Spitzer Targets Senior VA Sales
Hartford Financial Services Group Inc. received a subpoena last week from New York Attorney General Eliot Spitzer’s office in connection with an investigation into variable annuity sales. [@@]
Hartford spokesman Josh King says the investigation will target sales and exchanges of variable annuities to New York residents over 65.
A spokesman for Spitzer’s office declined to comment on the investigation.
Sales of variable annuities to seniors have long been on the radar screen of regulators. Just 2 years ago, the National Association of Insurance Commissioners, Kansas City, Mo., approved a model law specifically aimed at curbing the abuses that have arisen in that area.