Investment News reports that state insurance regulators from 35 states have voted to allows insurance carriers to terminate an annuity benefits if the owner sells the contract.
The vote deals a blow to the nascent secondary market for annuities since it would be increasingly difficult to sell an annuity into the secondary market.
According to the Investment News article, a driving factor of the decision involves concern over "the price of the products and the potential for controversial stranger-originated transactions."
Source: Investment News
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