UNSPSC 64111906: Variable annuity

An annuity is a contract between an individual and an insurance company that is designed to meet retirement and other long-range goals, under which the individual makes a lump-sum purchase payment or series of payments. In return, the insurer agrees to make periodic payments to the annuitant beginning immediately or at some future date. Annuities typically offer tax-deferred growth of earnings and may include a death benefit that will pay a beneficiary a specified minimum amount, such as the total purchase payments.

In a variable annuity, the annuitant can choose to invest his/her purchase payments from among a range of different investment options, typically mutual funds. The rate of return on the purchase payments, and the amount of the periodic payments the annuitant eventually receives, will vary depending on the performance of the investment options selected.

UNSPSC 64111906 Variable annuity is a Commodity code that captures financial services tied to individual retirement and wealth-preservation products with variable investment components. State and local government purchasing activity under this code is sparse and tangential; none of the recent solicitations in the dataset involve variable annuities as a core procurement objective. Instead, state and local buyers issuing opportunities tagged with this code are actually soliciting broader financial advisory, examination, audit, consulting, and administrative services that do not map cleanly to variable annuity product lines. The code shows little actionable recent activity for vendors pursuing state and local work in the insurance or retirement-product space.

The Michigan Department of Technology, Management, and Budget and Michigan Department of Insurance and Financial Services have issued multiple Financial Examination Services Pre-Qualification RFPs (RFP 260000002108 and RFP 260000002146, with responses due September 2, 2026 and November 4, 2026) to establish pre-qualified contractor pools for auditing and solvency analysis of approximately 1,400 Michigan-based insurance companies under NAIC guidelines—work requiring certified public accountants and compliance expertise but bearing no connection to variable annuity product administration. Across the broader set of opportunities, state and local issuers in Michigan, California, Florida, Georgia, New Mexico, Texas, and Washington are soliciting services for insurance examinations, financial audits, municipal debt advisory, employee benefits consulting, swap advisory services, 1099 processing, loan administration, and cost allocation studies. None of these scopes involve variable annuity underwriting, policy servicing, or investment management. The code classification appears to be a mislabeling artifact rather than a meaningful procurement category for state and local buyers at this time.