Wealth management

In Brief: Hartford Gets Spitzer Annuity Subpoena

Published June 29, 2005, 1:00 a.m. EDT

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Updated June 28, 2005, 2:59 p.m. EDT

1 Min Read

Hartford Financial Services Group said Tuesday that it had received a subpoena regarding its variable annuity sales practices.

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The Hartford, Conn., insurer got the subpoena June 23 from New York Attorney General Eliot Spitzer's office regarding purchases of its variable annuities by senior citizens in New York. The subpoena also sought information on exchanges by New York senior citizens of other products for Hartford's variable annuities. The company said it would cooperate in giving requested information.

NASD and the Securities and Exchange Commission are among regulators investigating the sales of variable annuities in which an existing variable annuity is replaced by, or exchanged for, a new one. Hartford is the top U.S. provider of variable annuities.

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