Tuesday, September 23, 2014
NY Insurance Regulator Questioning Insurers Over Indexed Universal Life Policies
The New York Department of Financial Services is examining the marketing tactics used by life insurers to sell indexed universal life policies. The agency sent a letter to 134 insurance companies on September 10 requesting details about their indexed universal life products and materials used to advertise them to potential buyers. The agency's concern is the policies' are being presented to consumers in an inappropriate manner. Financial Services Superintendent Benjamin Lawsky is investigating whether some insurance companies are taking advantage of consumers by misrepresenting the policies' potential returns.