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     <TD align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>UNITED STATES</FONT></B></TD></TR>
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     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>SECURITIES AND EXCHANGE COMMISSION</FONT></B>&nbsp;</TD></TR>
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     <TD align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>WASHINGTON, D.C. 20549</FONT></B></TD></TR>
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     <TD align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>FORM 8-K</FONT></B></TD></TR></TABLE><BR>
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     <TD align=center width="99%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>CURRENT REPORT</FONT></B></TD></TR>
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     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</FONT></B>&nbsp;</TD></TR>
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     <TD>&nbsp;</TD></TR>
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     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Date of Report (Date of earliest event reported) March 31, 2009</FONT>&nbsp;</TD></TR>
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     <TD>&nbsp;</TD></TR>
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     <TD align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>ING USA Annuity and Life Insurance Company</FONT></TD></TR>
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     <TD align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>--------------------------------------</FONT></TD></TR>
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     <TD align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(Exact name of registrant as specified in its charter)</FONT></TD></TR>
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     <TD>&nbsp;</TD></TR>
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     <TD align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>IOWA</FONT></TD></TR>
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     <TD align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(State of Incorporation)</FONT></TD></TR></TABLE><BR>
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     <TD align=center colSpan=2><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>333-133076, 333-133152, 333-133153,</FONT></TD></TR>
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     <TD align=center colSpan=2><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>333-133154, 333-133155, 333-151031</FONT></TD></TR>
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     <TD align=center colSpan=2><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(Commission File Numbers)</FONT></TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD align=center colSpan=2><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>#41-0991508</FONT></TD></TR>
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     <TD align=center colSpan=2><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(IRS Employer Identification Number)</FONT></TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD noWrap align=center colSpan=2><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1475 Dunwoody Drive, West Chester, PA 19380-1478</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(Address of principal executive offices)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(Zip Code)</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=center width="75%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Registrant's telephone number, including area code</FONT>&nbsp;</TD>
     <TD noWrap align=right width="24%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>610-425-3400</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>[&nbsp; ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>[&nbsp; ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>[&nbsp;&nbsp;] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>[&nbsp; ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>
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<P align="left"> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">This filing is made in accordance with Item No. 1.01 of Section 1 of Form 8-K:</FONT></B></P>
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     <TD nowrap> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Item 1.01</FONT></B></TD></TR></TABLE> </P>
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     <TD nowrap> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Entry into a Material Definitive Agreement</FONT></B></TD></TR></TABLE> </P>
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     <TD nowrap> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The material agreements described below to which ING USA Annuity and Life Insurance</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company (the &#147;Company&#148;) is a party were executed on March 31, 2009 and will be filed as</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">exhibits to the Form 10-Q of the Company for the three month period ending March 31, 2009.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">On January 26, 2009, ING Groep N.V. (&#147;ING&#148;) announced it reached an agreement, for itself and</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">on behalf of certain ING affiliates including the Company, with The State of the Netherlands (the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;Dutch State&#148;) on an Illiquid Assets Back-up Facility covering 80% of ING&#146;s Alt-A Residential</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">mortgage backed securities (Alt-A RMBS) (the &#147;ING-Dutch State Transaction&#148;).</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The ING-Dutch State Transaction closed on March 31, 2009. Under the terms of the ING-Dutch</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">State Transaction, a full credit risk transfer to the Dutch State has been realized on 80% of ING&#146;s</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Alt-A RMBS owned by ING Bank, FSB and ING affiliates within ING Insurance Americas with</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a par value of &#36;38.7 billion portfolio, including par value of &#36;1.6 billion of the Alt-A RMBS</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">portfolio owned by the Company. As a result of the risk transfer, the Dutch State will participate</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">in 80% of any results of the ING Alt-A RMBS portfolio. The risk transfer to the Dutch State took</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">place on March 31, 2009 at a discount of 10% of par value of 80% of ING&#146;s Alt-A RMBS as of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">January 26, 2009. Each ING company participating in the ING-Dutch State Transaction,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">including the Company remains the legal owner of 100% of its Alt-A RMBS portfolio and</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">remains exposed to 20% of any results on the portfolio.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">In order to implement that portion of the ING-Dutch State Transaction related to the Alt-A</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">RMBS owned by the Company, the Company entered into a participation agreement dated as of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">March 31, 2009 by and among itself and its affiliates, ING and ING Support Holding B.V. (&#147;ING</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Support Holding&#148;) (the &#147;Participation Agreement&#148;) pursuant to which the Company conveyed to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">ING Support Holding an undivided 80% participation interest in its Alt-a RMBS portfolio and</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">agreed to pay a periodic transaction fee. As consideration for the participation interest conveyed</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">under the Participation Agreement, ING Support Holding assigned to the Company, pursuant to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the Deed of Assignment of Receivables among ING Support Holding, the Company, the Dutch</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">State and Stichting Derdengelden ING Support Holding as the Collection Foundation, the right of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">ING Support Holding to receive payments from the Dutch State under that certain Illiquid Assets</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Back-Up Facility Agreement dated March 31, 2009 between ING, ING Support Holding and the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Dutch State related to the Company&#146;s Alt-A RMBS portfolio (the &#147;Company Facility</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Agreement&#148;). Pursuant to the Company Facility Agreement, the Dutch State is obligated to pay</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">certain periodic fees and make certain periodic guaranteed value payments with respect to the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company&#146;s Alt-A RMBS portfolio, and ING Support Holding is obligated to pay a periodic</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">guarantee fee and make periodic payments to the Dutch State equal to the distributions it receives</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">under the Participation Agreement with respect to the 80% participation interest in the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company&#146;s Alt-A RMBS portfolio.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">ING Support Holding is a direct, wholly-owned subsidiary of ING, a global financial services</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">holding company based in The Netherlands. The Company is an indirect, wholly-owned</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">subsidiary of ING. On November 12, 2008, ING issued to the Dutch State non-voting Tier 1</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">securities for a total consideration of EUR 10 billion.</FONT></TD></TR></TABLE> </P>
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     <TD align="center" nowrap> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SIGNATURES</FONT></B></TD></TR></TABLE> </P>
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     <TD nowrap> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">caused this report to be signed on this 6</FONT><SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">th </FONT></SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">day of April 2009 on its behalf by the undersigned</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">hereunto duly authorized.</FONT></TD></TR></TABLE> </P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">ING USA Annuity and Life Insurance Company (Registrant)</FONT></P>
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     <TD nowrap> <U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/Megan Huddleston</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Megan Huddleston</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Assistant Secretary</FONT></TD></TR></TABLE> </P>
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form8kingusa.htm - Generated by SEC Publisher for SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 31, 2009
ING USA Annuity and Life Insurance Company
--------------------------------------
(Exact name of registrant as specified in its charter)
IOWA
(State of Incorporation)
333-133076, 333-133152, 333-133153,
333-133154, 333-133155, 333-151031
(Commission File Numbers)
#41-0991508
(IRS Employer Identification Number)
1475 Dunwoody Drive, West Chester, PA 19380-1478
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code
610-425-3400
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
This filing is made in accordance with Item No. 1.01 of Section 1 of Form 8-K:
Item 1.01
Entry into a Material Definitive Agreement
The material agreements described below to which ING USA Annuity and Life Insurance
Company (the "Company") is a party were executed on March 31, 2009 and will be filed as
exhibits to the Form 10-Q of the Company for the three month period ending March 31, 2009.
On January 26, 2009, ING Groep N.V. ("ING") announced it reached an agreement, for itself and
on behalf of certain ING affiliates including the Company, with The State of the Netherlands (the
"Dutch State") on an Illiquid Assets Back-up Facility covering 80% of ING's Alt-A Residential
mortgage backed securities (Alt-A RMBS) (the "ING-Dutch State Transaction").
The ING-Dutch State Transaction closed on March 31, 2009. Under the terms of the ING-Dutch
State Transaction, a full credit risk transfer to the Dutch State has been realized on 80% of ING's
Alt-A RMBS owned by ING Bank, FSB and ING affiliates within ING Insurance Americas with
a par value of $38.7 billion portfolio, including par value of $1.6 billion of the Alt-A RMBS
portfolio owned by the Company. As a result of the risk transfer, the Dutch State will participate
in 80% of any results of the ING Alt-A RMBS portfolio. The risk transfer to the Dutch State took
place on March 31, 2009 at a discount of 10% of par value of 80% of ING's Alt-A RMBS as of
January 26, 2009. Each ING company participating in the ING-Dutch State Transaction,
including the Company remains the legal owner of 100% of its Alt-A RMBS portfolio and
remains exposed to 20% of any results on the portfolio.
In order to implement that portion of the ING-Dutch State Transaction related to the Alt-A
RMBS owned by the Company, the Company entered into a participation agreement dated as of
March 31, 2009 by and among itself and its affiliates, ING and ING Support Holding B.V. ("ING
Support Holding") (the "Participation Agreement") pursuant to which the Company conveyed to
ING Support Holding an undivided 80% participation interest in its Alt-a RMBS portfolio and
agreed to pay a periodic transaction fee. As consideration for the participation interest conveyed
under the Participation Agreement, ING Support Holding assigned to the Company, pursuant to
the Deed of Assignment of Receivables among ING Support Holding, the Company, the Dutch
State and Stichting Derdengelden ING Support Holding as the Collection Foundation, the right of
ING Support Holding to receive payments from the Dutch State under that certain Illiquid Assets
Back-Up Facility Agreement dated March 31, 2009 between ING, ING Support Holding and the
Dutch State related to the Company's Alt-A RMBS portfolio (the "Company Facility
Agreement"). Pursuant to the Company Facility Agreement, the Dutch State is obligated to pay
certain periodic fees and make certain periodic guaranteed value payments with respect to the
Company's Alt-A RMBS portfolio, and ING Support Holding is obligated to pay a periodic
guarantee fee and make periodic payments to the Dutch State equal to the distributions it receives
under the Participation Agreement with respect to the 80% participation interest in the
Company's Alt-A RMBS portfolio.
ING Support Holding is a direct, wholly-owned subsidiary of ING, a global financial services
holding company based in The Netherlands. The Company is an indirect, wholly-owned
subsidiary of ING. On November 12, 2008, ING issued to the Dutch State non-voting Tier 1
securities for a total consideration of EUR 10 billion.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on this 6
th
day of April 2009 on its behalf by the undersigned
hereunto duly authorized.
ING USA Annuity and Life Insurance Company (Registrant)
/s/Megan Huddleston
Megan Huddleston
Assistant Secretary