Assets under management Growth by Quarter
Quarterly points use the latest ADV filing or SEC roster snapshot available in each quarter.
Total AUM
Total Accounts
10Y AUM Change
Private Funds
Private funds reported by Ast Investment Services, Inc..
Loading private fund disclosures…
Employee Growth by Quarter
Quarterly points use the latest ADV filing or SEC roster snapshot available in each quarter.
Total Employees
Clients per Employee
10Y Employee Change
Historical AUM and employee figures reflect available SEC Form ADV filings under this CRD. Filing gaps may reflect registration status changes, dormant periods, state registration periods, firm restructuring, or other reporting changes. Rialytix does not interpolate missing periods.
Ownership
Reported direct and indirect ownership ranges
Each range applies to a separate reported relationship and should not be added together.
Reported ownership ranges
Highlighted bands show the percentage range reported in Form ADV.
0%25%50%75%100%
THE PRUDENTIAL INSURANCE COMPANY OF AMERICADirect owner · Schedule AInterest in AST INVESTMENT SERVICES, INC.
75%+
PRUDENTIAL FINANCIAL, INC.Indirect owner · Schedule BInterest in THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
75%+
Bars represent the reported range at that individual ownership step, not an estimated percentage of the advisory firm. Indirect relationships may refer to intermediate entities rather than directly to Ast Investment Services, Inc...
Reported ownership and control details
Form ADV · Filing date 2026-09-25 · Schedules A and B
| # | Owner / person & role | Interest in entity | Reported interest | Control person | Title / status acquired | Source |
|---|---|---|---|---|---|---|
| 1 | SCOTT EDWARD BENJAMINDIRECTOR, BOARD OF DIRECTORSIndividual | AST INVESTMENT SERVICES, INC. | Less than 5%Code NA | Yes | DIRECTOR, BOARD OF DIRECTORS09/2009 | Schedule APDF page 36 |
| 2 | CLAUDIA DIGIACOMOCHIEF LEGAL OFFICERIndividual | AST INVESTMENT SERVICES, INC. | Less than 5%Code NA | Yes | CHIEF LEGAL OFFICER07/2020 | Schedule APDF page 36 |
| 3 | THE PRUDENTIAL INSURANCE COMPANY OF AMERICADIRECT PARENT OF AST INVESTMENT SERVICES, INC.Domestic entity | AST INVESTMENT SERVICES, INC. | 75% or moreCode E | Yes | DIRECT PARENT OF AST INVESTMENT SERVICES, INC.12/2022 | Schedule APDF page 36 |
| 4 | FRANK PAPASAVASTREASURERIndividual | AST INVESTMENT SERVICES, INC. | Less than 5%Code NA | Yes | TREASURER12/2023 | Schedule APDF page 36 |
| 5 | SCOTT EDWARD GAULDIRECTOR, BOARD OF DIRECTORSIndividual | AST INVESTMENT SERVICES, INC. | Less than 5%Code NA | Yes | DIRECTOR, BOARD OF DIRECTORS02/2026 | Schedule APDF page 36 |
| 6 | Robert Ronald KutylaCONTROLLERIndividual | AST INVESTMENT SERVICES, INC. | Less than 5%Code NA | Yes | CONTROLLER02/2026 | Schedule APDF page 36 |
| 7 | PATRICIA ELIZABETH FLYNNCHIEF COMPLIANCE OFFICERIndividual | AST INVESTMENT SERVICES, INC. | Less than 5%Code NA | Yes | CHIEF COMPLIANCE OFFICER05/2026 | Schedule APDF page 36 |
| 8 | Benjamin M JessenCHIEF EXECUTIVE OFFICERIndividual | AST INVESTMENT SERVICES, INC. | Less than 5%Code NA | Yes | CHIEF EXECUTIVE OFFICER09/2026 | Schedule APDF page 36 |
| 9 | PRUDENTIAL FINANCIAL, INC.SHAREHOLDERDomestic entity | THE PRUDENTIAL INSURANCE COMPANY OF AMERICA | 75% or moreCode E | Yes | SHAREHOLDER03/2015 | Schedule BPDF page 37 |
Less than 5% may include zero. Code F identifies a role without specifying a percentage. Reported interests may overlap and may not include every owner. Total indirect ownership is not calculated.
Compliance & Disclosures
Filing dated 9/25/2026 11:52:12 AM
Responses were selected by the RIA in its filing. Questions are shortened for readability; “you” refers to the reporting firm, and some questions also cover advisory affiliates.
RIA or supervised-person involvementThe RIA reported that one or more events below involve the firm or its supervised persons.RIA responseYes
AFelonies2 No
In the past ten years, have you or any advisory affiliate:
- A1Been convicted of or pleaded guilty or no contest to a felony?No
- A2Been charged with a felony?No
BMisdemeanors2 No
In the past ten years, have you or any advisory affiliate:
- B1Been convicted of or pleaded guilty or no contest to a misdemeanor involving investments, an investment-related business, fraud, false statements or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, or extortion?No
- B2Been charged with a misdemeanor of the kind listed above?No
CSEC or CFTC actions4 Yes1 No
Has the SEC or CFTC ever:
- C1Found you or an advisory affiliate made a false statement or omission?Yes
- C2Found you or an advisory affiliate violated SEC or CFTC regulations or statutes?Yes
- C3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
- C4Entered an order against you or an advisory affiliate in connection with investment-related activity?Yes
- C5Imposed a civil money penalty on you or an advisory affiliate, or ordered you or an advisory affiliate to cease and desist from any activity?Yes
DOther regulatory actions3 Yes2 No
Has any other federal regulatory agency, state regulatory agency, or foreign financial regulatory authority ever:
- D1Found you or an advisory affiliate made a false statement or omission, or was dishonest, unfair, or unethical?Yes
- D2Found you or an advisory affiliate violated investment-related regulations or statutes?Yes
- D3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
- D4In the past ten years, entered an order against you or an advisory affiliate in connection with investment-related activity?Yes
- D5Denied, suspended, or revoked your or an advisory affiliate’s registration or license, or otherwise prevented association with an investment-related business or restricted activities?No
ESelf-regulatory organization actions4 No
Has a self-regulatory organization or commodities exchange ever:
- E1Found you or an advisory affiliate made a false statement or omission?No
- E2Found you or an advisory affiliate violated its rules, other than a violation designated as a minor rule violation under an SEC-approved plan?No
- E3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
- E4Disciplined you or an advisory affiliate by expulsion, suspension, barring association with other members, or otherwise restricting activities?No
FProfessional authorizations1 No
- FHas an authorization to act as an attorney, accountant, or federal contractor granted to you or an advisory affiliate ever been revoked or suspended?No
GPending regulatory proceedings1 No
- GAre you or any advisory affiliate now the subject of a regulatory proceeding that could result in a “Yes” answer to any part of C, D, or E?No
HCivil judicial actions and proceedings4 No
(1) Court actions
Has a domestic or foreign court:
- H(1)(a)In the past ten years, enjoined you or an advisory affiliate in connection with investment-related activity?No
- H(1)(b)Found that you or an advisory affiliate violated investment-related statutes or regulations?No
- H(1)(c)Dismissed, pursuant to a settlement agreement, an investment-related civil action brought against you or an advisory affiliate by a state or foreign financial regulatory authority?No
(2) Pending civil proceedings
- H(2)Are you or any advisory affiliate now the subject of a civil proceeding that could result in a “Yes” answer to any part of H(1)?No
Additional DRP filings 15 source blocks
Verbatim excerpts from supporting DRP filings, which may concern the firm or advisory affiliates. Amounts retain their filed labels; no total or attribution is inferred.
regulatory · block 1PDF pages 37–39
- Regulator name — filed text
- U.S SECURITIES AND EXCHANGE COMMISSION
- Monetary/Fine Amount — filed text
- $ 5,000,000.00
- How was matter resolved — filed text
- Decision & Order of Offer of Settlement
Action status / disposition — filed text
ON SEPTEMBER 16, 2019, AST INVESTMENT SERVICES, INC. AND AN AFFILIATE (TOGETHER "AST INVESTMENTS") ENTERED INTO AN AGREEMENT WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ("SEC") TO SETTLE CHARGES RELATING TO CERTAIN SECURITIES LENDING AND FOREIGN TAX RECLAIM PRACTICES THAT AST INVESTMENTS PREVIOUSLY SELF-REPORTED. THE SEC ADMINISTRATIVE ORDER IS FINAL. PURSUANT TO THE SETTLEMENT, THE SEC ORDERED DISGORGEMENT OF $27.6 MILLION, AND A CIVIL MONETARY PENALTY OF $5 MILLION. THE DISGORGEMENT AND PENALTY WERE PAID WITHIN 14 DAYS OF THE ENTRY OF THE ORDER.
Other filed details
Description of allegations — filed text
ON SEPTEMBER 16, 2019, AST INVESTMENTS SERVICES, INC. AND AN AFFILIATE (TOGETHER "AST INVESTMENTS") ENTERED INTO AN AGREEMENT WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ("SEC") TO SETTLE CHARGES RELATING TO CERTAIN SECURITIES LENDING AND FOREIGN TAX RECLAIM PRACTICES THAT AST INVESTMENTS PREVIOUSLY SELF-REPORTED (THE "ORDER"). THE SEC ALLEGED THAT FROM APPROXIMATELY JULY 2005 TO NOVEMBER 2015, AST INVESTMENTS RECALLED SECURITIES ON LOAN FROM FUNDS IN ADVANCE OF THE SECURITIES' DIVIDEND RECORD DATE TO INCREASE FEDERAL TAX BENEFITS FOR PRUDENTIAL FINANCIAL, INC. ("PRUDENTIAL") AST INVESTMENTS' ULTIMATE PARENT. THE ORDER FOUND THAT IN SOME CASES, THIS RECALL PRACTICE FAILED TO MAXIMIZE SECURITIES LENDING INCOME FOR CERTAIN SEPARATE ACCOUNT INVESTMENTS AND FUNDS. THE SEC ALSO FOUND THAT IN 2006, CERTAIN FUNDS MANAGED BY AST INVESTMENTS WERE REORGANIZED FROM REGISTERED INVESTMENT COMPANIES TO PARTNERSHIPS WHICH HAD THE EFFECT OF PROVIDING CERTAIN FEDERAL INCOME TAX BENEFITS TO PRUDENTIAL (THE "REORGANIZATION"). THE ORDER FURTHER FOUND THAT AS A RESULT OF THE REORGANIZATION, THE FUNDS WERE SUBJECT TO HIGHER TAXES IN CERTAIN FOREIGN JURISDICTIONS AS WELL AS DELAYS IN RECEIVING FUNDS WHEN TAXES WERE REFUNDABLE. THE SEC FOUND, AND AST INVESTMENTS NEITHER ADMITTED OR DENIED, THAT AST INVESTMENTS VIOLATED SECTION 206(2) OF THE ADVISERS ACT OF 1940 ("ADVISERS ACT"), SECTION 206(4) OF THE ADVISERS ACT AND RULES 206(4)-8 AND 206(4)-7 THEREUNDER.
Sanction detail — filed text
PURSUANT TO THE SETTLEMENT, THE SEC ORDERED DISGORGEMENT OF $27.6 MILLION, AND A CIVIL MONETARY PENALTY OF $5 MILLION. THE DISGORGEMENT AND PENALTY WERE PAID WITHIN 14 DAYS OF THE ENTRY OF THE ORDER. NO PORTION OF THE PENALTY WAS WAIVED.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
U.S SECURITIES AND EXCHANGE COMMISSION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
DISGORGEMENT, CEASE AND DESIST, CENSURE
3.
Date Initiated (MM/DD/YYYY):
09/16/2019
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
ADMINISTRATIVE PROCEEDING FILE NO. 3-19455
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Mutual Fund(s)
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
ON SEPTEMBER 16, 2019, AST INVESTMENTS SERVICES, INC. AND AN AFFILIATE (TOGETHER "AST INVESTMENTS") ENTERED INTO AN AGREEMENT WITH
THE U.S. SECURITIES AND EXCHANGE COMMISSION ("SEC") TO SETTLE CHARGES RELATING TO CERTAIN SECURITIES LENDING AND FOREIGN TAX
RECLAIM PRACTICES THAT AST INVESTMENTS PREVIOUSLY SELF-REPORTED (THE "ORDER"). THE SEC ALLEGED THAT FROM APPROXIMATELY JULY 2005
TO NOVEMBER 2015, AST INVESTMENTS RECALLED SECURITIES ON LOAN FROM FUNDS IN ADVANCE OF THE SECURITIES' DIVIDEND RECORD DATE TO
INCREASE FEDERAL TAX BENEFITS FOR PRUDENTIAL FINANCIAL, INC. ("PRUDENTIAL") AST INVESTMENTS' ULTIMATE PARENT. THE ORDER FOUND THAT
IN SOME CASES, THIS RECALL PRACTICE FAILED TO MAXIMIZE SECURITIES LENDING INCOME FOR CERTAIN SEPARATE ACCOUNT INVESTMENTS AND
FUNDS. THE SEC ALSO FOUND THAT IN 2006, CERTAIN FUNDS MANAGED BY AST INVESTMENTS WERE REORGANIZED FROM REGISTERED INVESTMENT
COMPANIES TO PARTNERSHIPS WHICH HAD THE EFFECT OF PROVIDING CERTAIN FEDERAL INCOME TAX BENEFITS TO PRUDENTIAL (THE
"REORGANIZATION"). THE ORDER FURTHER FOUND THAT AS A RESULT OF THE REORGANIZATION, THE FUNDS WERE SUBJECT TO HIGHER TAXES IN
CERTAIN FOREIGN JURISDICTIONS AS WELL AS DELAYS IN RECEIVING FUNDS WHEN TAXES WERE REFUNDABLE. THE SEC FOUND, AND AST
INVESTMENTS NEITHER ADMITTED OR DENIED, THAT AST INVESTMENTS VIOLATED SECTION 206(2) OF THE ADVISERS ACT OF 1940 ("ADVISERS ACT"),
SECTION 206(4) OF THE ADVISERS ACT AND RULES 206(4)-8 AND 206(4)-7 THEREUNDER.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Decision & Order of Offer of Settlement
11. Resolution Date (MM/DD/YYYY):
09/16/2019
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 5,000,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived:
PURSUANT TO THE SETTLEMENT, THE SEC ORDERED DISGORGEMENT OF $27.6 MILLION, AND A CIVIL MONETARY PENALTY OF $5 MILLION. THE
DISGORGEMENT AND PENALTY WERE PAID WITHIN 14 DAYS OF THE ENTRY OF THE ORDER. NO PORTION OF THE PENALTY WAS WAIVED.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON SEPTEMBER 16, 2019, AST INVESTMENT SERVICES, INC. AND AN AFFILIATE (TOGETHER "AST INVESTMENTS") ENTERED INTO AN AGREEMENT WITH
THE U.S. SECURITIES AND EXCHANGE COMMISSION ("SEC") TO SETTLE CHARGES RELATING TO CERTAIN SECURITIES LENDING AND FOREIGN TAX
RECLAIM PRACTICES THAT AST INVESTMENTS PREVIOUSLY SELF-REPORTED. THE SEC ADMINISTRATIVE ORDER IS FINAL. PURSUANT TO THE
SETTLEMENT, THE SEC ORDERED DISGORGEMENT OF $27.6 MILLION, AND A CIVIL MONETARY PENALTY OF $5 MILLION. THE DISGORGEMENT AND
PENALTY WERE PAID WITHIN 14 DAYS OF THE ENTRY OF THE ORDER.regulatory · block 2THE PRUDENTIAL INSURANCE COMPANY OF AMERICAPDF pages 39–41
- Advisory affiliate name — filed text
- THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
- Regulator name — filed text
- STATE OF NEVADA DEPARTMENT OF BUSINESS AND INDUSTRY, DIVISION OF INSURANCE
- Monetary/Fine Amount — filed text
- $ 500.00
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
THE COMPANY DID NOT PROVIDE A TIMELY SUBMISSION OF AN ANNUAL REPORT TO THE NEVADA DEPARTMENT OF BUSINESS AND INDUSTRY, DIVISION OF INSURANCE AS REQUIRED BY NRS 683A.08528(1).
Other filed details
Description of allegations — filed text
THE COMPANY DID NOT PROVIDE A TIMELY SUBMISSION OF AN ANNUAL REPORT TO THE NEVADA DEPARTMENT OF BUSINESS AND INDUSTRY, DIVISION OF INSURANCE AS REQUIRED BY NRS 683A.08528(1).
Sanction detail — filed text
$500 FINE PAID 7/10/2019.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: THE PRUDENTIAL INSURANCE COMPANY OF AMERICA (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) STATE OF NEVADA DEPARTMENT OF BUSINESS AND INDUSTRY, DIVISION OF INSURANCE 2. Principal Sanction: Other Other Sanctions: $500 FINE 3. Date Initiated (MM/DD/YYYY): 06/26/2019 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: CAUSE NO. 19.0337 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): THE PRUDENTIAL INSURANCE COMPANY OF AMERICA 6. Principal Product Type: Insurance Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE COMPANY DID NOT PROVIDE A TIMELY SUBMISSION OF AN ANNUAL REPORT TO THE NEVADA DEPARTMENT OF BUSINESS AND INDUSTRY, DIVISION OF INSURANCE AS REQUIRED BY NRS 683A.08528(1). 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 07/10/2019 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 500.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: $500 FINE PAID 7/10/2019. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE COMPANY DID NOT PROVIDE A TIMELY SUBMISSION OF AN ANNUAL REPORT TO THE NEVADA DEPARTMENT OF BUSINESS AND INDUSTRY, DIVISION OF INSURANCE AS REQUIRED BY NRS 683A.08528(1).
regulatory · block 3THE PRUDENTIAL INSURANCE COMPANY OF AMERICAPDF pages 41–43
- Advisory affiliate name — filed text
- THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
- Regulator name — filed text
- SOUTH DAKOTA DIVISION OF INSURANCE
- Monetary/Fine Amount — filed text
- $ 2,500.00
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, PRUDENTIAL ANNUITIES LIFE ASSURANCE CORPORATION AND PRUCO LIFE INSURANCE COMPANY (COLLECTIVELY, "PRUDENTIAL") AND THE SOUTH DAKOTA DIVISION OF INSURANCE HAVE ENTERED INTO AN AGREEMENT TO RESOLVE A MATTER IN WHICH POSITIVE ACCOUNT VALUES WERE PROVIDED ON FIFTEEN (15) SOUTH DAKOTA ANNUITY CONTRACTS THAT WERE PREVIOUSLY CLOSED. PRUDENTIAL AGREED TO PAY A MONETARY PENALTY OF $2,500.
Other filed details
Description of allegations — filed text
THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, PRUDENTIAL ANNUITIES LIFE ASSURANCE CORPORATION AND PRUCO LIFE INSURANCE COMPANY (COLLECTIVELY, "PRUDENTIAL") AND THE SOUTH DAKOTA DIVISION OF INSURANCE HAVE ENTERED INTO AN AGREEMENT TO RESOLVE A MATTER IN WHICH POSITIVE ACCOUNT VALUES WERE PROVIDED ON FIFTEEN (15) SOUTH DAKOTA ANNUITY CONTRACTS THAT WERE PREVIOUSLY CLOSED. PRUDENTIAL AGREED TO PAY A MONETARY PENALTY OF $2,500.
Sanction detail — filed text
THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, PRUDENTIAL ANNUITIES LIFE ASSURANCE CORPORATION AND PRUCO LIFE INSURANCE COMPANY (COLLECTIVELY, "PRUDENTIAL") AND THE SOUTH DAKOTA DIVISION OF INSURANCE HAVE ENTERED INTO AN AGREEMENT TO RESOLVE A MATTER IN WHICH POSITIVE ACCOUNT VALUES WERE PROVIDED ON FIFTEEN (15) SOUTH DAKOTA ANNUITY CONTRACTS THAT WERE PREVIOUSLY CLOSED.PRUDENTIAL AGREED TO PAY A MONETARY PENALTY OF $2,500.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: THE PRUDENTIAL INSURANCE COMPANY OF AMERICA (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) SOUTH DAKOTA DIVISION OF INSURANCE 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 08/04/2020 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): THE PRUDENTIAL INSURANCE COMPANY OF AMERICA 6. Principal Product Type: Annuity(ies) - Variable Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, PRUDENTIAL ANNUITIES LIFE ASSURANCE CORPORATION AND PRUCO LIFE INSURANCE COMPANY (COLLECTIVELY, "PRUDENTIAL") AND THE SOUTH DAKOTA DIVISION OF INSURANCE HAVE ENTERED INTO AN AGREEMENT TO RESOLVE A MATTER IN WHICH POSITIVE ACCOUNT VALUES WERE PROVIDED ON FIFTEEN (15) SOUTH DAKOTA ANNUITY CONTRACTS THAT WERE PREVIOUSLY CLOSED. PRUDENTIAL AGREED TO PAY A MONETARY PENALTY OF $2,500. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 08/11/2020 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 2,500.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, PRUDENTIAL ANNUITIES LIFE ASSURANCE CORPORATION AND PRUCO LIFE INSURANCE COMPANY (COLLECTIVELY, "PRUDENTIAL") AND THE SOUTH DAKOTA DIVISION OF INSURANCE HAVE ENTERED INTO AN AGREEMENT TO RESOLVE A MATTER IN WHICH POSITIVE ACCOUNT VALUES WERE PROVIDED ON FIFTEEN (15) SOUTH DAKOTA ANNUITY CONTRACTS THAT WERE PREVIOUSLY CLOSED.PRUDENTIAL AGREED TO PAY A MONETARY PENALTY OF $2,500. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, PRUDENTIAL ANNUITIES LIFE ASSURANCE CORPORATION AND PRUCO LIFE INSURANCE COMPANY (COLLECTIVELY, "PRUDENTIAL") AND THE SOUTH DAKOTA DIVISION OF INSURANCE HAVE ENTERED INTO AN AGREEMENT TO RESOLVE A MATTER IN WHICH POSITIVE ACCOUNT VALUES WERE PROVIDED ON FIFTEEN (15) SOUTH DAKOTA ANNUITY CONTRACTS THAT WERE PREVIOUSLY CLOSED. PRUDENTIAL AGREED TO PAY A MONETARY PENALTY OF $2,500.
regulatory · block 4THE PRUDENTIAL INSURANCE COMPANY OF AMERICAPDF pages 43–45
- Advisory affiliate name — filed text
- THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
- Regulator name — filed text
- NEW JERSEY DEPARTMENT OF BANKING AND INSURANCE
- Monetary/Fine Amount — filed text
- $ 1,200,000.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
AS A RESULT OF THE DEPARTMENT'S EXAMINATION, PICA WILL TAKE MEASURES THAT ADDRESS CONCERNS RAISED BYTHE DEPARTMENT. ALSO, PICA WAIVED ITS RIGHT TO A HEARING AND CONSENTED TO AN ADMINISTRATIVE FINE OF ONE MILLION AND TWO HUNDRED THOUSAND DOLLARS ($1,200,000) IN ORDER TO FULLY AND COMPLETELY RESOLVE ALLISSUES ARISING FROM THE EXAMINATION.
Other filed details
Description of allegations — filed text
DEPARTMENT'S EXAMINATION WAS CONDUCTED TO EVALUATE THE COMPANY'S COMPLIANCE WITH VARIOUS STATUTES AND REGULATIONS, PARTICULARLY RELATING TO GUARANTEED GROUP ANNUITY CONTRACTS. THE EXAMINATION REVEALED CERTAIN INSTANCES IN WHICH THE COMPANY'S PRACTICES MAY NOT HAVE ACCORDED WITH THE COMPANY'S PROCESSES AND PROCEDURES AND DID NOT COMPLY WITH PROVISIONS OF APPLICABLE STATUTES
Sanction detail — filed text
PICA PAID THE ADMINISTRATIVE FINE ON 04/27/21
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: THE PRUDENTIAL INSURANCE COMPANY OF AMERICA (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NEW JERSEY DEPARTMENT OF BANKING AND INSURANCE 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 04/26/2021 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: E21-17 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): THE PRUDENTIAL INSURANCE COMPANY OF AMERICA 6. Principal Product Type: Other Other Product Types: GUARANTEED GROUP ANNUITY CONTRACTS 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): DEPARTMENT'S EXAMINATION WAS CONDUCTED TO EVALUATE THE COMPANY'S COMPLIANCE WITH VARIOUS STATUTES AND REGULATIONS, PARTICULARLY RELATING TO GUARANTEED GROUP ANNUITY CONTRACTS. THE EXAMINATION REVEALED CERTAIN INSTANCES IN WHICH THE COMPANY'S PRACTICES MAY NOT HAVE ACCORDED WITH THE COMPANY'S PROCESSES AND PROCEDURES AND DID NOT COMPLY WITH PROVISIONS OF APPLICABLE STATUTES 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Order 11. Resolution Date (MM/DD/YYYY): 04/27/2021 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,200,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: PICA PAID THE ADMINISTRATIVE FINE ON 04/27/21 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). AS A RESULT OF THE DEPARTMENT'S EXAMINATION, PICA WILL TAKE MEASURES THAT ADDRESS CONCERNS RAISED BYTHE DEPARTMENT. ALSO, PICA WAIVED ITS RIGHT TO A HEARING AND CONSENTED TO AN ADMINISTRATIVE FINE OF ONE MILLION AND TWO HUNDRED THOUSAND DOLLARS ($1,200,000) IN ORDER TO FULLY AND COMPLETELY RESOLVE ALLISSUES ARISING FROM THE EXAMINATION.
regulatory · block 5THE PRUDENTIAL INSURANCE COMPANY OF AMERICAPDF pages 45–46
- Advisory affiliate name — filed text
- THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
- Regulator name — filed text
- INSURANCE DIVISION OF THE SOUTH DAKOTA DEPARTMENT OF LABOR AND REGULATION
- Monetary/Fine Amount — filed text
- $ 2,500.00
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
IN 2014, PICA DISCOVERED THAT IT HAD BILLED AND COLLECTED GROUP UNIVERSAL LIFE INSURANCE PREMIUM AT PREMIUM RATES THAT WERE MORE THAN THE MAXIMUM PREMIUM RATES SET FORTH IN CERTAIN GROUP UNIVERSAL LIFE INSURANCE POLICIES. UPON DISCOVERY, PICA SELF-REPORTED THIS MATTER TO ITS REGULATORS. THE INSURANCE DIVISION OF THE SOUTH DAKOTA DEPARTMENT OF LABOR AND REGULATION ISSUED A CONSENT ORDER AND IMPOSED A MONETARY PENALTY. THE CONSENT ORDER WAS SIGNED AND RETURNED ALONG WITH A CHECK FOR $2,500 TO THE DIVISION ON SEPTEMBER 28, 2017.
Other filed details
Description of allegations — filed text
IN 2014, PICA DISCOVERED THAT IT HAD BILLED AND COLLECTED GROUP UNIVERSAL LIFE INSURANCE PREMIUM AT PREMIUM RATES THAT WERE MORE THAN THE MAXIMUM PREMIUM RATES SET FORTH IN CERTAIN GROUP UNIVERSAL LIFE INSURANCE POLICIES. UPON DISCOVERY, PICA SELF-REPORTED THIS MATTER TO ITS REGULATORS THE INSURANCE DIVISION OF THE SOUTH DAKOTA DEPARTMENT OF LABOR AND REGULATION ISSUED A CONSENT ORDER AND IMPOSED A MONETARY PENALTY. THE CONSENT ORDER WAS SIGNED AND RETURNED ALONG WITH A CHECK FOR $2,500 TO THE DIVISION ON SEPTEMBER 28, 2017.
Sanction detail — filed text
ON SEPTEMBER 27, 2017 THE PRUDENTIAL INSURANCE COMPANY OF AMERICA PAID A FINE OF $2,500.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
THE PRUDENTIAL INSURANCE
COMPANY OF AMERICA
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
INSURANCE DIVISION OF THE SOUTH DAKOTA DEPARTMENT OF LABOR AND REGULATION
2.
Principal Sanction:
Other
Other Sanctions:
$2,500 FINE
3.
Date Initiated (MM/DD/YYYY):
08/22/2017
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
DIVISION FILE # 100621
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Insurance
Other Product Types:
GROUP UNIVERSAL LIFE INSURANCE
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN 2014, PICA DISCOVERED THAT IT HAD BILLED AND COLLECTED GROUP UNIVERSAL LIFE INSURANCE PREMIUM AT PREMIUM RATES THAT WERE MORE
THAN THE MAXIMUM PREMIUM RATES SET FORTH IN CERTAIN GROUP UNIVERSAL LIFE INSURANCE POLICIES. UPON DISCOVERY, PICA SELF-REPORTED
THIS MATTER TO ITS REGULATORS THE INSURANCE DIVISION OF THE SOUTH DAKOTA DEPARTMENT OF LABOR AND REGULATION ISSUED A CONSENT
ORDER AND IMPOSED A MONETARY PENALTY. THE CONSENT ORDER WAS SIGNED AND RETURNED ALONG WITH A CHECK FOR $2,500 TO THE DIVISION
ON SEPTEMBER 28, 2017.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
09/27/2017
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 2,500.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
UNDER A CONSENT ORDER, THE PRUDENTIAL INSURANCE COMPANY OF AMERICA ("PICA") WAS ORDERED TO PAY A $2,500 FINE FOR VIOLATING
SOUTH DAKOTA INSURANCE CODE §585536 BY COLLECTING AS PREMIUMS OR CHARGES FOR INSURANCE ANY SUM IN EXCESS OF OR LESS
THAN THE PREMIUMS OR CHARGES SPECIFIED IN THE POLICY IN ACCORDANCE WITH THE APPLICABLE CLASSIFICATIONS AND RATES AS FILED
WITH AND APPROVED BYTHE DIRECTOR OF THE INSURANCE DIVISION OF THE SOUTH DAKOTA DEPARTMENT OF LABOR AND REGULATION.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived:
ON SEPTEMBER 27, 2017 THE PRUDENTIAL INSURANCE COMPANY OF AMERICA PAID A FINE OF $2,500.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
IN 2014, PICA DISCOVERED THAT IT HAD BILLED AND COLLECTED GROUP UNIVERSAL LIFE INSURANCE PREMIUM AT PREMIUM RATES THAT WERE MORE
THAN THE MAXIMUM PREMIUM RATES SET FORTH IN CERTAIN GROUP UNIVERSAL LIFE INSURANCE POLICIES. UPON DISCOVERY, PICA SELF-REPORTED
THIS MATTER TO ITS REGULATORS. THE INSURANCE DIVISION OF THE SOUTH DAKOTA DEPARTMENT OF LABOR AND REGULATION ISSUED A CONSENT
ORDER AND IMPOSED A MONETARY PENALTY. THE CONSENT ORDER WAS SIGNED AND RETURNED ALONG WITH A CHECK FOR $2,500 TO THE DIVISION
ON SEPTEMBER 28, 2017.regulatory · block 6THE PRUDENTIALINSURANCE COMPANYOF AMERICAPDF pages 47–49
- Advisory affiliate name — filed text
- THE PRUDENTIALINSURANCE COMPANYOF AMERICA
- Regulator name — filed text
- INSURANCE DEPARTMENT OF THE COMMONWEALTH OF PENNSYLVANIA
- Monetary/Fine Amount — filed text
- $ 45,000.00
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, PICA CONSENTED TO AN ORDER BASED ON ALLEGATIONS THAT ITVIOLATED 40 P.S. § 323.3(A) WITH RESPECT TO MAINTAINING CERTAIN RECORDS; 40 P.S. §§ 1171.5(A); 1171.5(A)(I),AND 1171.5(A)(7)(II) WITH RESPECT TO AN ERROR AND OMISSION REGARDING, AND RESPONSE TIMES TO, CERTAINCUSTOMER COMPLAINTS CONSTITUTING AN "UNFAIR METHOD OF COMPETITION" OR UNFAIR OR DECEPTIVE ACT ORPRACTICE"; AND 31 PA. CODE §146.5(A) CONSTITUTING FAILURES TO ACKNOWLEDGE CERTAIN CLAIMS WITHIN 10WORKING DAYS. PICA WAS ORDERED TO CEASE AND DESIST FURTHER VIOLATIONS, PAY A FINE OF $45,000, ANDUNDERTAKE TO COMPLY WITH INSURANCE DEPARTMENT RECOMMENDATIONS PROVIDED IN A REPORT ACCOMPANYINGTHE CONSENT ORDER AND PROVIDE SUCH REPORT AND ACCOMPANYING ORDERS TO EACH DIRECTOR. THE $45,000PAYMENT AND AFFIDAVIT STATING THAT PICA WILL PROVIDE THE REPORT AND ACCOMPANYING ORDERS TO ITSDIRECTORS MUST BE PROVIDED TO THE INSURANCE DEPT. WITHIN 30 DAYS OF THE DATE OF THE CONSENT ORDER.
Other filed details
Description of allegations — filed text
PENNSYLVANIA INSURANCE DEPARTMENT ALLEGES VIOLATIONS OF :40 P.S. § 323.3(A) WITH RESPECT TO MAINTAININGCERTAIN RECORDS; 40. P.S. §§ 1171.5(A), 1171.5(A)(1)(I), AND 1171.5(A)(7)(II) WITH RESPECT TO AN ERROR ANDOMISSION REGARDING AND RESPONSE TIMES TO, CERTAIN CUSTOMER COMPLAINTS CONSTITUTING AN "UNFAIRMETHOD OF COMPETITION" OR "UNFAIR OR DECEPTIVE ACT OR PRACTICE"; AND 31 PA. CODE §146 5(A) CONSTITUTINGFAILURES TO ACKNOWLEDGE CERTAIN CLAIMS WITHIN 10 WORKING DAYS.
Sanction detail — filed text
UNDER A CONSENT ORDER, "THE PRUDENTIAL LIFE INSURANCE COMPANY OF AMERICA" (SIC) (PICA) WAS ORDERED TO PAY A $45,000 FINE AND CEASE AND DESIST FURTHER VIOLATIONS OF 40 P.S. § 323.3(A); 40. P.S. §§1171.5(A), 1171.5(A)(1)(I), AND 1171.5(A)(7)(II); AND 31 PA. CODE §146.5(A). AS PART OF THE CONSENT ORDER, PICA IS TO UNDERTAKE TO COMPLY WITH PENNSYLVANIA INSURANCE DEPT RECOMMENDATIONS PROVIDED IN AREPORT ACCOMPANYING THE CONSENT ORDER AND PROVIDE SUCH REPORT AND ACCOMPANYING ORDERS TOEACH DIRECTOR. THE $45,000 PAYMENT AND AFFIDAVIT STATING THAT PICA WILL PROVIDE THE REPORT ANDACCOMPANYING ORDERS TO ITS DIRECTORS MUST BE PROVIDED TO THE INSURANCE DEPT. WITHIN 30 DAYS OFTHE DATE OF THE CONSENT ORDER.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: THE PRUDENTIALINSURANCE COMPANYOF AMERICA (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) INSURANCE DEPARTMENT OF THE COMMONWEALTH OF PENNSYLVANIA 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: CEASE AND DESIST, UNDERTAKING. 3. Date Initiated (MM/DD/YYYY): 07/15/2015 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: DOCKET NO. MC16-04-001 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Insurance Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): PENNSYLVANIA INSURANCE DEPARTMENT ALLEGES VIOLATIONS OF :40 P.S. § 323.3(A) WITH RESPECT TO MAINTAININGCERTAIN RECORDS; 40. P.S. §§ 1171.5(A), 1171.5(A)(1)(I), AND 1171.5(A)(7)(II) WITH RESPECT TO AN ERROR ANDOMISSION REGARDING AND RESPONSE TIMES TO, CERTAIN CUSTOMER COMPLAINTS CONSTITUTING AN "UNFAIRMETHOD OF COMPETITION" OR "UNFAIR OR DECEPTIVE ACT OR PRACTICE"; AND 31 PA. CODE §146 5(A) CONSTITUTINGFAILURES TO ACKNOWLEDGE CERTAIN CLAIMS WITHIN 10 WORKING DAYS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 05/24/2016 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 45,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: UNDERTAKING TO COMPLY WITH RECOMMENDATIONS CONTAINED IN THE REPORT ATTACHED TO THE ORDER AND FILE AN AFFIDAVIT STATING THAT PICA WILL PROVIDE A COPY OF THE REPORT AND ORDER TO ITS DIRECTORS. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: UNDER A CONSENT ORDER, "THE PRUDENTIAL LIFE INSURANCE COMPANY OF AMERICA" (SIC) (PICA) WAS ORDERED TO PAY A $45,000 FINE AND CEASE AND DESIST FURTHER VIOLATIONS OF 40 P.S. § 323.3(A); 40. P.S. §§1171.5(A), 1171.5(A)(1)(I), AND 1171.5(A)(7)(II); AND 31 PA. CODE §146.5(A). AS PART OF THE CONSENT ORDER, PICA IS TO UNDERTAKE TO COMPLY WITH PENNSYLVANIA INSURANCE DEPT RECOMMENDATIONS PROVIDED IN AREPORT ACCOMPANYING THE CONSENT ORDER AND PROVIDE SUCH REPORT AND ACCOMPANYING ORDERS TOEACH DIRECTOR. THE $45,000 PAYMENT AND AFFIDAVIT STATING THAT PICA WILL PROVIDE THE REPORT ANDACCOMPANYING ORDERS TO ITS DIRECTORS MUST BE PROVIDED TO THE INSURANCE DEPT. WITHIN 30 DAYS OFTHE DATE OF THE CONSENT ORDER. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, PICA CONSENTED TO AN ORDER BASED ON ALLEGATIONS THAT ITVIOLATED 40 P.S. § 323.3(A) WITH RESPECT TO MAINTAINING CERTAIN RECORDS; 40 P.S. §§ 1171.5(A); 1171.5(A)(I),AND 1171.5(A)(7)(II) WITH RESPECT TO AN ERROR AND OMISSION REGARDING, AND RESPONSE TIMES TO, CERTAINCUSTOMER COMPLAINTS CONSTITUTING AN "UNFAIR METHOD OF COMPETITION" OR UNFAIR OR DECEPTIVE ACT ORPRACTICE"; AND 31 PA. CODE §146.5(A) CONSTITUTING FAILURES TO ACKNOWLEDGE CERTAIN CLAIMS WITHIN 10WORKING DAYS. PICA WAS ORDERED TO CEASE AND DESIST FURTHER VIOLATIONS, PAY A FINE OF $45,000, ANDUNDERTAKE TO COMPLY WITH INSURANCE DEPARTMENT RECOMMENDATIONS PROVIDED IN A REPORT ACCOMPANYINGTHE CONSENT ORDER AND PROVIDE SUCH REPORT AND ACCOMPANYING ORDERS TO EACH DIRECTOR. THE $45,000PAYMENT AND AFFIDAVIT STATING THAT PICA WILL PROVIDE THE REPORT AND ACCOMPANYING ORDERS TO ITSDIRECTORS MUST BE PROVIDED TO THE INSURANCE DEPT. WITHIN 30 DAYS OF THE DATE OF THE CONSENT ORDER.
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regulatory · block 7THE PRUDENTIAL INSURANCE COMPANY OF AMERICAPDF pages 49–50
- Advisory affiliate name — filed text
- THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
- Regulator name — filed text
- MINNESOTA DEPARTMENT OF COMMERCE
- Monetary/Fine Amount — filed text
- $ 5,000.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
THE PRUDENTIAL INSURANCE COMPANY OF AMERICA CONSENTED TO INFORMAL DISPOSITION OF A MATTER BASED ON AN ALLEGATION THAT PRUDENTIAL TERMINATED THE LONG-TERM DISABILITY BENEFITS OF A CLAIMANT WITHOUT A REASONABLE BASIS. BASED ON ITS FINDINGS, THE MINNESOTA DEPT. OF COMMERCE ENTERED AN ORDER FORPRUDENTIAL TO PAY A $5,000 CIVIL PENALTY AND CEASE AND DESIST FROM VIOLATIONS OF MINN. STAT. §72A.201,SUBD. B(2) (2014). THE PENALTY WAS PAID ON DECEMBER 22, 2015.
Other filed details
Description of allegations — filed text
ALLEGATION THAT RESPONDENT TERMINATED THE LONG-TERM DISABILITY BENEFITS OF A CLAIMANT WITHOUT A REASONABLE BASIS, IN VIOLATION OF MINN. STAT. §72A.201, SUBD. B(2)(2014).
Sanction detail — filed text
A CIVIL PENALTY IN THE AMOUNT OF $5,000 WAS PAID TO THE STATE OF MINNESOTA ON 12/22/2015. PRUDENTIAL WAS ORDERED TO CEASE AND DESIST ANY FURTHER VIOLATION OF MINN. STAT. §72A.201, SUBD. B(2) (2014).
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: THE PRUDENTIAL INSURANCE COMPANY OF AMERICA (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) MINNESOTA DEPARTMENT OF COMMERCE 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: CEASE AND DESIST. 3. Date Initiated (MM/DD/YYYY): 11/12/2015 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: FILE NO. 39311/TJP; E-CASE NO. 1421 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Insurance Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): ALLEGATION THAT RESPONDENT TERMINATED THE LONG-TERM DISABILITY BENEFITS OF A CLAIMANT WITHOUT A REASONABLE BASIS, IN VIOLATION OF MINN. STAT. §72A.201, SUBD. B(2)(2014). 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Order 11. Resolution Date (MM/DD/YYYY): 01/06/2016 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 5,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: A CIVIL PENALTY IN THE AMOUNT OF $5,000 WAS PAID TO THE STATE OF MINNESOTA ON 12/22/2015. PRUDENTIAL WAS ORDERED TO CEASE AND DESIST ANY FURTHER VIOLATION OF MINN. STAT. §72A.201, SUBD. B(2) (2014). 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE PRUDENTIAL INSURANCE COMPANY OF AMERICA CONSENTED TO INFORMAL DISPOSITION OF A MATTER BASED ON AN ALLEGATION THAT PRUDENTIAL TERMINATED THE LONG-TERM DISABILITY BENEFITS OF A CLAIMANT WITHOUT A REASONABLE BASIS. BASED ON ITS FINDINGS, THE MINNESOTA DEPT. OF COMMERCE ENTERED AN ORDER FORPRUDENTIAL TO PAY A $5,000 CIVIL PENALTY AND CEASE AND DESIST FROM VIOLATIONS OF MINN. STAT. §72A.201,SUBD. B(2) (2014). THE PENALTY WAS PAID ON DECEMBER 22, 2015.
regulatory · block 8THE PRUDENTIAL INSURANCE COMPANY OF AMERICAPDF pages 50–52
- Advisory affiliate name — filed text
- THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
- Regulator name — filed text
- COLORADO DEPARTMENT OF REGULATORY AGENCIES, DIVISION OF INSURANCE
- Monetary/Fine Amount — filed text
- $ 500.00
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
THE PRUDENTIAL INSURANCE COMPANY OF AMERICA DID NOT PROVIDE A TIMELY AND COMPLETE RESPONSE TO AN INQUIRY FROM THE COLORADO DIVISION OF INSURANCE.
Other filed details
Description of allegations — filed text
THE COMPANY DID NOT PROVIDE A TIMELY AND COMPLETE RESPONSE TO AN INQUIRY FROM THE DIVISION OF INSURANCE.
Sanction detail — filed text
THE PRUDENTIAL INSURANCE COMPANY OF AMERICA WAS FINED $500 AND A SANCTION OF $75. THIS WAS PAID ON 10/31/2018.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: THE PRUDENTIAL INSURANCE COMPANY OF AMERICA (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) COLORADO DEPARTMENT OF REGULATORY AGENCIES, DIVISION OF INSURANCE 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: $500 FINE $75 SURCHARGE. 3. Date Initiated (MM/DD/YYYY): 09/27/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 9975/PRUD131315227 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): THE PRUDENTIAL INSURANCE COMPANY OF AMERICA 6. Principal Product Type: Insurance Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE COMPANY DID NOT PROVIDE A TIMELY AND COMPLETE RESPONSE TO AN INQUIRY FROM THE DIVISION OF INSURANCE. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 10/31/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 500.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: $75 SURCHARGE Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE PRUDENTIAL INSURANCE COMPANY OF AMERICA WAS FINED $500 AND A SANCTION OF $75. THIS WAS PAID ON 10/31/2018. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE PRUDENTIAL INSURANCE COMPANY OF AMERICA DID NOT PROVIDE A TIMELY AND COMPLETE RESPONSE TO AN INQUIRY FROM THE COLORADO DIVISION OF INSURANCE.
regulatory · block 9THE PRUDENTIAL INSURANCE COMPANY OF AMERICAPDF pages 52–54
- Advisory affiliate name — filed text
- THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
- Regulator name — filed text
- OREGON DEPARTMENT OF CONSUMER AND BUSINESS SERVICES DIVISION OF FINANCIAL REGULATION
- Monetary/Fine Amount — filed text
- $ 25,000.00
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
THE PRUDENTIAL INSURANCE COMPANY OF AMERICA AND THE OREGON DIVISION OF FINANCIAL REGULATION HAVE ENTERED INTO AN AGREEMENT TO RESOLVE A MATTER IN WHICH CERTAIN NON-PRUDENTIAL INDIVIDUAL LIFE INSURANCE CUSTOMERS IN OREGON DID NOT RECEIVE IN A TIMELY MANNER ANNUAL STATEMENTS, WHICH WERE TO BE SENT BY A THIRD-PARTY ADMINISTRATOR. THIS OCCURRED IN 60 INSTANCES OVER A THREE-YEAR PERIOD FROM 2015 TO 2017. THE OREGON CUSTOMERS AT ISSUE HAVE LIFE INSURANCE POLICIES THAT ARE REINSURED AND ADMINISTERED BY PRUDENTIAL. PRUDENTIAL WAS ORDERED TO PAY A CIVIL PENALTY OF $30,000 ($5K OF WHICH WILL BE SUSPENDED PROVIDED THAT PRUDENTIAL MEETS THE CONDITIONS SPECIFIED IN THE ORDER) AND CEASE AND DESIST FROM VIOLATING OAR 836-051-0580(1).
Other filed details
Description of allegations — filed text
THE PRUDENTIAL INSURANCE COMPANY OF AMERICA AND THE OREGON DIVISION OF FINANCIAL REGULATION HAVE ENTERED INTO AN AGREEMENT TO RESOLVE A MATTER IN WHICH CERTAIN NON-PRUDENTIAL INDIVIDUAL LIFE INSURANCE CUSTOMERS IN OREGON DID NOT RECEIVE IN A TIMELY MANNER ANNUAL STATEMENTS, WHICH WERE TO BESENT BY A THIRD-PARTY ADMINISTRATOR. THIS OCCURRED IN 60 INSTANCES OVER A THREE-YEAR PERIOD FROM 2015 TO 2017. THE OREGON CUSTOMERS AT ISSUE HAVE LIFE INSURANCE POLICIES THAT ARE REINSURED AND ADMINISTERED BY PRUDENTIAL. PRUDENTIAL WAS ORDERED TO PAY A CIVIL PENALTY OF $30,000 ($5K OF WHICH WILL BE SUSPENDED PROVIDED THAT PRUDENTIAL MEETS THE CONDITIONS SPECIFIED IN THE ORDER) AND CEASE AND DESIST FROM VIOLATING OAR 836-051-0580(1).
Sanction detail — filed text
PRUDENTIAL WAS ORDERED TO PAY A CIVIL PENALTY OF $30,000 ($5K OF WHICH WILL BE SUSPENDED PROVIDEDTHAT PRUDENTIAL MEETS THE CONDITIONS SPECIFIED IN THE ORDER) AND CEASE AND DESIST FROM VIOLATING OAR 836-051-0580(1). THE CIVIL PENALTY WAS RECEIVED BY THE OREGON DEPARTMENT OF CONSUMER AND BUSINESS SERVICES DIVISION OF FINANCIAL REGULATION ON 2/12/20.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: THE PRUDENTIAL INSURANCE COMPANY OF AMERICA (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) OREGON DEPARTMENT OF CONSUMER AND BUSINESS SERVICES DIVISION OF FINANCIAL REGULATION 2. Principal Sanction: Cease and Desist Other Sanctions: CIVIL AND ADMINISTRATIVE PENALTY(IES)/FINE(S) CONSENT TO ENTRY OF ORDER 3. Date Initiated (MM/DD/YYYY): 12/19/2019 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: INS-19-0094 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): THE PRUDENTIAL INSURANCE COMPANY OF AMERICA 6. Principal Product Type: Insurance Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE PRUDENTIAL INSURANCE COMPANY OF AMERICA AND THE OREGON DIVISION OF FINANCIAL REGULATION HAVE ENTERED INTO AN AGREEMENT TO RESOLVE A MATTER IN WHICH CERTAIN NON-PRUDENTIAL INDIVIDUAL LIFE INSURANCE CUSTOMERS IN OREGON DID NOT RECEIVE IN A TIMELY MANNER ANNUAL STATEMENTS, WHICH WERE TO BESENT BY A THIRD-PARTY ADMINISTRATOR. THIS OCCURRED IN 60 INSTANCES OVER A THREE-YEAR PERIOD FROM 2015 TO 2017. THE OREGON CUSTOMERS AT ISSUE HAVE LIFE INSURANCE POLICIES THAT ARE REINSURED AND ADMINISTERED BY PRUDENTIAL. PRUDENTIAL WAS ORDERED TO PAY A CIVIL PENALTY OF $30,000 ($5K OF WHICH WILL BE SUSPENDED PROVIDED THAT PRUDENTIAL MEETS THE CONDITIONS SPECIFIED IN THE ORDER) AND CEASE AND DESIST FROM VIOLATING OAR 836-051-0580(1). 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 02/19/2020 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 25,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: CEASE AND DESIST Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: PRUDENTIAL WAS ORDERED TO PAY A CIVIL PENALTY OF $30,000 ($5K OF WHICH WILL BE SUSPENDED PROVIDEDTHAT PRUDENTIAL MEETS THE CONDITIONS SPECIFIED IN THE ORDER) AND CEASE AND DESIST FROM VIOLATING OAR 836-051-0580(1). THE CIVIL PENALTY WAS RECEIVED BY THE OREGON DEPARTMENT OF CONSUMER AND BUSINESS SERVICES DIVISION OF FINANCIAL REGULATION ON 2/12/20. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE PRUDENTIAL INSURANCE COMPANY OF AMERICA AND THE OREGON DIVISION OF FINANCIAL REGULATION HAVE ENTERED INTO AN AGREEMENT TO RESOLVE A MATTER IN WHICH CERTAIN NON-PRUDENTIAL INDIVIDUAL LIFE INSURANCE CUSTOMERS IN OREGON DID NOT RECEIVE IN A TIMELY MANNER ANNUAL STATEMENTS, WHICH WERE TO BE SENT BY A THIRD-PARTY ADMINISTRATOR. THIS OCCURRED IN 60 INSTANCES OVER A THREE-YEAR PERIOD FROM 2015 TO 2017. THE OREGON CUSTOMERS AT ISSUE HAVE LIFE INSURANCE POLICIES THAT ARE REINSURED AND ADMINISTERED BY PRUDENTIAL. PRUDENTIAL WAS ORDERED TO PAY A CIVIL PENALTY OF $30,000 ($5K OF WHICH WILL BE SUSPENDED PROVIDED THAT PRUDENTIAL MEETS THE CONDITIONS SPECIFIED IN THE ORDER) AND CEASE AND DESIST FROM VIOLATING OAR 836-051-0580(1).
regulatory · block 10THE PRUDENTIAL INSURANCE COMPANY OF AMERICAPDF pages 54–56
- Advisory affiliate name — filed text
- THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
- Regulator name — filed text
- ILLINOIS DEPARTMENT OF INSURANCE
- Monetary/Fine Amount — filed text
- $ 44,055.00
- How was matter resolved — filed text
- Stipulation and Consent
Action status / disposition — filed text
THE COMPANY ENTERED INTO A STIPULATION AND CONSENT ORDER WITH IL DOI WITHOUT ADMISSION AND WAS REQUIRED TO PAY A FINE TOTALING $44,055.
Other filed details
Description of allegations — filed text
ILLINOIS DEPARTMENT OF INSURANCE ALLEGES PRUDENTIAL INSURANCE COMPANY OF AMERICA. NAIC 68241 AND PRUCO LIFE INSURANCE COMPANY, NAIC 79227 ("THE COMPANY") WAS NOT IN COMPLIANCE WITH THE ILLINOIS INSURANCE CODE (215 ILCS 5/1 ET SEQ.) AND DEPARTMENT REGULATIONS (50 III. ADM. CODE 101 CI SEQ.) IN VARIOUS AREAS.
Sanction detail — filed text
THE PRUDENTIAL INSURANCE COMPANY OF AMERICA WAS FINED $44,055.00 WHICH WAS PAID IN CONJUNCTION WITH THE RESOLUTION DATE OF 05/13/2022.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is
a Firm
an Individual
Registered:
Yes
No
Name:
THE PRUDENTIAL INSURANCE
COMPANY OF AMERICA
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances:
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
Yes
No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1. Regulatory Action initiated by:
SEC
Other Federal
State
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
ILLINOIS DEPARTMENT OF INSURANCE
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
09/30/2020
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
N/A
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Insurance
Other Product Types:
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
ILLINOIS DEPARTMENT OF INSURANCE ALLEGES PRUDENTIAL INSURANCE COMPANY OF AMERICA. NAIC 68241 AND PRUCO LIFE INSURANCE COMPANY,
NAIC 79227 ("THE COMPANY") WAS NOT IN COMPLIANCE WITH THE ILLINOIS INSURANCE CODE (215 ILCS 5/1 ET SEQ.) AND DEPARTMENT
REGULATIONS (50 III. ADM. CODE 101 CI SEQ.) IN VARIOUS AREAS.
8.
Current Status?
Pending
On Appeal
Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Stipulation and Consent
11. Resolution Date (MM/DD/YYYY):
05/13/2022
Exact
Explanation
If not exact, provide explanation:
12. Resolution Detail:
A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 44,055.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived:
THE PRUDENTIAL INSURANCE COMPANY OF AMERICA WAS FINED $44,055.00 WHICH WAS PAID IN CONJUNCTION WITH THE RESOLUTION DATE
OF 05/13/2022.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THE COMPANY ENTERED INTO A STIPULATION AND CONSENT ORDER WITH IL DOI WITHOUT ADMISSION AND WAS REQUIRED TO PAY A FINE TOTALING
$44,055.regulatory · block 11THE PRUDENTIAL INSURANCE COMPANY OF AMERICAPDF pages 56–58
- Advisory affiliate name — filed text
- THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
- Regulator name — filed text
- NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES
- Monetary/Fine Amount — filed text
- $ 35,000.00
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
ON JULY 02, 2019, A CONSENT ORDER BETWEEN THE NY DEPARTMENT OF FINANCIAL SERVICES AND PICA WAS EXECUTED. A FINE WAS ASSESSED IN THE AMOUNT OF $35,000; RESTITUTION IS ESTIMATED TO BE $14,020.
Other filed details
Description of allegations — filed text
ON SEPTEMBER 24, 2019, A CONSENT ORDER BETWEEN THE NY DEPARTMENT OF FINANCIAL SERVICES AND PICA WAS EXECUTED. THE MATTER RELATED TO THE INADEQUATE DISCLOSURES FOR DEFERRED-TO-IMMEDIATE ANNUITY REPLACEMENTS. A FINE WAS ASSESSED IN THE AMOUNT OF $35,000; RESTITUTION IS ESTIMATED TO BE $14,020.
Sanction detail — filed text
MONETARY/FINE AMOUNT: $35,000.00 DISGORGEMENT/RESTITUTION: $14,020.00
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: THE PRUDENTIAL INSURANCE COMPANY OF AMERICA (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES 2. Principal Sanction: Other Other Sanctions: $35,000 FINE 3. Date Initiated (MM/DD/YYYY): 05/23/2019 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): THE PRUDENTIAL INSURANCE COMPANY OF AMERICA 6. Principal Product Type: Other Other Product Types: DEFERRED ANNUITIES AND IMMEDIATE INCOME ANNUITIES 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): ON SEPTEMBER 24, 2019, A CONSENT ORDER BETWEEN THE NY DEPARTMENT OF FINANCIAL SERVICES AND PICA WAS EXECUTED. THE MATTER RELATED TO THE INADEQUATE DISCLOSURES FOR DEFERRED-TO-IMMEDIATE ANNUITY REPLACEMENTS. A FINE WAS ASSESSED IN THE AMOUNT OF $35,000; RESTITUTION IS ESTIMATED TO BE $14,020. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 07/02/2019 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 35,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: DISGORGEMENT/RESTITUTION: $14,020.00 Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: MONETARY/FINE AMOUNT: $35,000.00 DISGORGEMENT/RESTITUTION: $14,020.00 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). ON JULY 02, 2019, A CONSENT ORDER BETWEEN THE NY DEPARTMENT OF FINANCIAL SERVICES AND PICA WAS EXECUTED. A FINE WAS ASSESSED IN THE AMOUNT OF $35,000; RESTITUTION IS ESTIMATED TO BE $14,020.
regulatory · block 12THE PRUDENTIAL INSURANCE COMPANY OF AMERICAPDF pages 58–60
- Advisory affiliate name — filed text
- THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
- Regulator name — filed text
- THE WASHINGTON OFFICE OF THE INSURANCE COMMISSIONER
- Monetary/Fine Amount — filed text
- $ 45,000.00
- How was matter resolved — filed text
- Stipulation and Consent
Action status / disposition — filed text
ON MARCH 5, 2024, A CONSENT ORDER BETWEEN WA OIC AND PICA WAS EXECUTED. A MONETARY PENALTY OF $45,000 WAS ASSESSED AND PAID BY PICA ON MARCH 20, 2024.
Other filed details
Description of allegations — filed text
THE PRUDENTIAL INSURANCE COMPANY OF AMERICA (PICA) HELD A SWEEPSTAKES IN SEPTEMBER 2022 WHERE THE PRIZE WAS A FULLY PAID $25,000 WHOLE LIFE INSURANCE POLICY, WHICH WAS OPEN TO WASHINGTON CONSUMERS, AND WITHOUT ANY REQUIREMENT TO PURCHASE/RENEW OR RECEIVE SOLICITATION FROM PICA OR ANY AFFILIATE. THE WASHINGTON OFFICE OF THE INSURANCE COMMISSIONER ISSUED A FINAL CONSENT ORDER ON MARCH 5, 2024, STATING THIS ACTION VIOLATED STATE LAW AND IMPOSING A MONETARY PENALTY OF $45,000.
Sanction detail — filed text
THE WASHINGTON OFFICE OF THE INSURANCE COMMISSIONER ISSUED A FINAL CONSENT ORDER ON MARCH 5, 2024, STATING THIS ACTION VIOLATED STATE LAW AND IMPOSED A MONETARY PENALTY OF $45,000. THE PENALTY WAS PAID ON MARCH 20, 2024.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: THE PRUDENTIAL INSURANCE COMPANY OF AMERICA (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) THE WASHINGTON OFFICE OF THE INSURANCE COMMISSIONER 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: THE WASHINGTON OFFICE OF THE INSURANCE COMMISSIONER ISSUED A FINAL CONSENT ORDER ON MARCH 5, 2024, STATING THIS ACTION VIOLATED STATE LAW AND IMPOSING A MONETARY PENALTY OF $45,000. 3. Date Initiated (MM/DD/YYYY): 01/10/2023 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): THE PRUDENTIAL INSURANCE COMPANY OF AMERICA 6. Principal Product Type: Insurance Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE PRUDENTIAL INSURANCE COMPANY OF AMERICA (PICA) HELD A SWEEPSTAKES IN SEPTEMBER 2022 WHERE THE PRIZE WAS A FULLY PAID $25,000 WHOLE LIFE INSURANCE POLICY, WHICH WAS OPEN TO WASHINGTON CONSUMERS, AND WITHOUT ANY REQUIREMENT TO PURCHASE/RENEW OR RECEIVE SOLICITATION FROM PICA OR ANY AFFILIATE. THE WASHINGTON OFFICE OF THE INSURANCE COMMISSIONER ISSUED A FINAL CONSENT ORDER ON MARCH 5, 2024, STATING THIS ACTION VIOLATED STATE LAW AND IMPOSING A MONETARY PENALTY OF $45,000. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Stipulation and Consent 11. Resolution Date (MM/DD/YYYY): 03/05/2024 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 45,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE WASHINGTON OFFICE OF THE INSURANCE COMMISSIONER ISSUED A FINAL CONSENT ORDER ON MARCH 5, 2024, STATING THIS ACTION VIOLATED STATE LAW AND IMPOSED A MONETARY PENALTY OF $45,000. THE PENALTY WAS PAID ON MARCH 20, 2024. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). ON MARCH 5, 2024, A CONSENT ORDER BETWEEN WA OIC AND PICA WAS EXECUTED. A MONETARY PENALTY OF $45,000 WAS ASSESSED AND PAID BY PICA ON MARCH 20, 2024.
regulatory · block 13THE PRUDENTIAL INSURANCE COMPANY OF AMERICAPDF pages 60–62
- Advisory affiliate name — filed text
- THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
- Regulator name — filed text
- PENNSYLVANIA INSURANCE DEPARTMENT
- Monetary/Fine Amount — filed text
- $ 25,000.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
AS A RESULT OF THE DEPARTMENT'S EXAMINATION, PICA WILL TAKE MEASURES THAT ADDRESS CONCERNS RAISED BY THE DEPARTMENT. ALSO,PICA WAIVED ITS RIGHT TO A HEARING AND CONSENTED TO AN ADMINISTRATIVE FINE OF TWENTY FIVE THOUSAND DOLLARS($25,000) IN ORDER TO FULLY AND COMPLETELY RESOLVE ALL ISSUES ARISING FROM THE EXAMINATION.
Other filed details
Description of allegations — filed text
THE PENNSYLVANIA INSURANCE DEPARTMENT CONDUCTED A MARKET CONDUCT EXAMINATION OF PRUDENTIAL LIFE INSURANCE COMPANY OF AMERICA (PICA). THE EXAMINATION FOCUSED ON THE GROUP INSURANCE DISABILITY AND OTHER HEALTH LINES OF BUSINESS WRITTEN BY THE COMPANY IN PENNSYLVANIA FROM 01/01/2019 THROUGH 06/01/2022. THE EXAMINATION REVEALED CERTAIN INSTANCES IN WHICH THE COMPANY'S PRACTICES MAY NOT HAVE ACCORDED WITH PENNSYLVANIA'S INTERPRETATIONS AND PROVISIONS OF APPLICABLE STATUTES.
Sanction detail — filed text
THE PRUDENTIAL INSURANCE COMPANY OF AMERCIA WAS FINED $25,000 WHICH WAS PAID IN CONJUNCTION WITH THE RESOLUTION DATE OF 06/12/2024
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: THE PRUDENTIAL INSURANCE COMPANY OF AMERICA (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) PENNSYLVANIA INSURANCE DEPARTMENT 2. Principal Sanction: Cease and Desist Other Sanctions: MONETARY/FINE, UNDERTAKING 3. Date Initiated (MM/DD/YYYY): 05/30/2024 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: MC24-03-041 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): THE PRUDENTIAL INSURANCE COMPANY OF AMERICA 6. Principal Product Type: Insurance Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE PENNSYLVANIA INSURANCE DEPARTMENT CONDUCTED A MARKET CONDUCT EXAMINATION OF PRUDENTIAL LIFE INSURANCE COMPANY OF AMERICA (PICA). THE EXAMINATION FOCUSED ON THE GROUP INSURANCE DISABILITY AND OTHER HEALTH LINES OF BUSINESS WRITTEN BY THE COMPANY IN PENNSYLVANIA FROM 01/01/2019 THROUGH 06/01/2022. THE EXAMINATION REVEALED CERTAIN INSTANCES IN WHICH THE COMPANY'S PRACTICES MAY NOT HAVE ACCORDED WITH PENNSYLVANIA'S INTERPRETATIONS AND PROVISIONS OF APPLICABLE STATUTES. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Order 11. Resolution Date (MM/DD/YYYY): 06/12/2024 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 25,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE PRUDENTIAL INSURANCE COMPANY OF AMERCIA WAS FINED $25,000 WHICH WAS PAID IN CONJUNCTION WITH THE RESOLUTION DATE OF 06/12/2024 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). AS A RESULT OF THE DEPARTMENT'S EXAMINATION, PICA WILL TAKE MEASURES THAT ADDRESS CONCERNS RAISED BY THE DEPARTMENT. ALSO,PICA WAIVED ITS RIGHT TO A HEARING AND CONSENTED TO AN ADMINISTRATIVE FINE OF TWENTY FIVE THOUSAND DOLLARS($25,000) IN ORDER TO FULLY AND COMPLETELY RESOLVE ALL ISSUES ARISING FROM THE EXAMINATION.
regulatory · block 14THE PRUDENTIAL INSURANCE COMPANY OF AMERICAPDF pages 62–64
- Advisory affiliate name — filed text
- THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
- Regulator name — filed text
- CALIFORNIA DEPARTMENT OF INSURANCE
- Monetary/Fine Amount — filed text
- $ 500,000.00
- How was matter resolved — filed text
- Stipulation and Consent
Action status / disposition — filed text
AS A RESULT OF THE DEPARTMENT'S EXAMINATION, PICA IMPLEMENTED MEASURES TO ADDRESS CONCERNS RAISED BY THE DEPARTMENT. ALSO,WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, PICA WAIVED ITS RIGHT TO A HEARING AND CONSENTED TO AN MONETARY PENALITY OF FIVE HUNDRED THOUSAND DOLLARS ($500,000) IN ORDER TO FULLY AND COMPLETELY RESOLVE ALL ISSUES ARISING FROM THE EXAMINATION.
Other filed details
Description of allegations — filed text
THE CALIFORNIA DEPARTMENT OF INSURANCE DEPARTMENT CONDUCTED AN EXAMINATION OF PRUDENTIAL LIFE INSURANCE COMPANY OF AMERICA (PICA). THE EXAMINATION FOCUSED ON CLAIMS PROCESSING DURING THE PERIOD OF 07/01/2019 TO 06/30/2020. THE EXAMINATION REVEALED CERTAIN INSTANCES IN WHICH THE COMPANY'S PRACTICES MAY NOT HAVE ACCORDED WITH CALIFORNIA'S INTERPRETATIONS AND PROVISIONS OF APPLICABLE STATUTES.
Sanction detail — filed text
THE PRUDENTIAL INSURANCE COMPANY OF AMERCIA WAS FINED $500,000 WHICH WAS PAID IN CONJUNCTION WITH THE RESOLUTION DATE OF 11/27/2024
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: THE PRUDENTIAL INSURANCE COMPANY OF AMERICA (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) CALIFORNIA DEPARTMENT OF INSURANCE 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 10/28/2024 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: FILE NO. UPA-2022-00014 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): THE PRUDENTIAL INSURANCE COMPANY OF AMERICA 6. Principal Product Type: Insurance Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE CALIFORNIA DEPARTMENT OF INSURANCE DEPARTMENT CONDUCTED AN EXAMINATION OF PRUDENTIAL LIFE INSURANCE COMPANY OF AMERICA (PICA). THE EXAMINATION FOCUSED ON CLAIMS PROCESSING DURING THE PERIOD OF 07/01/2019 TO 06/30/2020. THE EXAMINATION REVEALED CERTAIN INSTANCES IN WHICH THE COMPANY'S PRACTICES MAY NOT HAVE ACCORDED WITH CALIFORNIA'S INTERPRETATIONS AND PROVISIONS OF APPLICABLE STATUTES. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Stipulation and Consent 11. Resolution Date (MM/DD/YYYY): 11/27/2024 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 500,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE PRUDENTIAL INSURANCE COMPANY OF AMERCIA WAS FINED $500,000 WHICH WAS PAID IN CONJUNCTION WITH THE RESOLUTION DATE OF 11/27/2024 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). AS A RESULT OF THE DEPARTMENT'S EXAMINATION, PICA IMPLEMENTED MEASURES TO ADDRESS CONCERNS RAISED BY THE DEPARTMENT. ALSO,WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, PICA WAIVED ITS RIGHT TO A HEARING AND CONSENTED TO AN MONETARY PENALITY OF FIVE HUNDRED THOUSAND DOLLARS ($500,000) IN ORDER TO FULLY AND COMPLETELY RESOLVE ALL ISSUES ARISING FROM THE EXAMINATION.
regulatory · block 15THE PRUDENTIAL INSURANCE COMPANY OF AMERICAPDF pages 64–65
- Advisory affiliate name — filed text
- THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
- Regulator name — filed text
- MARYLAND INSURANCE ADMINISTRATION
- Monetary/Fine Amount — filed text
- $ 1,000.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
THE PRUDENTIAL LIFE INSURANCE COMPANY OF AMERICA CONSENTED TO AN ADMINISTRATIVE PENALITY OF ONE THOUSAND DOLLARS ($1,000) TO FULLY AND COMPLETELY RESOLVE ALL ISSUES ARISING FROM THIS PROCEEDING.
Other filed details
Description of allegations — filed text
THE MARYLAND INSURANCE ADMINISTRATION ALLEGED VIOLATIONS OF MARYLAND § 27208 RESULTING FROM THE DENIAL OF AN APPLICATION FOR A TERM LIFE POLICY.
Sanction detail — filed text
THE PRUDENTIAL LIFE INSURANCE COMPANY OF AMERICA CONSENTED TO AN ADMINISTRATIVE PENALITY OF ONE THOUSAND DOLLARS ($1,000) TO FULLY AND COMPLETELY RESOLVE ALL ISSUES ARISING FROM THIS PROCEEDING. THE FULL AMOUNT OF THE ADMINSTRATIVE PENALTY WAS PAID TO THE MARYLAND INSURANCE AGENCY ON DECEMBER 30, 2025.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: THE PRUDENTIAL INSURANCE COMPANY OF AMERICA (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) MARYLAND INSURANCE ADMINISTRATION 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 12/03/2025 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: MIA-2025-12-002 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Insurance Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE MARYLAND INSURANCE ADMINISTRATION ALLEGED VIOLATIONS OF MARYLAND § 27208 RESULTING FROM THE DENIAL OF AN APPLICATION FOR A TERM LIFE POLICY. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Order 11. Resolution Date (MM/DD/YYYY): 12/30/2025 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 1,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: THE PRUDENTIAL LIFE INSURANCE COMPANY OF AMERICA CONSENTED TO AN ADMINISTRATIVE PENALITY OF ONE THOUSAND DOLLARS ($1,000) TO FULLY AND COMPLETELY RESOLVE ALL ISSUES ARISING FROM THIS PROCEEDING. THE FULL AMOUNT OF THE ADMINSTRATIVE PENALTY WAS PAID TO THE MARYLAND INSURANCE AGENCY ON DECEMBER 30, 2025. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE PRUDENTIAL LIFE INSURANCE COMPANY OF AMERICA CONSENTED TO AN ADMINISTRATIVE PENALITY OF ONE THOUSAND DOLLARS ($1,000) TO FULLY AND COMPLETELY RESOLVE ALL ISSUES ARISING FROM THIS PROCEEDING.
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