Superintendent of Financial Services Benjamin Lawsky, in issuing a statement, maintained that insurers must go above and beyond when making disclosures to retirement products that could alter investment returns.
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The New York Department of Financial Services has hit Axa with a $20 million fine after claiming the firm failed to notify the regulator of making significant changes to an annuity product. So reports Bloomberg.
Superintendent of Financial Services Benjamin Lawsky, in issuing a statement, maintained that insurers must go above and beyond when making disclosures to retirement products that could alter investment returns.