Jackson National Suspends N.Y. Fee-Based Annuity Sales
September 11, 2019 by Christopher Robbins
Jackson National announced that it suspended the sale of fee-based annuities in New York last month due to the implementation of a new fiduciary regulation.
At issue is Insurance Regulation 187, which requires that insurers offer consumers a comparison showing the differences between fee- and commissioned-based annuities.
Jackson temporarily halted the annuity sales on Aug. 12 “as we and other market participants continue to work through the product disclosure requirements in Regulation 187 with the New York Department of Financial Services,” said a Jackson spokesperson. “We remain committed to delivering helpful and relevant disclosures to consumers and distribution partners and to resuming sales of our advisory products in New York as soon as possible.”
The company is continuing to sell its commission-based annuity products in New York.