United States Fire Insurance Company of New York controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2019
New York fines six life insurers over annuity disclosures
Fine or penalty
New York’s Department of Financial Services reprimanded six life insurers for violating regulations on deferred-to-immediate annuity replacement transactions. The insurers collectively agreed to pay $1,152,154 in client restitution and $673,000 in penalties. The department’s investigations found that they failed to properly disclose income comparisons and suitability information, leading consumers to exchange more financially favourable deferred annuities for immediate annuities.
Company response
Remediation — Companion Life Insurance
The insurers have agreed to take corrective actions, including revising their disclosure statements to include side-by-side monthly income comparison information and revising their disclosure, suitability, and training procedures to comply with regulations.
Remediation — Guardian Insurance & Annuity Company
The insurers have agreed to take corrective actions, including revising their disclosure statements to include side-by-side monthly income comparison information and revising their disclosure, suitability, and training procedures to comply with regulations.
Remediation — Northwestern Mutual Life Insurance
The insurers have agreed to take corrective actions, including revising their disclosure statements to include side-by-side monthly income comparison information and revising their disclosure, suitability, and training procedures to comply with regulations.
Remediation — Penn Mutual Life Insurance
The insurers have agreed to take corrective actions, including revising their disclosure statements to include side-by-side monthly income comparison information and revising their disclosure, suitability, and training procedures to comply with regulations.
Source excerpt
The insurers are Companion Life Insurance, Guardian Insurance & Annuity Company, Northwestern Mutual Life Insurance, Penn Mutual Life Insurance, Prudential Insurance Company of America, and United States Life Insurance Company.
New York’s Department of Financial Services (DFS) has reprimanded six life insurance firms for violating its regulations with regard to “deferred to immediate annuity replacement transactions”.
They will collectively pay $1,152,154 (£926,342, €1,047,565) in restitution to clients based in New York state, as well as hand over $673,000 in penalties.