Companion Life Insurance drew the biggest penalty for the violations, which involved immediate annuity replacement sales.
The insurer said it needs time to comply with new state fiduciary rules that cover all annuity and insurance sales.
Hint: It’s complicated.
The #20 billion in second-quarter sales was the highest quarterly total ever, LIMRA said.
The decision is an opening salvo in a likely state-by-state industry battle over state standards.
Fixed annuities continue to drive growth, representing 63 percent of overall sales.
The financial industry is still grappling with replacing the traditional employer-sponsored pension.
LIMRA says total fourth-quarter sales of annuities are expected to rise 15 percent.
With more retirees leaving the workforce with IRAs, advisors have to understand the essentials, Ed Slott said.
It is critical for advisors to understand the true benefit of each type of annuity by going beyond the issue of cost.
Fixed annuity sales reached an all-time high of $132 billion.
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