The New York State Department of Financial Services - Life Insurance Resource Center

Stockbroker Law - Thursday, May 21, 2015
The New York State Department of Financial Services - Life Insurance Resource Center

The New York State Department of Financial Services maintains a Life Insurance Resource Center on its website designed to inform New York State residents of the various life insurance-related products being sold in New York State. These products include immediate annuity contracts such as:  


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Reverse Convertibles – Risky Investments Plagued with Losses

Stockbroker Law - Monday, May 18, 2015
Reverse Convertibles – Risky Investments Plagued with Losses

A number of brokerage firms have sold reverse exchangeable securities, also known as reverse convertibles, to retail investors. These structured products, promising high yields, are often difficult for the average investor to understand and are loaded with risks. In Regulatory Notice 10-09, the Financial Industry Regulatory Authority (FINRA) noted the complexity of these products, which are essentially a short-term note whose performance is tied to a separate asset such as a common stock or grouping of stocks, or an index. The maturity dates of these investments generally range from three months to a year and feature coupon rates oftentimes higher than conventional debt instruments. 


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Are You Interested in Being An SEC Whistleblower?

Stockbroker Law - Friday, May 15, 2015
Are You Interested in Being An SEC Whistleblower?

The Office of the Whistleblower of the Securities and Exchange Commission (hereafter “SEC”) established a whistleblower program on July 21, 2010 as a part of the Dodd-Frank Wall Street Reform and Consumer Protection Act signed by President Obama on July 21, 2010. The SEC Office of the Whistleblower hosts Frequently Asked Questions (www.SEC.gov/whistleblower). The whistleblower tip submissions can be made either online through the SEC’s tip, complaint or referral portal, or by mailing or faxing a Form TCR to: 


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Senator Elizabeth Warren Investigate Insurance Company Sales Incentives For Annuity Products

Stockbroker Law - Tuesday, May 12, 2015
Senator Elizabeth Warren Investigate Insurance Company Sales Incentives For Annuity Products

Massachusetts Senator Elizabeth Warren sent a letter on Tuesday, April 26, 2015, to a number of large insurance companies, including MetLife, Inc., American International Group, Inc., Pacific Life Insurance Company, Allianz SE, U.S. Life division, TIAA-CREF New York Life Insurance, Prudential PIC, Nationwide Mutual Insurance Company, Jackson National Life, Riversource Life Insurance Co., Security Benefit Life Insurance Co., Prudential Financial, Aegeon’s Transamerica, AXA S.A.’s U.S. Unit, and Lincoln National Corp. seeking the particulars of monetary incentives, gifts, and other things of value paid to third party brokers, brokerage firms, and agents involved with the sales of annuity products. 


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