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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.

Last modified on Saturday, 12 October 2019
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