New York State Growls at Out-of-State Pension Risk Transfer Marketers
September 17, 2019 by Allison Bell
The New York State Department of Financial Services has a stern warning for out-of-state group annuity issuers: Don’t try to sell pension risk transfer arrangements in New York without getting licensed in New York state.
Out-of-state insurers should not even try to sell group annuities to customers located outside of New York state from offices in New York state.
Kevin Bishop, the department’s acting general counsel, gave that message today, in a circular letter sent to all life insurers and insurance producers doing business in New York.
The letter has the title, “Re: Soliciting, Negotiating, Selling, and Servicing Group Annuity Contracts Issued by Unauthorized Insurers.”
In the text, Bishop says the department has heard that “one or more unauthorized life insurers have been soliciting, negotiating, selling, and servicing group annuity terminal funding or close-out contracts from their New York offices through in-person meetings, telephone calls, mail, emails, and other communications.”
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