Sen. Warren Claims Insurance ‘Kickbacks’ Cost Retirement Savers Billion
October 1, 2024 by Tracey Longo
In a new report designed to support the Department of Labor’s embattled retirement security rule, Sen. Elizabeth Warren accuses the insurance and annuities industries of paying sales incentives and kickbacks that wind up costing customers billions of dollars.
The report, entitled, “CANCUN, CRUISES AND CASH: How the Department of Labor’s New Retirement Security Rule Would End Insurance Industry Kickbacks that Cost Savers Billions,” is the culmination of an investigation Warren and her staff launched in April.
The report details the findings of investigations into 15 of the largest annuities companies and their use of what Warren describes as kickbacks and perks to push conflicted sales.
The investigation details the travel and cash sales prizes and perks that insurers and annuities companies offer, which Warren alleges creates an impetus for advisors and agents to aggressively push more costly products.
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