(Reuters) - Athene Life Insurance Company of New York will have to pay a fine of $15 million for violations of New York insurance law and regulations, the state’s Department of Financial Services (DFS) said on Thursday.
Along with Athene, First Allmerica Financial Life Insurance Company will make remedial efforts totaling about $40 million for similar violations, the regulator said.
The investigation, initiated following complaints from customers, found that Athene did not provide required information to about 15,000 policyholders, including premium notices, annual reports or cash surrender value notices, from 2015 to 2017.
First Allmerica Financial Life Insurance Company has administered all policies issued by Athene since 2015.
Reporting by Diptendu Lahiri in Bengaluru