AIG will pay a $12 million penalty to New York State for violations related to its subsidiary, American General Life Insurance Co. and its pension risk transfer business after an investigation by the New York State Department of Financial Services found that AGL solicited and did insurance business in New York without a license.
The state found that from Jan. 1, 2014, to June 17, 2019, AGL entered into four large-scale pension risk transfer deals and bid on several others, involving employees based in New York and New Jersey, the department said in a release.
As part of its agreement with the state, AIG will transfer the handling of transactions from AGL to its New York-based subsidiary, the United States Life Insurance Co. in the City of New York.
Meanwhile, Raymond James snags Edward Jones advisor in Arizona.
New Morgan Stanley research shows retirement planning is a key area where advice is required.
ASA reacts as regulator drops no-deny policy, freeing firms and individuals to publicly dispute allegations after reaching settlements.
Joel Frank allegedly sold more than $39 million worth of investments in the Equilus Funds to more than 90 investors,
The Charity Parity Act would eliminate a costly IRA rollover requirement that blocks direct charitable transfers from workplace retirement plans.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
