Original source: https://www.dfs.ny.gov/reports_and_publications/press_releases/pr1909111
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New York State Department of Financial Services (09/11/19)
New York Superintendent of Financial Services Linda A. Lacewell declared that the Department of Financial Services (DFS) issued guidance to life insurance and insurance producers to safeguard New York pension holders out of unlicensed activity in the nation’s pension risk transfer market. DFS has learned that handicapped life insurers, as well as insurance producers and unlicensed people representing unauthorized insurers or retirement plan sponsors with offices in New York, have been soliciting, negotiating, selling, and servicing group annuity contracts related to transferring retirement danger, such as terminal financing or close-out contracts, issued by companies that are not licensed in New York and in breach of New York Law. “We are taking this action to safeguard against unauthorized activity in the insurance market by or for companies which aren’t licensed in New York to ensure that New York’s pension holders receive the important consumer protections offered by New York Insurance Law,” explained Lacewell. “Consumer safety is the high priority, and we will continue to make sure that unauthorized individuals and insurers do not conduct business in New York State.”… Read More
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