New York Life has agreed to pay $5.4 million in restitution and $5.529 million in penalties as part of a settlement with New York state in connection with violations of insurance regulations relating to annuity replacement transactions.
The state’s Department of Financial Services found that New York Life failed to properly disclose income comparisons and suitability information to consumers, causing them to exchange more financially favorable deferred annuities for immediate annuities.
“Many New York consumers received incomplete information regarding the replacement annuities, resulting in less income for identical or substantially similar payout options,” the department said in a release.
As a result of its investigation, the department said it had entered into settlements with 12 life insurance companies, totaling $23 million in restitution and penalties.
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