Patent ID: 8805705
Filing Date: 2014-08-12
Classification: G06Q

Abstract:
1. A system for administering a variable annuity account having an asset value, the variable annuity account issued by an insurance company to an owner, and including investment options for selection by the owner, the investment options including funds managed by investment advisers, comprising: a computer processor; a memory in communication with the computer processor; the computer processor being configured to: access from a memory storage device data indicative of a change in value over a time period of a fund within the variable annuity account, the chance in value being based on investment performance reduced by expenses, the expenses including fund management fees and insurance charges, the insurance charges including mortality and expenses charges and administration charges; periodically determine an amount of a management fee to be deducted from the asset value of the variable annuity account and paid to an investment adviser managing the at least one fund; access from a memory storage device data indicative of benchmark performance, the benchmark performance being a fixed non-zero change in value of the fund after expenses, the expenses comprising fund management fees and insurance charges, the insurance charges including mortality and expenses charges and administration charges; compare the data indicative of the change in value over the time period to the benchmark performance data, and store the result of the comparison in the memory; based on the result of the comparison, determine whether to refund, by the insurance company, to the account an amount, wherein an amount is to be refunded responsive to determining that the change in value over the time period is less than the fixed non-zero change in value of the fund after expenses; if the amount is to be refunded, access data indicative of the refund amount; access data indicative of the asset value of the account; determine an updated asset value based on adding to the asset value the amount to be refunded; store the determined updated asset value in a memory storage location; and provide output data indicative of the amount added to the asset value of the account.