Voya 2013 Annual Report Download - page 321

ING U.S., Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
statutory income and surplus. In general, dividends up to specified levels are considered ordinary and may be
paid without prior approval. Dividends in larger amounts, or “extraordinary” dividends, are subject to approval
by the insurance commissioner of the state of domicile of the insurance subsidiary proposing to pay the dividend.
Under the insurance laws applicable to ING U.S., Inc.’s subsidiaries domiciled in Connecticut, Colorado,
Indiana, Iowa and Minnesota, an “extraordinary” dividend or distribution is defined as a dividend or distribution
that, together with other dividends and distributions made within the preceding twelve months, exceeds the
greater of (i) 10% of the insurer’s policyholder surplus as of the preceding December 31, or (ii) the insurer’s net
gain from operations for the twelve-month period ending the preceding December 31, in each case determined in
accordance with statutory accounting principles. New York has similar restrictions, except that New York’s
statutory definition of “extraordinary” dividend or distribution is an aggregate amount in any calendar year that
exceeds the lesser of (i) 10% of policyholder’s surplus for the twelve-month period ending the preceding
December 31, or (ii) the insurer’s net gain from operations for the twelve-month period ending the preceding
December 31, not including realized capital gains. In addition, under the insurance laws of Connecticut,
Colorado, Iowa and Minnesota, no dividend or other distribution exceeding an amount equal to a domestic
insurance company’s earned surplus may be paid without the domiciliary insurance regulator’s prior approval.
Principal Insurance Subsidiaries—Dividends and Return of Capital
The following table summarizes dividends permitted to be paid by the Company’s Principal Insurance
Subsidiaries to ING U.S., Inc. or Lion Holdings without the need for insurance regulatory approval for the
periods presented:
Dividends Permitted without
Approval
2014 2013 2012
Subsidiary Name (State of domicile):
ING USA Annuity and Life Insurance Company (IA) ...... $216.3(3) $— $—
ING Life Insurance and Annuity Company (CT) .......... 371.4(4) 264.1(1) 190.0(2)
Security Life of Denver Insurance Company (CO) ......... 32.5(3) ——
ReliaStar Life Insurance Company (MN) ................ 194.0(3) ——
(1) $264.1 could have been paid without approval after June 26, 2013. $174.0 was paid on May 8, 2013 as an
extraordinary distribution. $90.0 was paid as an ordinary dividend on December 9, 2013.
(2) $190.0 was paid as part of the June 26, 2012 distribution of $800.0.
(3) These can be paid as ordinary dividends after May 8, 2014.
(4) $281.4 can be paid as ordinary dividends after May 8, 2014. $90.0 can be paid as ordinary dividends after
December 9, 2014.
The following table summarizes dividends and return of capital distributions paid by each of the Company’s
Principal Insurance Subsidiaries to its parent for the periods indicated:
Dividends Paid
Return of Capital
Distributions
As of December 31, As of December 31,
2013 2012 2013 2012
Subsidiary Name (State of domicile):
ING USA Annuity and Life Insurance Company (IA)(1) .... $ — $ — $230.0 $250.0
ING Life Insurance and Annuity Company (CT)(2) ........ 264.0 190.0 — 150.0
Security Life of Denver Insurance Company (CO)(3) ....... — — 447.0 80.0
ReliaStar Life Insurance Company (MN)(4) .............. — 130.0 583.0 —
311