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.Last modified on Saturday, 12 October 2019
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New York Fines Insurers $1.83M Over Annuity Sales
- Sunday, Sep 29 2019
- Regulatory & Compliance
- Written by PFA News
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.