Annuity Services Insurance Center Fined $15,000

The California Department of Insurance has fined Annuity Services Insurance Center $15,000 for deceptive advertising practices targeting senior citizens in California, Insurance Commissioner Steve Poizner said.

Beginning in August 2004, Investor’s Union LLC, doing business as Annuity Service Insurance Center, sent out at least 235,000 unsolicited mailers to California residents, CDI said. The notices stated that recipients, "… may have an annuity that has reached the end of its surrender period," and told them to contact the Annuity Service Insurance Center. Those who responded were asked questions about their investments and assets. Those who qualified were then scheduled to meet with salespeople for an annuity/life insurance sales pitch...

Claims Journal: Annuity Services Insurance Center Fined $15,000