New York Regulators Fine Athene Life Insurance

Athene Life Insurance Co. of New York was fined $15 million by New York financial regulators for not presenting required information to nearly 15,000 life-insurance policyholders from 2015 to 2017.

The violations occurred after First Allmerica Financial Life Insurance Co., a unit of Global Atlantic Financial Group, agreed to administer many of Athene’s life-insurance policies in 2013. FirstAllmerica also provided reinsurance for the policies.

As part of Thursday’s agreement, First Allmerica also agreed to make remedial efforts totaling about $40 million, including waiving some back premiums or extending payments for policyholders who didn’t receive notices, New York’s Department of Financial Services said.

The Wall Street Journal

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