New York Insurance Department to hold hearing on life insurance and annuities sales to seniors

The New York Insurance Department will hold a public hearing tomorrow on the marketing of life insurance and annuities, specifically focusing on suitability of sales to seniors.
SEP 15, 2009
The New York Insurance Department will hold a public hearing tomorrow on the marketing of life insurance and annuities, specifically focusing on suitability of sales to seniors. The department, which is headed up by state insurance superintendent James J. Wrynn, is seeking to weigh how effective its regulations are and whether it should add rules to strengthen penalties for unsuitable insurance and annuity sales. Notably, New York doesn’t use the National Association of Insurance Commissioners’ annuity suitability model rule, which is in effect in 40 states. Those who are expected to give testimony at the hearing include Sean Dilweg, commissioner of insurance in Wisconsin, Marc Menchel, executive vice president and general counsel of the Financial Regulatory Authority Inc.; and Ryan Wilson, strategic policy advisor for the AARP’s public policy institute. Mr. Wrynn and Matthew Gaul, special counsel to the superintendent, will be there on behalf of the department.

Latest News

Integrated Partners, Kestra welcome multigenerational advisor teams
Integrated Partners, Kestra welcome multigenerational advisor teams

Integrated Partners is adding a mother-son tandem to its network in Missouri as Kestra onboards a father-son advisor duo from UBS.

Trump not planning to fire Powell, market tension eases
Trump not planning to fire Powell, market tension eases

Futures indicate stocks will build on Tuesday's rally.

From stocks and economy to their own finances, consumers are getting gloomier
From stocks and economy to their own finances, consumers are getting gloomier

Cost of living still tops concerns about negative impacts on personal finances

Women share investing strengths, asset preferences in new study
Women share investing strengths, asset preferences in new study

Financial advisors remain vital allies even as DIY investing grows

Trump vows to 'be nice' to China, slash tariffs
Trump vows to 'be nice' to China, slash tariffs

A trade deal would mean significant cut in tariffs but 'it wont be zero'.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.