Tiaa Cref Tuition Financing, Inc.

Allegations: ALLEGED VIOLATIONS OF VARIOUS PROVISIONS OF NEW YORK INSURANCE LAWS Status: Final Sanction Detail: ON MARCH 17, 2016, TIAA ENTERED INTO A STIPULATION WITH THE NEW YORK DEPARTMENT OF FINANCIAL SERVICES ("NYDFS") TO, AMONG OTHER THINGS, FINDINGS BY NYDFS THAT TIAA VIOLATED VARIOUS PROVISIONS OF NEW YORK INSURANCE LAW. THE STIPULATION CITED VIOLATIONS OF NYDFS REGULATION 60 AND REGULATION 152 RELATED TO REPLACEMENT AND RECORDKEEPING REQUIREMENTS. TIAA PAID A CIVIL PENALTY IN THE AMOUNT OF $18,112 ON 3/17/2016. THE STIPULATION COVERED THE EXAM PERIOD 01/2005 THROUGH 12/2008. NYDFS HAS ASSESSED THE REMEDIATION PLAN DURING THE SUBSEQUENT EXAMINATION IN 2013 WITH NO FINDINGS OR VIOLATIONS IDENTIFIED RELATED TO REPLACEMENT, ILLUSTRATION, DISCLOSURE AND RECORDKEEPING REQUIREMENTS. Summary: THIS SETTLEMENT DOES NOT INVOLVE TIAA-CREF TUITION FINANCING, INC.. HOWEVER, TFI IS AN WHOLLY OWNED SUBSIDIARY OF TIAA. ON MARCH 17, 2016, TIAA STIPULATED TO, AMONG OTHER THINGS, FINDINGS BY THE NYDFS THAT TIAA VIOLATED VARIOUS PROVISIONS OF NEW YORK INSURANCE LAW AND PAID A CIVIL PENALTY OF $18,112.

Allegations: THE ALLEGED VIOLATIONS INCLUDED THE FOLLOWING: FAILURE TO PROVIDE THE "NOTICE OF AVAILABILITY OF THE DEPARTMENT OF INSURANCE" AND FAILURE TO PROVIDE BENEFICIARIES WITH A REASONABLE WRITTEN EXPLANATION OF DELAY OF CLAIM PAYMENT BEYOND 45 DAYS, AS REQUIRED BY SECTION 50 ILL. ADM. CODE 919.70(A)(2); AND FAILURE TO NOTIFY BENEFICIARIES OF THE AVAILABILITY OF INTEREST AT THE TIME OF CLAIM SUBMISSION, AS REQUIRED BY 215 ILCS 5/224(1)(I). Status: Final Sanction Detail: ON MARCH 2, 2020, THE ILLINOIS DEPARTMENT OF INSURANCE (IDI) ISSUED A MARKET CONDUCT EXAMINATION VERIFIED REPORT AND STIPULATION AND CONSENT ORDER IN CONNECTION WITH A MARKET CONDUCT EXAMINATION OF TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA ("TIAA"). WITHOUT ADMITTING FAULT, LIABILITY, OR WRONGDOING, TIAA AGREED TO A STIPULATION AND CONSENT ORDER (THE "CONSENT ORDER") FINDING THAT IT VIOLATED SECTIONS 50 ILL. ADM. CODE 919.70(A)(2) FOR NOT PROVIDING A "NOTICE OF AVAILABILITY OF THE DEPARTMENT OF INSURANCE" AND FOR NOT PROVIDING BENEFICIARIES WITH A REASONABLE WRITTEN EXPLANATION OF DELAY OF CLAIM PAYMENT BEYOND 45 DAYS; AND VIOLATED 215 ILCS 5/224(1)(I) FOR NOT NOTIFYING BENEFICIARIES OF THE AVAILABILITY OF INTEREST AT THE TIME OF CLAIM SUBMISSION. THE IDI IMPOSED A CIVIL FORFEITURE OF $18,000 FOR TIAA. Summary: THIS MATTER DOES NOT INVOLVE TIAA-CREF TUITION FINANCING, INC.

Allegations: TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA ("TIAA") ACCEPTED A CONSENT ORDER FOR FAILING TO PROVIDE A TIMELY CYBERSECURITY EVENT NOTIFICATION TO THE MIA IN VIOLATION OF §33-105(A) WHICH REQUIRES CARRIERS TO GIVE NOTICE TO THE MIA WITHIN THREE BUSINESS DAYS OF DETERMINING A CYBERSECURITY EVENT HAS OCCURRED. Status: Final Sanction Detail: TIAA WAS FINED $1,250 Summary: TIAA WAS FINED $1,250