Principal Life settles for $6M over N.Y. state violations
BPC Staff Nov 5, 2020 | 9:42 pm
<1 min read time
93 wordsAll Latest News, Insurance & Investments, Law & GovernmentCorridor Business Journal: Des Moines-based Principal Life Insurance Co. has reached a $6 million settlement with financial regulators in New York for not being upfront with customers about how much money they might lose by switching their life insurance plans from deferred annuities to immediate annuities. The New York Department of Financial Services announced Oct. 30 it had entered into a consent order with Principal for state violations of insurance disclosure and suitability regulations in deferred to immediate annuity replacement transactions. The company will pay just over $6 million in restitution and penalties.
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