Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Retirement Planning > Retirement Investing > Annuity Investing

Annuity Lead Generator Settles With Diamond State Regulators

By Staff Writer

X
Your article was successfully shared with the contacts you provided.

An Ohio company that helps generate leads for annuity sellers has negotiated a settlement with the Delaware Department of Insurance.

Investors Union L.L.C., Medina, Ohio, a company that does business as the Annuity Service Center, has agreed to refrain from doing business in Delaware without seeking prior approval from Delaware regulators, and it has agreed to pay $15,000 to cover Delaware’s investigation costs, according to Delaware department officials and Charles Oberly III, a Wilmington, Del., lawyer and former Delaware attorney general who represents Investors Union.

Regulators looked into Investors Union activities after the company sent Delaware residents postcards directing the recipients to call about “an annuity that has reached the end of its surrender period,” even though the firm did not have information about the recipients’ annuities, officials say.

The postcard included a disclaimer stating that recipients need not take action if they did not actually have any annuities, Oberly says.

Investors Union has about 50 employees and continues to engage in the business of generating leads for annuity sellers in states other than Delaware, Oberly says.

Although Investors Union has settled with the Delaware department, it has not agreed to endorse any department allegations stating that the company has done anything wrong, Oberly says.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.