SEC and NY Attorney General Charge Insurers With Permitting Market Timing in Variable Annuities, Insurers to Pay $20 Million in Settlement
August 2004
Relevant Industry Group:
Life Insurance
In the wake of the mutual fund scandal fallout, the Securities and Exchange Commission ("SEC") and New York Attorney General Eliot Spitzer have both brought their first enforcement action against insurance companies for permitting timing of funds in variable annuity subaccounts.
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SEC and NY Attorney General Charge Insurers
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