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2019
New York fines six life insurers over annuity disclosures
New York’s Department of Financial Services reprimanded six life insurers for violating regulations on deferred-to-immediate annuity replacement transactions. The insurers collectively agreed to pay $1,152,154 in client restitution and $673,000 in penalties. The department’s investigations found that they failed to properly disclose income comparisons and suitability information, leading consumers to exchange more financially favourable deferred annuities for immediate annuities.