New York State Dings Nationwide Over Immediate Annuity Sales
May 24, 2022 by Allison Bell
The New York State Department of Financial Services is continuing to push insurers to treat consumers who roll assets from accumulation annuities into income annuities the same way they treat consumers making other types of annuity exchanges.
The department announced Friday that it has imposed $2.245 million in penalties on Nationwide Life Insurance Co. in connection with deferred-annuity-to-immediate-annuity exchanges.
Click HERE to read the full story via ThinkAdvisor
Wink’s Note: Okay…trying to figure this out.
Is this someone who owns a Nationwide deferred annuity doing an exchange into a Nationwide SPIA?
And is New York State Department of Financial Services trying to say that Nationwide is culpable for not doing the proper best interest regulation protocols? I thought the advisor was responsible for that? Join the conversation HERE -sjm
