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Allianz Life receives favorable private letter on advisory fees

The Internal Revenue Service handed out a favorable private letter ruling to Allianz Life Insurance Co. of North America regarding the tax treatment of advisory fees taken from nonqualified, fee-based annuities.

Under the ruling, payment of advisory fees from fixed-indexed or variable nonqualified annuities can be made without creating a taxable distribution event.

Allianz Life Insurance Co. of North America is part of Allianz SE.