State-chartered banks have the right to sell annuities to their customers, New York State's appeals court ruled last week.

Modifying a lower court's ruling, the appellate division of the New York Supreme Court said sales of the insurance products are an "incidental power" of banks under a long-standing state law.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.