Tuesday, March 07, 2006
NASD Fines New York Brokerage $400,000 For Violating Rules Meant To Protect Buyers Of Variable Life Insurance And Variable Annuities.
The NASD, a broker self-regulatory organization, yesterday fined David Lerner Associates $400,000 for violating rules meant to protect buyers of variable life insurance and variable annuities. It was the Syosset-based brokerage's fourth fine by regulators in two years.
David Lerner Associates was also suspended from conducting new business in variable life insurance and variable annuities for 30 days. The firm neither admitted nor denied wrongdoing, and said that insurance and annuities compose only "a relatively small portion" of its core products.
NASD Fines New York Brokerage $400,000 For Violating Rules Meant To Protect Buyers Of Variable Life Insurance And Variable Annuities.
Source: Insurance News Net
David Lerner Associates was also suspended from conducting new business in variable life insurance and variable annuities for 30 days. The firm neither admitted nor denied wrongdoing, and said that insurance and annuities compose only "a relatively small portion" of its core products.
NASD Fines New York Brokerage $400,000 For Violating Rules Meant To Protect Buyers Of Variable Life Insurance And Variable Annuities.
Source: Insurance News Net
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