New York Life Insurance to pay $10.9 million for improper annuity swapping

March 9, 2021 by Reuters Staff

(Reuters) – New York Life Insurance & Annuity Corporation has agreed to pay $10.9 million in compensation and penalties for causing clients to switch their existing annuities to a plan that generated less income, the state’s insurance regulator said on Tuesday.

The insurer did not properly disclose income comparisons and suitability information of the annuity products to consumers, according to an investigation by the New York Department of Financial Services (NYDFS).

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Originally Posted at Reuters on March 2, 2021 by Reuters Staff.