New York Eyes Annuity Withdrawal Disclosures

The New York State Insurance Department is drafting advice that would encourage annuity sellers to warn consumers about the dangers of taking early excess withdrawals.

Insurers that are selling annuities with guaranteed minimum withdrawal benefit features should provide disclosure “in the sales presentation before the contract is issued and again at the time an excess withdrawal is requested,” Michael Maffei, chief of the New York department’s Life Bureau, writes in a draft circular letter posted on the department’s website...

National Underwriter: New York Eyes Annuity Withdrawal Disclosures