New Annuity Law Increases Senior Protections

Insurance Department Consumer Liaison David Buono on Dec. 5 urged Area Agency on Aging leaders to educate seniors who visit their centers about the beefed-up consumer protections around annuities, contained in Act 48, which became Pennsylvania law in June.

The law was intended to strengthen consumer annuity protections.

Several major insurers recently reported spikes in sales, with more than $59 billion worth of annuities sold nationally during 2018’s first quarter, the highest sales since the ‘fiduciary rule’, requiring financial brokers to put customers’ interests ahead of their own, was put...