SEC bars Prudentialife from selling new pre-need plans

As a showcase of the Securities and Exchange Commission’s resolve to regulate the troubled pre-need industry well, SEC chair Fe Barin told the senate hearing Monday that it had prohibited Prudentialife Plans Inc. from selling new pre-need plans since April 16.

Barin told the Senate Committee on Trade, which is conducting the hearings on the controversial retail financial industry, that Prudentialife failed to present an acceptable proposal to address its capital and trust fund deficiencies.

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