Insurers To Pay NY More Than $2M To Settle Annuity Sales Errors

April 14, 2020 by John Hilton

Three insurers agreed to pay more than $2 million in restitution and penalties to New York for annuity replacement transactions that violate the state’s new best-interest standard.

State Department of Financial Services Superintendent Linda A. Lacewell announced the three consent orders with Lincoln Life & Annuity Company of New York, MassMutual Life Insurance Company, and Pacific Life & Annuity Company. The insurers, collectively, will pay $1,084,407 in restitution to New York State consumers, plus $934,000 in penalties.

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Originally Posted at InsuranceNewsNet on April 10, 2020 by John Hilton.