Empire State regulators have imposed a $1.9 million fine on a financial services company in connection with allegations of annuity replacement disclosure violations and other violations.
AXA Equitable Life Insurance Company, New York, a unit of AXA S.A., Paris, paid the fine to the New York State Insurance Department, department officials say.
The department announcement “relates to a standard examination, begun 4 years ago, which found no consumer harm,” an AXA Equitable spokesman says. “We’re pleased to put it behind us.”
Department officials discovered evidence of the alleged violations, which officials say occurred from Jan. 1, 2001, to June 30, 2006, during a routine examination, officials say.