New York Life to pay $10.9 million for annuity replacement violations
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New York state says the insurer failed to adequately inform consumers about the differences between products.
New York Life has agreed to pay $5.4 million in restitution and $5.529 million in penalties as part of a settlement with New York state in connection with violations of insurance regulations relating to annuity replacement transactions.
The state’s Department of Financial Services found that Ne
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