S-3 registration statements to be filed, as necessary, for Market Value Adjustment interests under MONY Variable Annuity and MONY Custom Master contracts issued by Equitable Life Insurance Company of America.
Form S-1 or S-3 registration statements to be filed, as necessary, for index-linked investment options to be offered in connection with certain flexible annuity contracts. This includes, but is not limited to, the Structured Investment Option, Structured Capital Strategies PLUS® 21 and Structured Capital Strategies® Income.
Form S-1 or S-3 registration statements to be filed, as necessary, for index-linked investment options to be offered with certain flexible premium variable life insurance policies. This includes, but is not limited to each Market Stabilizer Option®.
Form S-1, S-3, N-4 or N-6 registration statements to be filed as necessary, including but not limited to any registration statements filed to continue the offering of, and/or register more securities for, any securities offered by the registration statements identified above.
The undersigned has hereunto set his or her hand this 31st day of October, 2022.
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Signature |
Title |
|||
/s/ Daniel G. Kaye |
Director | |||
Daniel G. Kaye |
||||
/s/ Francis Hondal |
Director | |||
Francis Hondal | ||||
/s/ Arlene Isaacs-Lowe |
Director | |||
Arlene Isaacs-Lowe | ||||
/s/ Joan Lamm-Tennant |
Director | |||
Joan Lamm-Tennant | ||||
/s/ Craig MacKay |
Director | |||
Craig MacKay | ||||
/s/ Kristi Matus |
Director | |||
Kristi Matus | ||||
/s/ Mark Pearson |
Chief Executive Officer and Director |
|||
Mark Pearson | ||||
/s/ Bertram Scott |
Director |
|||
Bertram Scott | ||||
/s/ George Stansfield |
Director |
|||
George Stansfield | ||||
/s/ Charles G.T. Stonehill |
Director |
|||
Charles G.T. Stonehill | ||||
/s/ Robin Raju |
Chief Financial Officer |
|||
Robin Raju | ||||
/s/ William Eckert |
Chief Accounting Officer | |||
William Eckert |
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