Mackay Shields Llc

Allegations: IN JUNE 2018,MACKAY SHILEDS NOTIFIED THE SFSA OF ONE SHORT POSITION IN THE SHARES OF A SWEDISH ISSUER. THAT NOTIFICATION WAS MADE UNINTENTIONALLY LATER THAN THE NOTIFICATION DEADLINE SPECIFIED IN REGULATION (EU) NO. 236/2012. Status: Final Sanction Detail: MACKAY SHIELDS WAS ORDERED TO PAY A SPECIAL FINE OF SEC 2,500 (APPROX. $300.00) UPON THE ISSUANCE OF AN INVOICE BY THE SFSA. Summary: MACKAY SHIELDS WAS NOTIFIED ON 5/20/19, THAT THE SFSA WAS INVESTIGATING TO DETERMINE WHETHER TO IMPOSE A SPECIAL FINE. ON 6/11/20 MACKAY SHIELDS WAS NOTIFIED THAT THE SFSA DECIDED TO IMPOSE A SPECIAL FINE OF SEK 5,000(APPROX. $600.00). MACKAY SHIELDS APPEALED THE DECISION. ON 2/8/21, MACKAY SHIELDS WAS NOTIFIED THAT THE APPEAL WAS NOT SUCCESSFUL IN OVERTURNING THE DECISION, HOWEVER, THE AMOUNT OF THE SPECIAL FINE WAS REDUCED TO SEK 2,500 (APPROX. $300.00). THE DECISION BECAME FINAL ON 3/11/21.

Allegations: A CIVIL PENALTY TO NEW YORK LIFE INSURANCE COMPANY BECAUSE A THIRD PARTY ADMINISTRATOR WORKING ON ITS BEHALF FAILED TO COMPLY. Status: Final Sanction Detail: A CIVIL PENALTY TO NEW YORK LIFE INSURANCE COMPANY BECAUSE A THIRD PARTY ADMINISTRATOR WORKING ON ITS BEHALF FAILED TO COMPLY. NYLIC PAID $6000 TO THE STATE OF KENTUCKY ON OCTOBER 30, 2014. Summary: NYLIC PAID $6000 TO THE STATE OF KENTUCKY ON OCTOBER 30, 2014.

Allegations: THE ILLINOIS DEPARTMENT OF INSURANCE CONDUCTED A MARKET EXAM, THE REPORT OF WHICH IDENTIFIED CERTAIN AREAS WHERE NYLIC WAS NOT IN COMPLIANCE WITH ILLINOIS INSURANCE REGULATIONS. NYLIC AND THE IL DEPT OF INSURANCE ENTERED INTO A STIPULATION AND CONSENT ORDER UNDER WHICH NYLIC WILL PAY A CIVIL PENALTY AND INSTITUTE POLICIES AND PROCEDURES TO COMPLY WITH APPROPRIATE REGULATIONS. Status: Final Sanction Detail: THE CIVIL FORFEITURE LEVIED AGAINST NYLIC WAS IN THE AMOUNT OF $26,450 AND A CHECK WAS ISSUED, PAYABLE TO THE DIRECTOR OF INSURANCE, FOR THIS AMOUNT ON 12/16/15. Summary: NYLIC PAID $26,450 TO THE DIRECTOR OF INSURANCE ON 12/16/15.

Allegations: NYLIC ADMITTED TO THE FACTS AND ACCEPTED THE MARYLAND ADMINISTRATION'S CONCLUSIONS AS STATED IN THE EXAMINATION REPORT (MCLH-17-2011-E), IN RELATION TO NOT OFFERING THE BENEFICIARY IN WRITING AN EXPLANATION OF THE FEATURES OF THE RETAINED ASSET ACCOUNTS. NYLIC DENIED LIABILITY TO ANY THIRD PARTY AS A RESULT OF THE VIOLATIONS. Status: Final Sanction Detail: NYLIC AND THE MARYLAND ADMINISTRATION AGREE TO THE TERMS OF THE ORDER WHERE NYLIC PAID $1,000.00 IN PENALTIES AND IMPLEMENTED REMEDIAL MEASURES. Summary: NYLIC ADMITTED TO THE FACTS AND ACCEPTED THE MARYLAND ADMINISTRATION'S CONCLUSIONS AS STATED IN THE EXAMINATION REPORT (MCLH-17-2011-E), IN RELATION TO NOT OFFERING THE BENEFICIARY IN WRITING AN EXPLANATION OF THE FEATURES OF THE RETAINED ASSET ACCOUNTS. NYLIC DENIED LIABILITY TO ANY THIRD PARTY AS A RESULT OF THE VIOLATIONS. NYLIC AND THE MARYLAND ADMINISTRATION AGREE TO THE TERMS OF THE ORDER WHERE NYLIC PAID $1,000.00 IN PENALTIES AND IMPLEMENTED REMEDIAL MEASURES.

Allegations: A CIVIL PENALTY TO NEW YORK LIFE INSURANCE COMPANY BECAUSE A THIRD PARTY ADMINISTRATOR WORKING ON ITS BEHALF FAILED TO COMPLY WITH THE HEALTH INSURANCE CLAIM PAYMENT STANDARDS UNDER THE KENTUCKY PAY ACT. Status: Final Sanction Detail: IN MARCH 2014 NEW YORK LIFE INSURANCE COMPANY PAID A CIVIL PENALTY IN THE AMOUNT OF $5,000 TO THE KENTUCKY DEPARTMENT OF INSURANCE BECAUSE A THIRD PARTY ADMINISTRATOR WORKING ON ITS BEHALF FAILED TO COMPLY WITH THE HEALTH INSURANCE CLAIM PAYMENT STANDARDS UNDER THE KENTUCKY PROMPT PAY ACT. Summary: IN MARCH 2014 NEW YORK LIFE INSURANCE COMPANY PAID A CIVIL PENALTY IN THE AMOUNT OF $5,000 TO THE KENTUCKY DEPARTMENT OF INSURANCE BECAUSE A THIRD PARTY ADMINISTRATOR WORKING ON ITS BEHALF FAILED TO COMPLY WITH THE HEALTH INSURANCE CLAIM PAYMENT STANDARDS UNDER THE KENTUCKY PROMPT PAY ACT.

Allegations: AS A RESULT OF A ROUTINE MARKET CONDUCT EXAMINATION OF THE AFFAIRS OF NEW YORK LIFE INSURANCE COMPANY FOR THE PERIOD FROM JANUARY 1, 2005 THROUGH DECEMBER 31, 2009, THE NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES FOUND THAT NEW YORK LIFE VIOLATED SECTION 53-3.5(A), 53-3.2(A)(2) AND 53-3.6(B) OF THE DEPARTMENT REGULATION NO. 74 AS WELL AS NEW YORK INSURANCE LAW SECTION 3201(B)(1). Status: Final Sanction Detail: AS A RESULT OF A ROUTINE MARKET CONDUCT EXAMINATION OF THE AFFAIRS OF NEW YORK LIFE INSURANCE COMPANY FOR THE PERIOD FROM JANUARY 1, 2005 THROUGH DECEMBER 31, 2009, THE NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES FOUND THAT NEW YORK LIFE VIOLATED SECTION 53-3.5(A), 53-3.2(A)(2) AND 53-3.6(B) OF THE DEPARTMENT REGULATION NO. 74 AS WELL AS NEW YORK INSURANCE LAW SECTION 3201(B)(1). Summary: AS A RESULT OF A ROUTINE MARKET CONDUCT EXAMINATION THE AFFAIRS OF NEW YORK LIFE INSURANCE COMPANY FOR THE PERIOD FROM JANUARY 1, 2005 THROUGH DECEMBER 31, 2009, THE NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES FOUND THAT NEW YORK LIFE VIOLATED SECTION 53-3.5(A), 53-3.2(A)(2) AND 53-3.6(B) OF THE DEPARTMENT REGULATION NO. 74 AS WELL AS NEW YORK INSURANCE LAW SECTION 3201(B)(1).

Allegations: DURING THE COURSE OF A ROUTINE MARKET CONDUCT EXAM, THE STATE OF CONNECTICUT INSURANCE DEPARTMENT (THE STATE) FOUND NEW YORK LIFE INSURANCE COMPANY DID NOT TIMELY PAY LONG TERM CARE CLAIMS IN FOUR INSTANCES. Status: Final Sanction Detail: DURING THE COURSE OF A ROUTINE MARKET CONDUCT EXAM, THE STATE OF CONNECTICUT INSURANCE DEPARTMENT (THE STATE) FOUND NEW YORK LIFE INSURANCE COMPANY DID NOT TIMELY PAY LONG TERM CARE CLAIMS IN FOUR INSTANCES. NEW YORK LIFE INSURANCE COMPANY WAS FINED $1,000.00, WHICH WAS PAID TO THE STATE IN DECEMBER 2017. Summary: DURING THE COURSE OF A ROUTINE MARKET CONDUCT EXAM, THE STATE OF CONNECTICUT INSURANCE DEPARTMENT (THE STATE) FOUND NEW YORK LIFE INSURANCE COMPANY DID NOT TIMELY PAY LONG TERM CARE CLAIMS IN FOUR INSTANCES. NEW YORK LIFE INSURANCE COMPANY WAS FINED $1,000.00, WHICH WAS PAID TO THE STATE IN DECEMBER 2017.

Allegations: ON OCTOBER 4, 2021 NEW YORK LIFE INSURANCE COMPANY ("NYLIC") RECEIVED AN ORDER OF CIVIL PENALTY AND ADOPTION OF A CORRECTIVE ACTION PLAN FROM THE KENTUCKY DEPARTMENT OF INSURANCE ALLEGING THAT NYLIC INCORRECTLY IMPLEMENTED PREMIUM RATE INCREASES ON 112 INDIVIDUAL LONG TERM CARE CONTRACTS IN VIOLATION OF KENTUCKY INSURANCE LAW. Status: Final Sanction Detail: ON OCTOBER 4, 2021 NEW YORK LIFE INSURANCE COMPANY ("NYLIC") RECEIVED AN ORDER OF CIVIL PENALTY AND ADOPTION OF A CORRECTIVE ACTION PLAN FROM THE KENTUCKY DEPARTMENT OF INSURANCE ALLEGING THAT NYLIC INCORRECTLY IMPLEMENTED PREMIUM RATE INCREASES ON 112 INDIVIDUAL LONG TERM CARE CONTRACTS IN VIOLATION OF KENTUCKY INSURANCE LAW. Summary: NYLIC PAID A CIVIL PENALTY OF $112,000 TO THE KENTUCKY DEPARTMENT OF INSURANCE.

Allegations: THE OFFICE OF THE MONTANA STATE AUDITOR, COMMISSION OF SECURITIES AND INSURANCE ("CSI") FOUND THAT SINCE 2015 NEW YORK LIFE INSURANCE COMPANY AND NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION (COLLECTIVELY, "NYL") USED GROUP LIFE INSURANCE AND GROUP ANNUITY FORMS THAT HAD NOT BEEN APPROVED BY THE CSI, PROVIDED COVERAGE UNDER SUCH FORMS TO MONTANA RESIDENTS AND DID NOT SUBMIT THE FORMS FOR APPROVAL AS REQUIRED UNDER MONTANA LAW. Status: Final Sanction Detail: THE OFFICE OF THE MONTANA STATE AUDITOR, COMMISSION OF SECURITIES AND INSURANCE ("CSI") FOUND THAT SINCE 2015 NEW YORK LIFE INSURANCE COMPANY AND NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION (COLLECTIVELY, "NYL") USED GROUP LIFE INSURANCE AND GROUP ANNUITY FORMS THAT HAD NOT BEEN APPROVED BY THE CSI, PROVIDED COVERAGE UNDER SUCH FORMS TO MONTANA RESIDENTS AND DID NOT SUBMIT THE FORMS FOR APPROVAL AS REQUIRED UNDER MONTANA LAW. Summary: THE MARCH 23, 2021 CONSENT AGREEMENT RESOLVES THE ALLEGATIONS AGAINST NYL AND WAS ENTERED WITHOUT ADJUDICATION OF ANY ISSUE, LAW OR FACT.

Allegations: NEW YORK LIFE INSURANCE COMPANY FAILED TO USE POLICY FORMS THAT WERE REVIEWED AND APPROVED BY THE STATE. IN ADDITION, CERTAIN FORMS DID NOT COMPLY WITH STATE REGULATIONS. Status: Final Sanction Detail: NEW YORK LIFE AGREED TO A CONSENT ORDER FROM THE STATE AND PAID A FINE OF $100,000 RELATED TO USE OF FORMS IN THE STATE WHICH WERE NOT APPROVED BY OR DID NOT COMPLY WITH STATE REGULATIONS. IN ADDITION TO PAYING THE FINE OF $100,000 ON 12/22/2023, NYL IS ALSO AMENDING FORMS AND AGREEMENT AND RESUBMITTING THEM TO THE STATE TO COMPLY WITH THE APPROPRIATE REGULATIONS. Summary: NEW YORK LIFE AGREED TO A CONSENT ORDER FROM THE STATE AND PAID A FINE OF $100,000 RELATED TO USE OF FORMS IN THE STATE WHICH WERE NOT APPROVED BY OR DID NOT COMPLY WITH STATE REGULATIONS. IN ADDITION TO PAYING THE FINE OF $100,000 ON 12/22/2023, NYL IS ALSO AMENDING FORMS AND AGREEMENT AND RESUBMITTING THEM TO THE STATE TO COMPLY WITH THE APPROPRIATE REGULATIONS.