Minnesota Attorney General, Lori Swanson, filed a lawsuit against American Equity Investment Life Insurance Company. American Equity is the third largest issuer of indexed deferred annuities in the United States. Recently, the suit was settled. The settlement included a restitution process and additional requirements for future annuity sales. This settlement was modeled after the earlier settlemet with Allianz. CLICK HERE TO READ MORE.
Minnesota Attorney General, Lori Swanson, filed her third lawsuit in one year against another large insurance company, Midland National Life Insurance Company. The lawsuit alleged unsuitable sales of long-term deferred annuities to senior citizens. Furthermore, the lawsuit alleged that Midland National violated state consumer fraud laws and failed to comply with suitability laws that require insurance companies to ensure that an annuity is suitable for each particular senior citizen. CLICK HERE TO READ MORE.
California Attorney General, Bill Lockyer, and Insurance Commissioner, John Garamendi, filed a $110 million plus lawsuit against multiple companies in order to stop a scam that tricks elderly into investing in annuities that actually undermine their financial security. American Investors Life Insurance Company, Family First Advanced Estate Planning and Family First Insurance Services are some of the defendants that you will find in this lawsuit. CLICK HERE TO READ MORE.
HEARINGS
The United States Senate Special Committee on Aging held a special hearing in September 2007 on Advising Seniors About Their Money, Who Is qualified - Who is not? To view the webcast CLICK HERE.
