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Athene Life Insurance Co. of New York was fined $15 million by state regulators Thursday after an examination by the agency found the company violated the state’s insurance laws and regulations by failing to make required disclosures to their policyholders.

The agreement also involves First Allmerica Financial Life Insurance Co., a subsidiary of Global Atlantic Financial Group, which agreed to make remedial efforts costing about $40 million.

The state Department of Financial Services found the companies withheld information from about 15,000 policyholders from 2015 to 2017. Those violations happened after Athene ceded almost all of its life insurance business to FAFLIC through a series of reinsurance agreements in 2013. Athene still owned the policies, but FAFLIC was responsible for managing them.

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Dan M. Clark

Dan M. Clark is the Albany reporter for the New York Law Journal. He covers the state Court of Appeals, the state legislature, state regulators, and more. Email Dan anytime at [email protected]

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