Wisconsin Panel To Review Annuity Sales Practices

Wisconsin Deputy Insurance Commissioner Kimberly Shaul will chair the annuity advisory committee. Members will include producers and insurance industry representatives as well as state lawmakers, regulators of other financial institutions and consumer groups, officials say.

“The Office of the Commissioner of Insurance has seen some very questionable annuity sales practices over the past several years, especially when seniors are involved,” officials say. “The tax consequences of surrendering an annuity coupled with, at times, high and long-lasting surrender charges calls into question the suitability of some of these annuity sales.”