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SEC And NASD Anticipate Additional Actions Over Sales of Variable Annuities To Qualified Plans and Others
The SEC and NASD provided details of their regulatory crackdowns at a recent life insurance product conference.
Officials are concerned with sales of variable annuities to tax-deferred retirement plans such as 401(k)s, and the failure of brokers and insurance agents to explain the drawbacks of those products.
Officials also are concerned that brokers and agents are overemphasizing tax deferral without explaining that taxes are due on withdrawal. Finally, the so-called "bonus" annuity again is under attack, especially if brokers or agents convinced policyholders to exchange older policies to purchase bonus annuities.
Source: Investment News, October 30, 2000
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