Insurer Balks at N.Y.’s Tough Annuity Rules
September 11, 2019 by John Kimelman
New York state’s new tougher rule on the sale of annuities and life insurance products is already taking its toll on the insurance industry.
Investment News reports that Jackson National Life Insurance Co. has suspended sales of fee-based annuities in New York in response to a new rule that imposes tougher standards on brokers and life insurance agents selling insurance products in the state.
The insurer, the second largest seller of individual annuities in the U.S. last year, halted sales Aug. 12 in response to a specific consumer disclosure that the New York Department of Financial Services requires as part of Insurance Regulation 187.
The rule requires sales of annuity and life insurance products to be in consumers’ best interests.
Originally Posted at Barron's on September 5, 2019 by John Kimelman.
Categories: Industry Articles
