Annuity Kickbacks

San Francisco, CA: (Nov-14-07) Connecticut's Attorney General brought charges against Principal Financial Group Inc., alleging that the company made reimbursement arrangements with brokers who sold single premium group annuity policies. Sources stated that as part of a settlement reached, the company agreed to pay a penalty of $600,000 to the state of Connecticut. Further, as part of the deal, the company also agreed to establish a fund in the amount of $4.4 million to be paid to plan sponsors who bought single premium group annuity policies from brokers who received the payments during the designated time period. The Des Moines, Iowa-based financial services firm stated that those referenced in the settlement represent less than 5% of all single premium group annuity policies written by Principal Financial between 1998 and 2006. [FORBES: ANNUITY KICKBACKS]

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Published on Nov-15-07