Nenni v. Commissioner, New Hampshire Insurance Department

The petitioners, Robert and Arlene Nenni, appeal the order of the Superior Court {Conboy, J.) denying their motion for summary judgment and granting summary judgment to the respondent, the Commissioner of the New Hampshire Insurance Department (department). We affirm.

The parties stipulated to, or the record reveals, the following facts. On or about January 3,2000, each petitioner purchased the Polaris II variable annuity (Polaris II) sold by Anchor National Life Insurance Company (Anchor). Each annuity cost $350,000, resulting in a total initial investment of $700,000.

*579The Polaris II is a…