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NY issues reminder against unlicensed activity in pension risk transfer market

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NY issues reminder against unlicensed activity in pension risk transfer market

The New York Department of Financial Services has released a circular letter to life insurers and insurance producers in the state reminding them that it is prohibited to solicit, negotiate, sell and/or service in any manner group annuity contracts issued by unauthorized insurers in the state.

The regulator found out that unauthorized life insurers — including insurance producers and unlicensed individuals representing unauthorized insurers or pension plan sponsors with offices in New York — have been soliciting, negotiating, selling and servicing group annuity contracts issued by companies not licensed in the state. The contracts are connected to pension risk transfer, such as terminal funding or close-out contracts.

In New York, an unauthorized insurer may only do limited activities that consist of "back office" functions such as information gathering and assembling policies on non-New York risks.