The Hartford Financial Services Group Inc. has received another subpoena from New York Attorney General Eliot Spitzer about variable annuity sales and about how it reports workers’ compensation premiums. The Hartford previously disclosed that Spitzer had subpoenaed the company about sales of variable annuities to senior citizens in New York.
The most recent demand for information seeks details about New Yorkers’ purchases of variable annuities under three possibilities: when money was withdrawn from a 401(k) savings plan or other tax-advantaged retirement savings plan to buy the annuity, annuity purchases made within such a plan and kept there and information about purchases of variable annuities later placed into 401(k) or other plans that receive favorable tax treatment.
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