Regulatory action by New York State Department of Financial Services: civil penalty
Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.
The new York State Department of Financial Services alleged that Axa equitable life insurance Company violated new York insurance Law Section 4240(e) by filing plans of operation with respect to certain of its separate acccuonts with the new York State insurance Department and new York State Department of Financial Services (collectively, the "Department") without adequately informing and explaining to the Department the significance of the implementation of the Axa tactical manager strategy.