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Washington state Insurance Commissioner Mike Kreidler?fined New York Life Insurance Company $46,328 (fortress.wa.gov)?in January for failing to make sure its insurance producers were up to date on their training requirements.?
Insurance agents are required to receive specific long-term care training and continuing education to ensure they have the knowledge to properly sell long-term care products. The legislature requires insurers to share in the responsibility through an annual education verification process.
New York Life Insurance failed to verify that 22 of its producers had received the requisite training before they were allowed to sell or negotiate the company?s long-term care insurance products in 2021 and 2022.
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