https://www.retirementplanningscottsdale.com/2019/10/30/anil-vazirani-scottsdale-investment-advisor-reports-that-an-aig-unit-is-under-sec-probe-for-sales-practices/ Anil Vazirani, Scottsdale Investment Advisor, reports that an AIG unit is under SEC probe for sales practices
According to a Wall Street Journal report, a business unit of American International Group (AIG) is currently under investigation by the US Securities Exchange Commission (SEC). This firm is Variable Annuity Life Insurance Company (VALIC), an AIG-owned insurance company which specializes in tax-qualified retirement plans, supplemental tax-deferred and after-tax investments.
The report says the SEC’s probe includes VALIC’s sales and disclosure practices, specifically whether the firm’s compensation structure rewards representatives for selling higher-cost products to retirement plan participants, and whether the insurer properly discloses these payments.
As far as is known, VALIC hasn’t commented yet on the report.
For more information, see: https://www.insurancebusinessmag.com/us/news/breaking-news/aig-unit-under-sec-probe-for-sales-practices–wsj-189984.aspx
Anil Vazirani is president of Secured Financial Solutions, independent insurance advisor investment advisor rep with a fiduciary obligation and in the financial services industry since 1994. A+ rating with the Better Business Bureau for over a decade and a half, members in good standing with the National Association of Insurance and Financial Advisors.
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