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Warren probes insurers' sales incentives for annuities
Warren probes insurers' sales incentives for annuities

Sen. Elizabeth Warren is probing the sales practices of the nation's largest providers of annuities, a popular but often complex financial product sold for retirement planning. The Massachusetts Democrat sent a letter Tuesday to units of New York's MetLife Inc. and American International Group Inc., Pacific Life Insurance Co. in Newport Beach, and a dozen other annuities providers seeking details of perks and other incentives provided to third-party brokers, dealers and agents who sell the product. Warren said in a statement that the perks include cruises, cash, iPads and Super Bowl-style diamond-encrusted rings and often appear to be  "kickbacks" to...

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