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Insurance Regulators Focus on Abusive Sales Practices
By Tony Novak

State insurance regulators are focusing their efforts on a short list of five consumer problems areas related to the improper sale of variable annuities and life insurance. The problem areas include: 1) 1035 exchanges, 2) variable annuities inside of qualified accounts, 401(k) s or IRAs, 3) failure to fully disclose costs and fees, 4) comparing sub-accounts to mutual funds, and 5) improper or unrealistic product illustrations.

While the actual extent of problems in these areas is not known, some industry observers believe that one or more regulations was violated in the sale of the majority of variable annuities and variable life insurance polices. The vast majority of sales prac...
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