Principal Life Insurance to pay $6 million for failure to disclose value of customer plans
November 4, 2020 by Des Moines Register
Des Moines-based Principal Life Insurance Co. will pay $6 million in a settlement with New York’s financial regulator for failing to tell customers whether their new investments would end up costing them money in the long run, the state announced Friday.
Principal employees did not explain to hundreds of customers how much money they might lose by switching their life insurance plans from deferred annuities to immediate annuities, according to the New York Department of Financial Services.
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Originally Posted at Des Moines Register on October 30, 2020 by Des Moines Register.
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