New York Insurance Department to hold hearing on life insurance and annuities sales to seniors

The New York Insurance Department will hold a public hearing tomorrow on the marketing of life insurance and annuities, specifically focusing on suitability of sales to seniors. The department, which is headed up by state insurance superintendent James J. Wrynn, is seeking to weigh how effective its regulations are and whether it should add rules to strengthen penalties for unsuitable insurance and annuity sales. Notably, New York doesn’t use the National Association of Insurance Commissioners’ annuity suitability model rule, which is in effect in 40 states. Those who are expected to give testimony at the hearing include Sean Dilweg, commissioner of insurance in Wisconsin, Marc Menchel, executive vice president and general counsel of the Financial Regulatory Authority Inc.; and Ryan Wilson, strategic policy advisor for the AARP’s public policy institute. Mr. Wrynn and Matthew Gaul, special counsel to the superintendent, will be there on behalf of the department.