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New York Fines Insurers $1.83M Over Annuity Sales

Saturday, Sep 28 2019
Regulatory & Compliance
Written by  PFA News
New York Fines Insurers $1.83M Over Annuity Sales

The New York Department of Financial Services has fined six U.S. life insurers $1.83 million for recommending that their clients switch their annuities for other products that generated less income. So reports Reuters.

Companion Life Insurance Co. and Penn Mutual Life Insurance Company received the largest fines as a result of the regulator alleging that the companies didn’t comply with best interest requirements.

Click here to read the full article from Reuters.

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