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Bureau of Insurance
OTHER PFR AGENCIES
Equity indexed annuities
Equity indexed annuities have grown in popularity in recent years. Some of their characteristics have proven to be very attractive to risk-averse consumers. However, these products are complex financial instruments, and many purchasers do not understand what they are buying. Unfortunately, there are also some producers who fail to adequately understand what they are selling. This brief article touches on three major areas of concern which the Bureau has identified based upon recent cases: suitability, inadequate disclosure of terms in the sales presentation, and undue pressure during the free look period. Producers may be subject to discipline for making unsuitable recommendations or engaging in the other activities described below.
If you observe marketing irregularities or other areas of concern, please feel free to contact the Bureau of Insurance. Producer issues may be directed to Arthur G. Hosford, Jr., Maine Bureau of Insurance, 34 State House Station, Augusta, ME 04333.
Last Updated: August 22, 2012
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