Senator Warren says life insurers admit to offering 'kickbacks'
Source: Reuters
U.S. Senator Elizabeth Warren said 13 major U.S. life insurers had admitted to using incentives such as expensive vacations and gifts, which could encourage agents "to put their own interests ahead of their clients."
The senator had launched an investigation into 15 major annuity providers in April amid concerns about the "kickbacks" they offered to brokers who peddle products to retirees.
Warren voiced her concern about the loopholes in law that allows some advisers to steer customers into complex financial products for higher rewards.
"Research suggests that this loophole costs Americans an estimated $17 billion every year," she said in a report released by her office on Tuesday.
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Read more: http://www.reuters.com/article/2015/10/27/us-usa-annuities-warren-idUSKCN0SL2Q820151027
Deals | Tue Oct 27, 2015 3:03pm EDT
MADem
(135,425 posts)houston16revival
(953 posts)Insurance runs the world. From the Dutch East India Company to LLoyd's of London
to your auto insurance, it's all about limiting liability so the rich can profit and make
money without risk. Incorporating is done to limit owners' liability.
Insurance is absolutely paralyzing us with costs and regulations. It's not an argument
for tort reform. It's just describing how I see it.
Scuba
(53,475 posts)Thank you Elizabeth for speaking out.
The silence of others in government is deafening.