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   <TD colSpan=2 align=center><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">UNITED STATES</FONT></B></TD></TR>

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   <TD colSpan=2 align=center><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECURITIES AND EXCHANGE COMMISSION</FONT></B></TD></TR>

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   <TD colSpan=2 align=center><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">WASHINGTON, D.C. 20549</FONT></B></TD></TR>

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   <TD colSpan=2 align=center><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FORM 8-K</FONT></B></TD></TR>

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   <TD colSpan=2 align=center><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CURRENT REPORT</FONT></B></TD></TR>

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   <TD colSpan=2 noWrap align=center><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</FONT></B>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=center><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of Report (Date of earliest event reported): November 13, 2012</FONT>&nbsp;</TD></TR>

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   <TD colSpan=2 align=center><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">ING Life Insurance and Annuity Company</FONT></B></TD></TR>

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   <TD colSpan=2 align=center><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Exact name of registrant as specified in its charter)</FONT></TD></TR>

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   <TD colSpan=2 align=center><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">CONNECTICUT</FONT></TD></TR>

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   <TD colSpan=2 align=center><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(State of Incorporation)</FONT></TD></TR>

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   <TD colSpan=2 align=center><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">333-130827, 333-130833, 333-133157, 333-133158,</FONT></TD></TR>

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   <TD colSpan=2 align=center><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">333-162420, 333-166370, 333-180532</FONT></TD></TR>

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   <TD colSpan=2 align=center><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Commission File Numbers)</FONT></TD></TR>

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   <TD colSpan=2 align=center><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">#71-0294708</FONT></TD></TR>

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   <TD colSpan=2 align=center><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(IRS Employer Identification Number)</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 0pt" colSpan=2 noWrap align=center><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">One Orange Way, Windsor, CT</FONT> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">06095-4774</FONT>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=center><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Address of principal executive offices)</FONT> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Zip Code)</FONT>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=center><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Registrant's telephone number, including area code: 860-580-4646</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">filing obligation of the registrant under any of the following provisions:</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 18.84pt" noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(17 CFR 240.14d-2(b))</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 20.4pt" noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(17 CFR 240.13e-4(c))</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD noWrap><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">This filing is made in accordance with Items No. 1.01 and 1.02 of Section 1 of Form 8-K:</FONT></B><BR><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The material agreements described below under November 2012 Transaction to which ING Life<BR>&nbsp;Insurance and Annuity Company (the <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#8220;Company&#8221;) is a party were executed on November 13, 2012 </FONT></FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and will be filed as exhibits to the <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company&#8217;s 2012 Annual Report on Form 10-K.</FONT></FONT><BR></TD></TR></TABLE></P>

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   <TD noWrap align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Item 1.01</FONT></B>&nbsp;</TD>

   <TD noWrap align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Entry into a Material Definitive Agreement</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Item 1.02</FONT></B>&nbsp;</TD>

   <TD noWrap align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Termination of a Material Definitive Agreement</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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   <TD noWrap><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Background:</FONT><BR><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">In the first quarter of 2009, ING Groep N.V. (&#8220;ING&#8221;) reached an agreement, for itself and on behalf</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of certain ING affiliates including the Company, with The State of the Netherlands (the &#8220;Dutch</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">State&#8221;) on an Illiquid Assets Back-Up Facility (the &#8220;Back-Up Facility&#8221;) covering 80% of ING's Alt-</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">A residential mortgage-backed securities (&#8220;RMBS&#8221;). Under the terms of the Back-Up Facility, a</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">full credit risk transfer to the Dutch State was realized on 80% of ING's Alt-A RMBS owned by</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">ING Bank, fsb and certain ING affiliates that are subsidiaries of ING U.S., Inc., including the</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company with an aggregate book value of $36.0 billion, including book value of $802.5 million of</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the Alt-A RMBS portfolio owned by the Company (with respect to the Company's portfolio, the</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#8220;Designated Securities Portfolio&#8221;) (the &#8220;ING-Dutch State Transaction&#8221;). As a result of the risk</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">transfer, the Dutch State participates in 80% of any results of the ING Alt-A RMBS portfolio. The</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">risk transfer to the Dutch State took place at a discount of approximately 10% of par value. In</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">addition, under the Back-Up Facility, the Company and the Dutch State were obligated to pay other</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">fees. Each ING company participating in the ING-Dutch State Transaction, including the Company</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">remained the legal owner of 100% of its Alt-A RMBS portfolio and remained exposed to 20% of</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">any results on its portfolio. The ING-Dutch State Transaction closed on March 31, 2009, with the</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">risk transfer to the Dutch State taking effect as of January 26, 2009.</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 Company's</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Designated Securities Portfolio, 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 Support Holding B.V. (&#8220;ING Support</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Holding&#8221;) and ING pursuant to which the Company conveyed to ING Support Holding an 80%</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">participation interest in its Designated Securities Portfolio and agreed to pay a periodic transaction</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">fee (together with subsequent amendment, the &#8220;Participation Agreement&#8221;). As consideration for</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the participation interest conveyed under the Participation Agreement, ING Support Holding</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">assigned to the Company, pursuant to the Deed of Assignment of Receivables among ING Support</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Holding, the Company, the Dutch State and Stichting Derdengelden ING Support Holding (the</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#8220;Collection Foundation&#8221;) (the &#8220;Dutch State Obligation&#8221;) the right to receive payments from the</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Dutch State under the Illiquid Assets Back-Up Facility dated as of March 31, 2009 related to the</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company's Designated Securities Portfolio among ING, ING Support Holding and the Dutch State</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(together with subsequent amendment, the &#8220;Company Back-Up Facility&#8221;). Under the Company</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Back-Up Facility, the Dutch State is obligated to pay certain periodic fees and make certain</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">periodic payments with respect to the Company's Designated Securities Portfolio, and ING Support</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Holding is obligated to pay a periodic guarantee fee and make periodic payments to the Dutch State</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">equal to the distributions made with respect to the 80% participation interest in the Company's</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Designated Securities Portfolio.</FONT></TD></TR></TABLE></P></DIV>

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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">November 2012 Transaction:</FONT><BR>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">In furtherance of the anticipated separation of ING U.S., Inc. and its subsidiaries from ING, the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company and certain ING affiliates entered into agreements to restructure and effectively delink</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the Company and other subsidiaries of ING U.S., Inc. from the Back-Up Facility. The Company,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">ING Support Holding, ING and ING Bank N.V. (&#147;ING Bank&#148;) entered into a Participation</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Termination Agreement dated as of November 13, 2012 (the &#147;Termination Agreement&#148;) pursuant to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which the Participation Agreement was terminated effective November 14, 2012. As consideration</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">for such termination, on November 14, 2012 the Company discharged its obligation to pay ING</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Support Holding the net present value of the transaction fee payment streams due under the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Participation Agreement (the &#147;Transaction Fee Termination Amount&#148;) by set-off against the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Back-up Facility Receivables Amount (as hereinafter defined) owed by ING Support</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Holding to the Company, and the Company transferred legal title to 80% of the Company&#146;s</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Designated Securities Portfolio to ING Bank. From and after November 14, 2012 ING Bank will</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">hold such transferred securities in a custody account for the benefit of the Dutch State. Pursuant to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the terms of the Termination Agreement, the Company continues to own 20% of its Designated</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Securities Portfolio (the &#147;Retained 20%&#148;) and going forward has the right to sell the Retained 20%</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">subject to a right of first refusal granted to ING Bank.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The Company, ING Support Holding, ING Bank, the Dutch State and the Collection Foundation</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">entered into a 2012 Deed of Assignment of IABF Receivables pursuant to which the Company sold</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the Dutch State Obligation with a carrying value of approximately &#36;353.9 million as of September</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">30, 2012 to ING Support Holding on November 14, 2012, and as consideration for such transfer,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">ING Support Holding paid to the Company the net present value of the payment streams due from</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the Dutch State under the Company Back-up Facility (the &#147;Company Back-up Facility Receivables</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Amount&#148;) less the Transaction Fee Termination Amount owed by the Company to ING Support</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Holding under the Termination Agreement.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The termination of the Participation Agreement and the sale of the Dutch State Obligation was</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">immaterial to the results of operation and financial position of the Company.</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. ING Bank is a direct, wholly owned subsidiary of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">ING. The Company is an indirect, wholly-owned subsidiary of ING U.S., Inc. which is an indirect,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">wholly owned subsidiary of ING. ING U.S., Inc. and its subsidiaries constitute ING&#146;s U.S.-based</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">retirement, investment management and insurance operations, including the Company.</FONT></TD></TR></TABLE>
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   <TD noWrap align=center><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SIGNATURES</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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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 19</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 November, 2012 on its behalf by the</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">undersigned hereunto duly authorized.</FONT></TD></TR></TABLE></P>

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   <TD noWrap><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">ING Life Insurance and Annuity Company</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Registrant)</FONT></TD></TR></TABLE></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">Secretary</FONT></TD></TR></TABLE></P></DIV>

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{"company-data": {"conformed-name": "ING LIFE INSURANCE & ANNUITY CO", "cik": "0000837010", "assigned-sic": "6311", "irs-number": "710294708", "state-of-incorporation": "CT", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "033-23376", "film-number": "121214947"}, "business-address": {"street1": "ONE ORANGE WAY", "city": "WINDSOR", "state": "CT", "zip": "06095-4774", "phone": "860-580-2851"}, "mail-address": {"street1": "ONE ORANGE WAY", "city": "WINDSOR", "state": "CT", "zip": "06095-4774"}, "former-company": {"former-conformed-name": "AETNA LIFE INSURANCE & ANNUITY CO /CT", "date-changed": "19920703"}}
iliacform8k.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): November 13, 2012
ING Life Insurance and Annuity Company
--------------------------------------
(Exact name of registrant as specified in its charter)
CONNECTICUT
(State of Incorporation)
333-130827, 333-130833, 333-133157, 333-133158,
333-162420, 333-166370, 333-180532
(Commission File Numbers)
#71-0294708
(IRS Employer Identification Number)
One Orange Way, Windsor, CT
06095-4774
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: 860-580-4646
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 Items No. 1.01 and 1.02 of Section 1 of Form 8-K:
The material agreements described below under November 2012 Transaction to which ING Life
Insurance and Annuity Company (the
"Company") is a party were executed on November 13, 2012
and will be filed as exhibits to the
Company's 2012 Annual Report on Form 10-K.
Item 1.01
Entry into a Material Definitive Agreement
Item 1.02
Termination of a Material Definitive Agreement
Background:
In the first quarter of 2009, ING Groep N.V. ("ING") 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 (the "Back-Up Facility") covering 80% of ING's Alt-
A residential mortgage-backed securities ("RMBS"). Under the terms of the Back-Up Facility, a
full credit risk transfer to the Dutch State was realized on 80% of ING's Alt-A RMBS owned by
ING Bank, fsb and certain ING affiliates that are subsidiaries of ING U.S., Inc., including the
Company with an aggregate book value of $36.0 billion, including book value of $802.5 million of
the Alt-A RMBS portfolio owned by the Company (with respect to the Company's portfolio, the
"Designated Securities Portfolio") (the "ING-Dutch State Transaction"). As a result of the risk
transfer, the Dutch State participates in 80% of any results of the ING Alt-A RMBS portfolio. The
risk transfer to the Dutch State took place at a discount of approximately 10% of par value. In
addition, under the Back-Up Facility, the Company and the Dutch State were obligated to pay other
fees. Each ING company participating in the ING-Dutch State Transaction, including the Company
remained the legal owner of 100% of its Alt-A RMBS portfolio and remained exposed to 20% of
any results on its portfolio. The ING-Dutch State Transaction closed on March 31, 2009, with the
risk transfer to the Dutch State taking effect as of January 26, 2009.
In order to implement that portion of the ING-Dutch State Transaction related to the Company's
Designated Securities Portfolio, the Company entered into a participation agreement dated as of
March 31, 2009 by and among itself and its affiliates, ING Support Holding B.V. ("ING Support
Holding") and ING pursuant to which the Company conveyed to ING Support Holding an 80%
participation interest in its Designated Securities Portfolio and agreed to pay a periodic transaction
fee (together with subsequent amendment, the "Participation Agreement"). 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 (the
"Collection Foundation") (the "Dutch State Obligation") the right to receive payments from the
Dutch State under the Illiquid Assets Back-Up Facility dated as of March 31, 2009 related to the
Company's Designated Securities Portfolio among ING, ING Support Holding and the Dutch State
(together with subsequent amendment, the "Company Back-Up Facility"). Under the Company
Back-Up Facility, the Dutch State is obligated to pay certain periodic fees and make certain
periodic payments with respect to the Company's Designated Securities 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 made with respect to the 80% participation interest in the Company's
Designated Securities Portfolio.
November 2012 Transaction:
In furtherance of the anticipated separation of ING U.S., Inc. and its subsidiaries from ING, the
Company and certain ING affiliates entered into agreements to restructure and effectively delink
the Company and other subsidiaries of ING U.S., Inc. from the Back-Up Facility. The Company,
ING Support Holding, ING and ING Bank N.V. ("ING Bank") entered into a Participation
Termination Agreement dated as of November 13, 2012 (the "Termination Agreement") pursuant to
which the Participation Agreement was terminated effective November 14, 2012. As consideration
for such termination, on November 14, 2012 the Company discharged its obligation to pay ING
Support Holding the net present value of the transaction fee payment streams due under the
Participation Agreement (the "Transaction Fee Termination Amount") by set-off against the
Company Back-up Facility Receivables Amount (as hereinafter defined) owed by ING Support
Holding to the Company, and the Company transferred legal title to 80% of the Company's
Designated Securities Portfolio to ING Bank. From and after November 14, 2012 ING Bank will
hold such transferred securities in a custody account for the benefit of the Dutch State. Pursuant to
the terms of the Termination Agreement, the Company continues to own 20% of its Designated
Securities Portfolio (the "Retained 20%") and going forward has the right to sell the Retained 20%
subject to a right of first refusal granted to ING Bank.
The Company, ING Support Holding, ING Bank, the Dutch State and the Collection Foundation
entered into a 2012 Deed of Assignment of IABF Receivables pursuant to which the Company sold
the Dutch State Obligation with a carrying value of approximately $353.9 million as of September
30, 2012 to ING Support Holding on November 14, 2012, and as consideration for such transfer,
ING Support Holding paid to the Company the net present value of the payment streams due from
the Dutch State under the Company Back-up Facility (the "Company Back-up Facility Receivables
Amount") less the Transaction Fee Termination Amount owed by the Company to ING Support
Holding under the Termination Agreement.
The termination of the Participation Agreement and the sale of the Dutch State Obligation was
immaterial to the results of operation and financial position of the Company.
ING Support Holding is a direct, wholly owned subsidiary of ING, a global financial services
holding company based in The Netherlands. ING Bank is a direct, wholly owned subsidiary of
ING. The Company is an indirect, wholly-owned subsidiary of ING U.S., Inc. which is an indirect,
wholly owned subsidiary of ING. ING U.S., Inc. and its subsidiaries constitute ING's U.S.-based
retirement, investment management and insurance operations, including the Company.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on this 19
th
day of November, 2012 on its behalf by the
undersigned hereunto duly authorized.
ING Life Insurance and Annuity Company
(Registrant)
/s/Megan Huddleston
Megan Huddleston
Secretary