The Kentucky Department of Insurance is reminding insurance agents to be careful when advising clients on securities transactions.
State law requires that investment advisors be registered with the state. And when a
n insurance agent advises a consumer to “sell, surrender, roll over, or otherwise liquidate a securities product (e.g., 401(k) plans, IRAs, mutual funds, and brokerag
e accounts) in favor of an insurance or annuity product, and is compensated in connectio
n with that advice, the agent may be acting” as an investment advisor, the department said in a bulletin this month.
In such cases, the agent may be subject to registration and compliance with the Securities Act of Kentucky.
Unless registered as an investment advisor, agents should avoid:
Recommending the liquidation or transfer of securities to purchase insurance or annuity products, especially when profiting from that advice.
Providing opinions or forecasts about securities or comparative performance between securities and insurance products that could be interpreted as investment advice.
The DOI did not say what prompted the reminder, or if the DOI has received complaints from consumers. Questions may be directed to the Department of
A fire in a commercial plaza in Thomaston, Connecticut damaged five businesses including a popular restaurant, Patti’s Place.
Firefighters battled the building fire on Park Street late Tuesday night and into Wednesday morning.
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“Crews started with an aggressive interior attack, with a deep-seated fire, conditions changed fast forcing them to move to an exterior attack. Crews worked for aro
und 14 hours to extinguish the fire in freezing weather conditions, leading to frozen hydrants, hoses, apparatus, and gear,” the fire department said in a post.
On Wednesday afternoon, about 3 pm, the fire department was dispatched back to the
site for a rekindle. The situation was quickly resolved and crews cleared.
The businesses affected include Patti’s Place, American Nail Salon, Moms Place, Chatham Beach Salon, and U.S. Graphics.
The cause of fire is under investigation.