New company taking over troubled Standard Life

State regulators say the policy and annuity holders of financially troubled Standard Life Insurance Co. of Indiana will be protected and repaid by another insurer taking over the company.

State Insurance Commissioner Stephen Robertson said agreements have been reached for the $1.7 billion in policies and financial obligations of Carmel-based Standard Life to be assumed by Guggenheim Life and Annuity Co.

The deal affects about 34,000 Standard Life policy and annuity holders, including 3,400 in Indiana. Standard Life has been under state-supervised rehabilitation since late 2008 after because of financial troubles over its investments in subprime mortgages.

The deal calls for Standard Life's customers to receive the full value of their policies and annuities, and for its 55 employees to be offered jobs with Guggenheim.

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