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Ohio National Financial Services
One Financial Way
Cincinnati, Ohio 45242
Ohio National Financial Services
One Financial Way
Cincinnati, Ohio 45242
January 27, 2010
Ms. Rebecca A. Marquigny
Securities and Exchange Commission
Division of Investment Management
Office of Insurance Products
100 F. Street, N.E.
Washington, D.C. 20549-0506
VIA EDGAR CORRESPONDENCE
Securities and Exchange Commission
Division of Investment Management
Office of Insurance Products
100 F. Street, N.E.
Washington, D.C. 20549-0506
VIA EDGAR CORRESPONDENCE
Re: | Ohio National Variable Account A (811-1978) | |
N-4 Registration Statement, ONcore Premier II (333-164070) | ||
N-4 Registration Statement, ONcore Xtra II (333-164073) | ||
N-4 Registration Statement, ONcore Flex II (333-164069) | ||
N-4 Registration Statement, ONcore Lite III (333-164075) | ||
National Security Variable Account N (811-10619) | ||
N-4 Registration Statement, NScore Premier II (333-164071) | ||
N-4 Registration Statement, NScore Xtra II (333-164074) | ||
N-4 Registration Statement, NScore Lite III (333-164068) | ||
N-4 Registration Statement, NScore Flex (333-164072) | ||
N-4 Registration Statement, NScore Wrap (333-164076) |
Dear Ms. Marquigny:
On December 30, 2009, we filed the above-referenced registration statements on Form N-4. At the Staff’s request, this letter is to help identify similar sections of the prospectuses in those filings. The filings are substantially similar. For your review, I would suggest using ONcore Premier II (333-164070) and NScore Premier II (333-164071) as your templates for Ohio National Variable Account A and National Security Variable Account N, respectively.
The attached charts set forth the basic features of the products and which riders are available. The riders included in the filings are the same as riders included in Ohio National Variable Account A’s 485(a) post-effective amendment filings filed on December 3, 2009 (one of which was ONcore Premier, 333-43515) (the “December 3, 2009 filings”), except for the GMIB Plus with Annual Reset included in the National Security Variable Account N filings which is the same as the GMIB Plus with Annual Reset (2009) in National Security Variable Account N’s existing filings (one of which is NScore Premier, 333-125856). The GMIB Plus with Annual Reset in the above-
referenced ONcore filings is the same as the GMIB Plus with Annual Reset (2009) version included in the December 3, 2009 filings. The ARDBR in the above-referenced filings is the same as the ARBDR (2009) version in the December 3, 2009 filings. The GMDBR80 Plus and GMDBR85 Plus in the above-referenced filings are the same as the 5% GMDBR80 Plus and 5% GMDBR85 Plus versions in the December 3, 2009 filings.
Should you have any questions or comments, please contact me at (513) 794-6278.
Sincerely, | ||||
/s/ Kimberly A. Plante | ||||
Kimberly A. Plante | ||||
Associate Counsel |
ONcore Variable Annuities
ONcore Lite III | ONcore Premier II | ONcore Xtra II | ONcore Flex II | |||||
Separate Account | Ohio National Variable Account A | Ohio National Variable Account A | Ohio National Variable Account A | Ohio National Variable Account A | ||||
1940 Act File No. | 811-1978 | 811-1978 | 811-1978 | 811-1978 | ||||
1933 Act File No. | 333-164075 | 333-164070 | 333-164073 | 333-164069 | ||||
Fees | •1.60% M&E and | • 1.30% M&E and | • 1.70% M&E and | • 1.70% M&E and | ||||
Administration Charge | Administration Charge | Administration Charge | Administration Charge | |||||
• $30 annual contract | • $30 annual contract | • $30 annual contract | • $30 annual contract | |||||
maintenance charge — waived if | maintenance charge — waived if | maintenance charge — waived if | maintenance charge — waived if | |||||
contract value is $50,000 or | contract value is $50,000 or | contract value is $50,000 or | contract value is $50,000 or more. | |||||
more. | more. | more. | ||||||
Surrender Charge | 4 yrs: 8-7-6-6% | 7 yrs: 7-7-6-5-4-3-2% | 9 yrs: 9-8-7-6-5-4-3-2-1% | None | ||||
Issue Ages | 0-80 (81-87 with restrictions) | 0-80 (81-87 with restrictions) | 0-80 (81-87 with restrictions) | 0-80 (81-87 with restrictions) for | ||||
for annuitant | for annuitant | for annuitant | annuitant | |||||
Payments | • $5,000 minimum ($2,000 | • $5,000 minimum ($2,000 | • $5,000 minimum ($2,000 | • $10,000 minimum ($2,000 | ||||
IRA) | IRA) | IRA) | IRA) | |||||
• $500 add-on | • $500 add-on | • $500 add-on | • $500 add-on | |||||
• $300 for qualified plans | • $300 for qualified plans | • $300 for qualified plans | • $300 for qualified plans | |||||
and bank draft | and bank draft | and bank draft | and bank draft | |||||
• Maximum purchase payment | • Maximum purchase payment | • Maximum purchase payment | • Maximum purchase payment | |||||
amount of lesser of 150% of | amount of lesser of 150% of | amount of lesser of 150% of | amount of lesser of 150% of | |||||
initial purchase payment or $1 | initial purchase payment or $1 | initial purchase payment or $1 | initial purchase payment or $1 | |||||
million. May limit all VA sold | million. May limit all VA sold | million. May limit all VA sold | million. May limit all VA sold | |||||
covering the annuitant to $1 | covering the annuitant to $1 | covering the annuitant to $1 | covering the annuitant to $1 | |||||
million. | million. | million. | million. | |||||
Death Benefit | Greater of: contract value at | Greater of: Contract value at | Greater of: Contract value at | Greater of: contract value at | ||||
death or purchase payments | death, purchase payments adjusted | death, purchase payments adjusted | death or purchase payments | |||||
adjusted for withdrawals. | for withdrawals, or Three-Year | for withdrawals, or Eight-Year | adjusted for withdrawals. | |||||
Step-Up: Stops at attained age | Step-Up: Stops at attained age | |||||||
90. | 90. | |||||||
Annual Withdrawals | Up to 10% of the contract value | Up to 10% of the contract value | Up to 10% of the contract value | No surrender charge. $500 minimum. | ||||
at time of first withdrawal in a | at time of first withdrawal in a | at time of first withdrawal in a | Contract value cannot drop below | |||||
contract year may be withdrawn | contract year may be withdrawn | contract year may be withdrawn | $5,000. | |||||
without surrender charge. $500 | without surrender charge. $500 | without surrender charge $500 | ||||||
minimum. Contract value cannot | minimum. Contract value cannot | minimum. Contract value cannot | ||||||
drop below $5,000. | drop below $5,000. | drop below $5,000. |
ONcore Lite III | ONcore Premier II | ONcore Xtra II | ONcore Flex II | |||||
Other Features | Available Asset Allocation Models. | Available Asset Allocation Models. | Available Asset Allocation Models. | Available Asset Allocation Models. | ||||
Extra Credit — an extra 4% of | ||||||||
each purchase payment is credited | ||||||||
to the contract value of the | ||||||||
first $250,000 purchase payments. | ||||||||
Credit of 5% for payments | ||||||||
exceeding $250,000 and for all | ||||||||
payments within first year if | ||||||||
total in first year exceeds | ||||||||
$250,000. | ||||||||
Riders: | ||||||||
Guaranteed | Available (p34) | Available (p 35) | Available (p 34) | Available (p 33) | ||||
Minimum Income Benefit (GMIB) Plus with Annual Reset rider | ||||||||
Guaranteed | Available (p 38) | Available (p 39) | Available (p 37) | Available (p 36) | ||||
Principal Protection (GPP) Rider | ||||||||
Guaranteed | Available (p 39) | Available (p 40) | Available (p 38) | Available (p 37) | ||||
Lifetime Withdrawal Benefit rider (GLWB) | ||||||||
Guaranteed | Available (p 45) | Available (p 46) | Available (p 44) | Available (p 43) | ||||
Lifetime Withdrawal Benefit rider Joint Life (Joint GLWB) | ||||||||
Annual Reset | Available (p 29) | Available (p 30) | Available (p 29) | Available (p 28) | ||||
Death Benefit Rider (ARDBR) | ||||||||
Guaranteed | Available (p 29) | Available (p 29) | Available (p 28) | Available (p 27) | ||||
Minimum Death Benefit Rider 85 (GMDBR85 Plus) | ||||||||
Guaranteed | Available (p 29) | Available (p 29) | Available (p 28) | Available (p 27) | ||||
Minimum Death Benefit Rider 80 (GMDBR80 Plus) |
ONcore Lite III | ONcore Premier II | ONcore Xtra II | ONcore Flex II | |||||
Annual Step-Up | Available (p 28) | Available (p 29) | Available (p 28) | Available (p 27) | ||||
Death Benefit Rider | ||||||||
Gain Enhancement | Available (p 31) | Available (p 32) | Available (p 31) | Available (p 29) | ||||
Benefit (GEB) Rider | ||||||||
Gain Enhancement | Available (p 31) | Available (p 32) | Available (p 31) | Available (p 29) | ||||
Benefit Plus (GEB Plus) Rider |
NScore Variable Annuities
NScore Lite III | NScore Premier II | NScore Xtra II | NScore Flex | NScore Wrap | ||||||
Separate Account | National Security | National Security | National Security | National Security | National Security | |||||
Variable Account N | Variable Account N | Variable Account N | Variable Account N | Variable Account N | ||||||
1940 Act File No. | 811-10619 | 811-10619 | 811-10619 | 811-10619 | 811-10619 | |||||
1933 Act File No. | 333-164068 | 333-164071 | 333-164074 | 333-164072 | 333-164076 | |||||
Fees | • 1.65% M&E | • 1.35% M&E | • 1.75% M&E and | • 1.75% M&E | • 0.70% M&E | |||||
and Administration | and Administration | Administration Charge | and Administration | and Administration | ||||||
Charge | Charge | • $30 annual | Charge | Charge | ||||||
• $30 annual | • $30 annual | contract maintenance | • $30 annual | • $30 annual | ||||||
contract | contract maintenance | charge — waived if | contract | contract | ||||||
maintenance charge | charge — waived if | contract value is | maintenance charge | maintenance charge | ||||||
— waived if | contract value is | $50,000 or more. | — waived if | — waived if | ||||||
contract value is | $50,000 or more. | contract value is | contract value is | |||||||
$50,000 or more. | $50,000 or more. | $50,000 or more. | ||||||||
Surrender Charge | 4 yrs: 8-7-6-6% | 7 yrs: 7-7-6-5-4-3-2% | 9 yrs: 9-8-7-6-5-4-3-2-1% | None | None | |||||
Issue Ages | 0-80 (81-87 with | 0-80 (81-87 with | 0-80 (81-87 with | 0-80 (81-87 with | 0-80 (81-87 with | |||||
restrictions) for | restrictions) for | restrictions) for | restrictions) for | restrictions) for | ||||||
annuitant | annuitant | annuitant | annuitant | annuitant | ||||||
Payments | • $5,000 | • $5,000 | • $5,000 minimum | • $10,000 | • $10,000 | |||||
minimum ($2,000 | minimum ($2,000 IRA) | ($2,000 IRA) | minimum ($2,000 | minimum ($2,000 | ||||||
IRA) | • $500 add-on | • $500 add-on | IRA) | IRA) | ||||||
• $500 add-on | • $300 for | • $300 for | • $500 add-on | • $500 add-on | ||||||
• $300 for | qualified plans and | qualified plans and bank | • $300 for | • $300 for | ||||||
qualified plans and | bank draft | draft | qualified plans and | qualified plans and | ||||||
bank draft | • Maximum | • Maximum purchase | bank draft | bank draft | ||||||
• Maximum | purchase payment | payment amount of lesser | • Maximum | • Maximum | ||||||
purchase payment | amount of lesser of | of 150% of initial | purchase payment | purchase payment | ||||||
amount of lesser of | 150% of initial | purchase payment or $1 | amount of lesser of | amount of lesser of | ||||||
150% of initial | purchase payment or | million. May limit all | 150% of initial | 150% of initial | ||||||
purchase payment or | $1 million. May | VA sold covering the | purchase payment or | purchase payment or | ||||||
$1 million. May | limit all VA sold | annuitant to $1 million. | $1 million. May | $1 million. May | ||||||
limit all VA sold | covering the | limit all VA sold | limit all VA sold | |||||||
covering the | annuitant to $1 | covering the | covering the | |||||||
annuitant to $1 | million. | annuitant to $1 | annuitant to $1 | |||||||
million. | million. | million. | ||||||||
Death Benefit | Greater of: | Greater of: Contract | Greater of: Contract | Greater of: | Greater of: | |||||
contract value at | value at death, | value at death, purchase | contract value at | contract value at | ||||||
death or purchase | purchase payments | payments adjusted for | death or purchase | death or purchase | ||||||
payments adjusted | adjusted for | withdrawals, or | payments adjusted | payments adjusted | ||||||
for withdrawals. | withdrawals, or | Eight-Year Step-Up: | for withdrawals. | for withdrawals. | ||||||
Three-Year Step-Up: | Stops at attained age | |||||||||
Stops at attained | 90. | |||||||||
age 90. |
NScore Lite III | NScore Premier II | NScore Xtra II | NScore Flex | NScore Wrap | ||||||
Annual Withdrawals | Up to 10% of the | Up to 10% of the | Up to 10% of the | No surrender | No surrender | |||||
contract value at | contract value at | contract value at time | charge. Contract | charge. $500 | ||||||
time of first | time of first | of first withdrawal in a | value cannot drop | minimum. Contract | ||||||
withdrawal in a | withdrawal in a | contract year may be | below $5,000. | value cannot drop | ||||||
contract year may | contract year may be | withdrawn without | below $5,000. | |||||||
be withdrawn | withdrawn without | surrender charge. | ||||||||
without surrender | surrender charge. | Contract value cannot | ||||||||
charge. $300 | $300 minimum. | drop below $5,000. | ||||||||
minimum. Contract | Contract value | |||||||||
value cannot drop | cannot drop below | |||||||||
below $5,000. | $5,000. | |||||||||
Other Features | Available Asset | Available Asset | Available Asset | Available Asset | Available Asset | |||||
Allocation Models. | Allocation Models. | Allocation Models. | Allocation Models. | Allocation Models. | ||||||
Extra Credit — an extra | ||||||||||
4% of each purchase | ||||||||||
payment is credited to | ||||||||||
the contract value of | ||||||||||
the first $250,000 | ||||||||||
purchase payments. | ||||||||||
Credit of 5% for | ||||||||||
payments exceeding | ||||||||||
$250,000 and for all | ||||||||||
payments within first | ||||||||||
year if total in first | ||||||||||
year exceeds $250,000. | ||||||||||
Riders: | ||||||||||
Guaranteed | Available (p 34) | Available (p 35) | Available (p 37) | Available (p 33) | Available (p 33) | |||||
Minimum Income Benefit (GMIB) Plus with Annual Reset rider | ||||||||||
Guaranteed | Available (p 38) | Available (p 38) | Available (p 40) | Available (p 37) | Available (p 37) | |||||
Principal Protection (GPP) Rider | ||||||||||
Guaranteed | Available (p 39) | Available (p 39) | Available (p 41) | Available (p 37) | Available (p 38) | |||||
Lifetime Withdrawal Benefit rider (GLWB) | ||||||||||
Guaranteed | Available (p 45) | Available (p 45) | Available (p 47) | Available (p 43) | Available (p 44) | |||||
Lifetime Withdrawal Benefit rider Joint Life (Joint GLWB) |
NScore Lite III | NScore Premier II | NScore Xtra II | NScore Flex | NScore Wrap | ||||||
Annual Reset | Available (p 29) | Available (p 29) | Available (p 31) | Available (p 28) | Available (p 28) | |||||
Death Benefit Rider (ARDBR) | ||||||||||
Guaranteed | Available (p 28) | Available (p 29) | Available (p 31) | Available (p 27) | Available (p 27) | |||||
Minimum Death Benefit Rider 85 (GMDBR85 Plus) | ||||||||||
Guaranteed | Available (p 28) | Available (p 29) | Available (p 31) | Available (p 27) | Available (p 27) | |||||
Minimum Death Benefit Rider 80 (GMDBR80 Plus) | ||||||||||
Annual Step-Up | Available (p 28) | Available (p 28) | Available (p 30) | Available (p 27) | Available (p 27) | |||||
Death Benefit Rider | ||||||||||
Gain Enhancement | Available (p 31) | Available (p 31) | Available (p 33) | Available (p 29) | Available (p 30) | |||||
Benefit (GEB) Rider | ||||||||||
Gain Enhancement | Available (p 31) | Available (p 31) | Available (p 33) | Available (p 29) | Available (p 30) | |||||
Benefit Plus (GEB Plus) Rider |