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New York State Fines AXA Equitable $20 Million
The Wall Street Journal; subscription may be required Link to more items from this source
Mar. 17, 2014
"New York state's [Department of Financial Services (DFS)] fined the U.S. insurance unit of AXA SA $20 million, the state's largest penalty against an insurance company, for failing to adequately report changes in certain retirement-income contracts.... In its regulatory filings, according to the state, AXA Equitable 'failed to inform and adequately explain to DFS the significance of the changes caused by introduction and application' of a strategy designed to smooth funds' returns.... The company's omissions limited the state's ability to put in place consumer protections, according to DFS[.]"

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