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Wisconsin Panel To Review Annuity Sales Practices
8/2/07, WISCONSIN - (National Underwriter
Online News Service)
The Wisconsin insurance commissioner’s office is setting
up an Annuity Sales Supervision Advisory Committee.
The committee will start meeting by the end
of the summer, and it is supposed to make recommendations
for improving annuity sales practices – and insurance
company supervision of annuity producers –within 18
months, according to Sean Dilweg, Wisconsin’s insurance
commissioner.
“We feel that it is time to get a better
handle on what we can do about the questionable sales practices
we’ve been seeing in our complaint files and hearing
about in the market,” Dilweg says in a statement about
the new committee.
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.”
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