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Axa Slapped with $20M Fine

Saturday, Mar 22 2014
Regulatory & Compliance
Written by  PFA News

The New York Department of Financial Services has hit Axa with a $20 million fine after claiming the firm failed to notify the regulator of making significant changes to an annuity product. So reports Bloomberg.

Superintendent of Financial Services Benjamin Lawsky, in issuing a statement, maintained that insurers must go above and beyond when making disclosures to retirement products that could alter investment returns.

Read the full article from Bloomberg.

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