Voya 2013 Annual Report Download - page 476

insurance policies and certain endorsements related to the Company were issued directly by a third party insurer
to the Company, which has paid premiums directly to a non-affiliated broker which, in turn, has remitted such
premiums directly to the insurer. The insurer, in turn, cedes 100% of the RMP risks, along with 100% of the
remitted premiums, to ING Re. The annual premiums paid by the Company include taxes, fees and premiums.
The RMP coverage applies to (i) any claims reported under the RMP prior to May 2, 2013 and (ii) claims
alleging wrongful acts occurring prior to May 2, 2013 and reported under the professional liability and
employment practices liability coverages of the RMP reported on or before December 31, 2014. On January 1,
2015, reporting periods for claims made under the professional liability and employment practices liability RMP
policies will terminate though any previously reported claims will remain covered by the RMP.
Given our departure from participation in the RMP, the Company has taken out a stand-alone insurance
program insuring professional liability, employment practices liability and network security/cyber liability claims
arising from wrongful acts that occur on or after May 2, 2013. The Company has also taken out a stand-alone
fidelity/crime program that covers all claims discovered on or after May 2, 2013. The Company also maintains a
separate, standalone directors and officers liability insurance program and a separate, standalone fiduciary
liability insurance program, each of which is issued by non-affiliated providers. Additionally, directors and
officers of the Company designated by ING Group are eligible for excess coverage under the “Side A” directors
and officers and fiduciary liability insurance policy issued to ING Group by non-affiliated providers.
Intellectual Property
We frequently make use of trademarks and other intellectual property owned by ING Group. Prior to our
initial public offering, there were no formal, written license agreements in place between the Company and ING
Group, although we followed brand guidelines as specified in the Trademark License Agreement concluded
between ING Group and NN Group. Our use of trademarks and intellectual property owned by ING Group is
now governed by the IP Agreement described above under “—Continuing Relationship with ING Group—
Transitional Intellectual Property License Agreement”. We have not previously paid license fees for the use of
ING Group intellectual property and will not be required to do so pursuant to the IP Agreement.
ING Global Network
Our Employee Benefits business, through our subsidiary, RLI, participates in a worldwide insurance
network offering multinational pooling arrangements to global corporate clients. This network, called ING
Global Network, is co-owned in equal portions by RLI, Nationale-Nederlanden Nederland B.V. (a subsidiary of
ING Group) and an unaffiliated insurance company, and profits and losses of the network are split accordingly.
Administrative Overhead Allocations
Previously, we made use of various other administrative and corporate services provided by non-U.S.
affiliates of ING Group. We did not reimburse our affiliate service providers pursuant to formal written
agreements but through accounting allocations. The total net allocations were approximately $2.2 million for the
year ended December 31, 2013. These allocations will not continue in 2014.
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