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.
CFP, CFA and CPA holders could gain accredited investor status as regulators weigh wider private market access for advisory clients
DeepVest, Vanilla and Libretto roll out tools to help financial advisors launch firms, close estate plans and sharpen planning skills
“People aren't effectively using their wealth in retirement,” said David Blanchett of Prudential.
Second-generation NFL ref Shawn Hochuli co-founded IWM Partners in Irvine, California, a wealth management practice with more than $500M in client assets
U.S. seniors lose $28.3 billion annually as a result of financial exploitation, according to a 2023 AARP study.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
