Last Sunday, the Life Insurance and Annuities Committee met at the NAIC Fall Meeting in Austin, Texas. The agenda: strengthened suitability in annuity transactions model law. According to a recent article from InsuranceNewsNet, the Annuity Suitability Working Group worked on the annuity sales model for …
An article by Reuters’ Jonathan Stempel further emphasizes the importance of responsibility when selling variable annuities. The Financial Industry Regulatory Authority (FINRA) has fined Fifth Third Securities about $2 million (including $250,000 in restitution) for unsuitable sales of variable annuity products to the elderly, whom …
While the value of a variable annuity has sunk along with the stock market, it may actually be a good idea to purchase one soon if you’re interested. Marc Ruiz in the Chicago Post-Tribune points out that the variable annuities currently on the market filed …
A press release from Florida’s Chief Financial Officer Alex Sink details new legislation the state has passed to protect residents from annuities fraud. Specifically, it bans the practice known as “twisting”, where an unscrupulous agent combines several annuities into one with a different holiday. The …
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