A Message from Eileen McDonnell, Chairman & Chief Executive Officer and Dave O’Malley, President and Chief Operating Officer
Penn Mutual to Suspend Offering Life and Annuity Products in the State of New York
Acting in the long-term best interests of all of its policyholders, Penn Mutual has made the business decision to suspend accepting applications for life and annuity insurance products in the state of New York. We remain committed to continuing to provide the highest level of service to our existing New York customers. Our product offerings in all other states are not impacted by this decision.
This decision will be implemented in two phases.
- After August 30, we will no longer accept any annuity applications in New York. Fixed and variable annuity contracts must be issued by the close of business on August 30, 2019, including 1035 exchanges.
- After December 31, we will no longer accept any life insurance applications in New York. Life insurance policies must be issued by the close of business on December 31, 2019, including 1035 exchanges.
As a financially strong Mutual Company, we will continue to invest in our offices located in New York and support our HTK affiliated advisers with insurance and investment products through our open-architecture platform. We thank you for your support as we work with the New York Department of Financial Services to realign our corporate infrastructure for the future and resume Penn Mutual product sales in New York.