Annuity CEOs receive disclosure demands from Sen. Warren

Breaking News: Elizabeth Warren, the Democratic senator from Massachusetts, has asked chief executives at 15 major annuity issuers to furnish her with details about the incentives they offer, if any, to insurance distributors, to encourage the sale of annuities.

U.S. Senator Elizabeth Warren (D-MA), the crusader for consumer financial protection and scourge of the financial services industry, has sent identical letters to executives at 15 different life insurance company executives asking for an inventory of their annuity sales incentives, if any.

A ranking member of the Senate subcommittee on Economic Policy and at one time a candidate to lead the Consumer Financial Protection Bureau, Warren asked the executives to provide the information by May 11, less than two weeks from now.

Chief executive officers at AIG, Allianz Life, AXA Equitable, AVIVA [now Athene], American Equity Investment Life, Transamerica, TIAA-CREF, AIG, RiverSource Life, Prudential Annuities, Pacific Life, New York Life, Nationwide Financial, MetLife, Lincoln Financial Group, and Jackson National Life received the letters.

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