New rules adopted for annuity sales

Tuesday, June 21st 2005, 8:35 am

By: News On 6

OKLAHOMA CITY (AP) _ The state Insurance Department is adopting new rules intended to protect older Oklahomans from people who sell unneeded annuities that can lock up investments for years.

The rules take effect July 1st and require annuity sales agents to clearly identify themselves as insurance agent to customers who are 65 or older. The agents must also identify the products as annuities and its intent and the annuity sales should be in the customer's best interest.

Annuities can lock up an investor's money for years, or be very expensive for the investor to get the money.

State Insurance Commissioner Kim Holland says about $2.5-million have been recovered for senior citizens that she says were victimized by unscrupulous sales agents.