Yesterday, the New York State Insurance Department (“NYSID”) issued a press release announcing that it will hold public hearing on Wednesday, September 16, regarding life insurance and annuity sales practices. The hearing is particularly concerned with sales practices as they apply to seniors, and will focus on suitability (i.e. whether a particular product is appropriate for an individual consumer). During the hearing, the NYSID hopes to determine whether a New York has a problem with respect to unsuitable sales, and, if so, how to address such problem.
The hearing will start at 10:00 a.m. and continue until 5:00 p.m. or until testimony is complete.