Pacific Life Insurance will pay a penalty of $3 million for violating New York insurance law in connection with the company’s pension risk transfer business.
The New York State Department of Financial Services said in a release that an investigation it conducted found that Pacific Life solicited and engaged in the business in New York without a license. The state said the penalty constitutes the third enforcement action it has taken against unlicensed operators in the pension risk transfer business.
A pension risk transfer transaction typically involves a plan sponsor, usually an employer offering pension plan protection to its employees, who transfers some or all the assets and liabilities of a defined benefit pension plan to a life insurance company. The life insurance company then issues a group annuity contract, obligating itself to make benefit payments to either the plan sponsor or the plan participants.
New York insurance officials said that in 2016 and 2019, Pacific Life bid on and won two large transactions with a New York-based sponsor. As part of its agreement with the State, Pacific Life will transfer the handling of transactions from itself to its New York-based subsidiary, Pacific Life & Annuity Co.
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