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The No. 2 seller of annuity products was reassured by new guidance issued by New York regulators.
New York regulators issued new guidance that puts the industry at ease.
The SEC backed off a promising provision in its proposed rule, while New York takes on use of misleading titles in no uncertain terms.
The departures follow the news that Jackson National halted sales of some products in the state.
Others insurers are also poised to pull out of the New York market given the tougher sales standards.
This detail could catch clients off guard when they surrender or exchange a policy.
Promoters of insurance products can say pretty much anything in their marketing materials.
Some financial advisers are wary of the possibility insurers will sell long-term-care blocks to private-equity firms or hedge funds.
The regulator issued an investor bulletin about indexed annuities that instead described a different product — a buffer annuity.
Markopolos cited the effect of new standards for how companies account for long-term care policies.
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