Tag Archives: annuities

NYDFS Fine Annuity Switches

On Dec. 5, NYDFS fined National Integrity $240k for annuities. National Integrity Life Insurance Company violation on annuity contract sales. Follows NYDFS Dec. 2016 guide on insurer annuity replacements. Disclosure on Switches Violated NY Insurance Regulations 187 and 60, on replacing annuity contracts. Immediate annuity provide periodic income payments beginning in 13 months. Deferred annuity…
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FINRA Fine VA Sales Suitability

On Jun. 15, FINRA fined Park Avenue Securities $300k re annuities. Failed to address suitability for sales of different variable annuity share classes. No surveillance to see if representatives had potentially inappropriate VA rates. Did not provide training to representatives to sell on the various share classes. Did not establish, maintain and enforce, a supervisory…
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