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.
Research reveals a 4% year-on-year increase in expenses that one in five Americans, including one-quarter of Gen Xers, say they have not planned for.
Raymond James also lured another ex-Edward Jones advisor in South Carolina, while LPL welcomed a mother-and-son team from Edward Jones and Thrivent.
MyVest and Vestmark have also unveiled strategic partnerships aimed at helping advisors and RIAs bring personalization to more clients.
Wealth management unit sees inflows of $23 billion.
Deal will give US investment bank a foothold in lucrative European market.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
