MEDIA ADVISORY: INSURANCE DEPARTMENT HOLDING PUBLIC HEARING IN ALBANY AUGUST 13 ON LIFE INSURANCE, ANNUITY SALES SUITABILITY

The New York State Insurance Department will hold a public hearing on August 13 in Albany on practices related to the sale of increasingly complex life insurance and annuity products, particularly to seniors. The hearing will focus on suitability – whether a particular product is the right one for an individual consumer based on the consumer’s financial status, investment objectives, tax implications and other relevant information – of life insurance and annuity sales in New York State. At the hearing, the Department will try to find out if there is a problem concerning unsuitable sales of life insurance and annuities in New York, and if so, what should be done about it.

WHERE:
Albany Convention Center
Meeting Room 6
Empire State Plaza
Albany NY

WHEN: Thursday, August 13. The hearing will begin at 10 a.m. and continue until 5 p.m. or until testimony is complete, whichever comes first.

WEBCAST: The hearing will be webcast live at www.totalwebcasting.com/live/nysins.

Press Contacts:
Andrew Mais 212-480-5262, 917-749-3408
Ron Klug 212-480-5262

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