MassMutual To Pay $1.6M Over Unclear Annuity Disclosures

Law360, New York (November 15, 2012, 10:26 PM EST) -- Massachusetts Mutual Life Insurance Co. agreed Thursday to pay a $1.6 million fine to settle charges by the U.S. Securities and Exchange Commission that it failed to disclose information to consumers about complex annuity products that even its own sales agents found confusing.

The SEC charged MassMutual with securities law violations after an investigation that focused on guaranteed minimum income benefit, or GMIB, riders it offered from 2007 to 2009 on certain variable annuity products. According to the SEC, the company did not sufficiently disclose the...
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