Speak with a Registered Agent: 1-866-223-2121

Speak with a Registered Agent: 1-866-223-2121

More Annuity Regulation Possible


By

Insurance regulators in the state of New York are holding four hearings to determine if they need to add more regulations for life insurance and annuity contract sales, as written by Jonathan D. Epstein of the Buffalo News.  The article, “Insurance Department mulls more oversight”, says that the hearings will start in Buffalo on August 6 and follow in Albany, Long Island and New York City through the middle of September.  The issue of “suitablity”, or the proper match of product and consumer, is the insurance regulators’ main focus.  They want to make sure that companies are not improperly selling life insurance and/or annuities to people that the products do not suit.

The New York State Insurance Department seeks individuals and organizations alike to come to these hearings and voice comments or concerns.  Whether in the field of academics, aiding senior citizens, or average Joe citizen, they want to collect information from you.  They are also accepting comments by mail, email and the state’s website.

NAIC, the National Association of Insurance Commissioners, has what they call their “model regulation”.  Although 30 states follow this model, New York is not one of them.  Currently there is no law in New York that bans selling life insurance or annuity contracts that are not in the consumer’s best interest.  The insurance regulators will decide after these hearings whether the state will adopt the NAIC guidelines or the Financial Industry Regulatory Authority rules governing variable annuities.  Another pending decision is whether or not the new policies will be a blanket rule for all life insurance and annuity sales.  There’s a lot of discussion to be had.

For more information about the product mentioned in this article contact us here:

Information Request Form

If you have questions or would like more information, please complete this form and a licensed professional will be happy to help. For the fastest response, please select 'Phone' as your Contact Preference.

By providing your information and clicking 'Submit' above, you acknowledge that you have read and agree to this site's privacy policy. You also provide your consent to be contacted at the email address or phone number provided above (including any wireless number) by licensed agents or representatives from or on behalf of AFYI Holdings Group, LLC and other companies to provide the information requested and/or offer annuities or financial products. You understand that these calls or SMS messages may be generated using an automated telephone dialing system, a pre-recorded message, or artificial voice. Consent to receive such messages is not a condition to purchase any goods or services. You may opt out at any time by following the instructions in the messages you receive.  Receiving quotes and information through our website is free, and you are under no obligation to purchase any goods or services as a result of this request. You affirm that you are the subscriber of the provided telephone number or that the subscriber authorized you to provide the number. Message and data rates may apply. AFYI Holdings Group, LLC is committed to respecting your privacy and adhering to all applicable laws and regulations, including the Telephone Consumer Protection Act (TCPA).