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Report: Ohio National to terminate servicing agreements on variable annuities

Ohio National Financial Services Inc. has notified its broker/dealer partners that it will terminate servicing agreements and trailing commissions on some of its variable annuities by mid-December, InvestmentNews reported.

All individual annuity sales compensation will stop upon termination of the servicing agreements Dec. 12, according to the report, citing a letter sent Sept. 28 to brokers/dealers that sell its variable annuities.

The news comes about a month after Ohio National said it is exiting its annuities and retirement plan businesses.