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July 09, 2009 at 08:00 PM
The New York State Insurance Department has scheduled a series of 4 public hearings on annuity and life insurance sales suitability issues.
The department will be looking at whether current state regulations do enough to ensure that the particular products that individual consumers buy are the right products for those consumers, officials say.
New York now has no regulatory or statutory ban on unsuitable sales, officials report.
Instead, New York simply requires that sellers of insurance and annuity products provide specified disclosures and product comparison information.
