New York Life Sues Former Agent to Recoup Commission Advances

“Victor Chavez was permitted to resign after a review of his business practices raised concerns on a number of issues, including a pattern of life insurance applications declined for inaccurate or incomplete information such as the insured’s contact information and a possible signature discrepancy,” according to an entry in Chavez’ record in the FINRA BrokerCheck system.

Chavez has been registered with Park Avenue Securities since December 2023, according to BrokerCheck.

New York Life says Chavez owes it money because the company has a contractual right to get back advances it paid him in connection with life insurance applications he submitted that never actually resulted in the issuance of life insurance policies, that resulted in policies on which commissions were adjusted, or that resulted in the issuance of policies that were later rescinded or canceled.

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