Filed Under:Your Practice, Regulatory

“Complex” products risky to insurers, too

Offers state guaranty fund caveats for CDAs but positions products as helpful in retirement to older Americans

Risks abound—even for insurers—in not fully understanding annuity products. Photo credit: FreeDigitalPhotos.net
Risks abound—even for insurers—in not fully understanding annuity products. Photo credit: FreeDigitalPhotos.net

The General Accounting Office (GAO) agrees new annuity designs with guarantees can be helpful to helping consumers looking for a steady stream of income but used a variety of input from state and federal regulators as well as insurers to conclude that consumers should proceed with caution, or the help of a professional, for now, when selecting these products.

And, the report said the products are not without risk for both consumers and the industry.

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Nichole Morford

Nichole Morford
Managing Editor

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