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 New York Life Investment Management LLC
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%
NEW YORK LIFE INVESTMENT MANAGEMENT HOLDINGS LLCDirect owner · Schedule AInterest in NEW YORK LIFE INVESTMENT MANAGEMENT LLC
75%+
NEW YORK LIFE INSURANCE COMPANYIndirect owner · Schedule BInterest in NEW YORK LIFE INVESTMENT MANAGEMENT HOLDINGS LLC
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 New York Life Investment Management LLC.
Reported ownership and control details
Form ADV · Filing date 2026-03-30 · Schedules A and B
| # | Owner / person & role | Interest in entity | Reported interest | Control person | Title / status acquired | Source |
|---|---|---|---|---|---|---|
| 1 | NEW YORK LIFE INVESTMENT MANAGEMENT HOLDINGS LLCSOLE MEMBER/DIRECT & SOLE INTEREST HOLDERDomestic entity | NEW YORK LIFE INVESTMENT MANAGEMENT LLC | 75% or moreCode E | Yes | SOLE MEMBER/DIRECT & SOLE INTEREST HOLDER12/1999 | Schedule APDF page 60 |
| 2 | KEVIN MICHAEL BOPPCHIEF COMPLIANCE OFFICERIndividual | NEW YORK LIFE INVESTMENT MANAGEMENT LLC | Less than 5%Code NA | Yes | CHIEF COMPLIANCE OFFICER01/2016 | Schedule APDF page 60 |
| 3 | DALE ALEXANDER HANLEYELECTED MANAGERIndividual | NEW YORK LIFE INVESTMENT MANAGEMENT LLC | Less than 5%Code NA | Yes | ELECTED MANAGER10/2015 | Schedule APDF page 60 |
| 4 | Kirk Christopher LehneisCHIEF OPERATING OFFICERIndividual | NEW YORK LIFE INVESTMENT MANAGEMENT LLC | Less than 5%Code NA | Yes | CHIEF OPERATING OFFICER01/2017 | Schedule APDF page 60 |
| 5 | FRANCIS MICHAEL HARTEELECTED MANAGERIndividual | NEW YORK LIFE INVESTMENT MANAGEMENT LLC | Less than 5%Code NA | Yes | ELECTED MANAGER06/2014 | Schedule APDF page 60 |
| 6 | MAUREEN ANNE CRONINSVP, DEPUTY GENERAL COUNSEL AND CHIEF INVESTMENTS COUNSELIndividual | NEW YORK LIFE INVESTMENT MANAGEMENT LLC | Less than 5%Code NA | Yes | SVP, DEPUTY GENERAL COUNSEL AND CHIEF INVESTMENTS COUNSEL01/2023 | Schedule APDF page 60 |
| 7 | NAIM (NMN) ABOU-JAOUDECHIEF EXECUTIVE OFFICERIndividual | NEW YORK LIFE INVESTMENT MANAGEMENT LLC | Less than 5%Code NA | Yes | CHIEF EXECUTIVE OFFICER05/2023 | Schedule APDF page 60 |
| 8 | ALAIN MAURICE KARAOGLANELECTED MANAGERIndividual | NEW YORK LIFE INVESTMENT MANAGEMENT LLC | Less than 5%Code NA | Yes | ELECTED MANAGER10/2022 | Schedule APDF page 60 |
| 9 | CRAIG ANDREW SABALELECTED MANAGERIndividual | NEW YORK LIFE INVESTMENT MANAGEMENT LLC | Less than 5%Code NA | Yes | ELECTED MANAGER01/2026 | Schedule APDF page 60 |
| 10 | NEW YORK LIFE INSURANCE COMPANYINDIRECT INTEREST HOLDERDomestic entity | NEW YORK LIFE INVESTMENT MANAGEMENT HOLDINGS LLC | 75% or moreCode E | Yes | INDIRECT INTEREST HOLDER12/1999 | Schedule BPDF page 60 |
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 3/30/2026 3:23:48 PM
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 none of the events below involve the firm or its supervised persons.RIA responseNo
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 actions5 No
Has the SEC or CFTC ever:
- C1Found you or an advisory affiliate made a false statement or omission?No
- C2Found you or an advisory affiliate violated SEC or CFTC regulations or statutes?No
- 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?No
- 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?No
DOther regulatory actions2 Yes3 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?No
- 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 8 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 1NEW YORK LIFE INSURANCE CO.PDF pages 61–63
- Advisory affiliate name — filed text
- NEW YORK LIFE INSURANCE CO.
- Regulator name — filed text
- ILLINOIS DEPARTMENT OF INSURANCE
- Monetary/Fine Amount — filed text
- $ 26,450.00
- How was matter resolved — filed text
- Stipulation and Consent
Action status / disposition — filed text
THE ILLINOIS DEPARTMENT OF INSURANCE CONDUCTED A MARKET EXAM, THE REPORT OF WHICH IDENTIFIED CERTAIN AREAS WHERE NYLIC WAS NOT IN COMPLIANCE WITH ILLINOIS INSURANCE REGULATIONS. NYLIC AND THE IL DEPT OF INSURANCE ENTERED INTO A STIPULATION AND CONSENT ORDER UNDER WHICH NYLIC WILL PAY A CIVIL PENALTY AND INSTITUTE POLICIES AND PROCEDURES TO COMPLY WITH APPROPRIATE REGULATIONS.
Other filed details
Description of allegations — filed text
THE ILLINOIS DEPARTMENT OF INSURANCE CONDUCTED A MARKET EXAM, THE REPORT OF WHICH IDENTIFIED CERTAIN AREAS WHERE NEW YORK LIFE INSURANCE COMPANY ("NYLIC") WAS NOT IN COMPLIANCE WITH ILLINOIS INSURANCE REGULATIONS. NYLIC AND THE IL DEPT OF INSURANCE ENTERED INTO A STIPULATION AND CONSENT ORDER UNDER WHICH NYLIC WILL PAY A CIVIL PENALTY AND INSTITUTE POLICIES AND PROCEDURES TO COMPLY WITH APPROPRIATE REGULATIONS.
Sanction detail — filed text
THE ILLINOIS DEPARTMENT OF INSURANCE CONDUCTED A MARKET EXAM, THE REPORT OF WHICH IDENTIFIED CERTAIN AREAS WHERE NYLIC WAS NOT IN COMPLIANCE WITH ILLINOIS INSURANCE REGULATIONS. NYLIC AND THE IL DEPT OF INSURANCE ENTERED INTO A STIPULATION AND CONSENT ORDER UNDER WHICH NYLIC WILL PAY A CIVIL PENALTY AND INSTITUTE POLICIES AND PROCEDURES TO COMPLY WITH APPROPRIATE REGULATIONS.
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:
NEW YORK LIFE INSURANCE
CO.
(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):
12/07/2015
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
66915
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 ILLINOIS DEPARTMENT OF INSURANCE CONDUCTED A MARKET EXAM, THE REPORT OF WHICH IDENTIFIED CERTAIN AREAS WHERE NEW YORK LIFE
INSURANCE COMPANY ("NYLIC") WAS NOT IN COMPLIANCE WITH ILLINOIS INSURANCE REGULATIONS. NYLIC AND THE IL DEPT OF INSURANCE
ENTERED INTO A STIPULATION AND CONSENT ORDER UNDER WHICH NYLIC WILL PAY A CIVIL PENALTY AND INSTITUTE POLICIES AND PROCEDURES TO
COMPLY WITH APPROPRIATE REGULATIONS.
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):
12/07/2015
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: $ 26,450.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions Ordered:
INSTITUTE POLICIES AND PROCEDURES TO COMPLY WITH APPROPRIATE REGULATIONS.
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 ILLINOIS DEPARTMENT OF INSURANCE CONDUCTED A MARKET EXAM, THE REPORT OF WHICH IDENTIFIED CERTAIN AREAS WHERE NYLIC
WAS NOT IN COMPLIANCE WITH ILLINOIS INSURANCE REGULATIONS. NYLIC AND THE IL DEPT OF INSURANCE ENTERED INTO A STIPULATION
AND CONSENT ORDER UNDER WHICH NYLIC WILL PAY A CIVIL PENALTY AND INSTITUTE POLICIES AND PROCEDURES TO COMPLY WITH
APPROPRIATE REGULATIONS.
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 ILLINOIS DEPARTMENT OF INSURANCE CONDUCTED A MARKET EXAM, THE REPORT OF WHICH IDENTIFIED CERTAIN AREAS WHERE NYLIC WAS NOT
IN COMPLIANCE WITH ILLINOIS INSURANCE REGULATIONS. NYLIC AND THE IL DEPT OF INSURANCE ENTERED INTO A STIPULATION AND CONSENT
ORDER UNDER WHICH NYLIC WILL PAY A CIVIL PENALTY AND INSTITUTE POLICIES AND PROCEDURES TO COMPLY WITH APPROPRIATE REGULATIONS.regulatory · block 2NEW YORK LIFE INSURANCE COMPANYPDF pages 63–64
- Advisory affiliate name — filed text
- NEW YORK LIFE INSURANCE COMPANY
- Regulator name — filed text
- STATE OF NEW YORK DEPARTMENT OF FINANCIAL SERVICES
- Monetary/Fine Amount — filed text
- $ 732,067.00
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
THE FINDINGS BY THE NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES HAVE BEEN RESOLVED THROUGH A CONSENT ORDER.
Other filed details
Description of allegations — filed text
AS A RESULT OF A ROUTINE MARKET CONDUCT EXAMINATION OF THE AFFAIRS OF NEW YORK LIFE INSURANCE COMPANY FOR THE PERIOD FROM JANUARY 1, 2005-DECEMBER 31, 2009, THE NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES FOUND THAT NEW YORK LIFE VIOLATED SECTION 53-3.5(A), 53-3.2(A)(2) AND 533.6(B) OF DEPARTMENT REGULATION NO. 74 AS WELL AS NEW YORK INSURANCE LAW SECTION 3201(B)(1).
Sanction detail — filed text
IN OCTOBER 2016, NEW YORK LIFE PAID A CIVIL PENALTY OF $732,067.00.
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: NEW YORK LIFE INSURANCE COMPANY (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 NEW YORK DEPARTMENT OF FINANCIAL SERVICES 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 10/31/2016 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 2016-001-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): AS A RESULT OF A ROUTINE MARKET CONDUCT EXAMINATION OF THE AFFAIRS OF NEW YORK LIFE INSURANCE COMPANY FOR THE PERIOD FROM JANUARY 1, 2005-DECEMBER 31, 2009, THE NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES FOUND THAT NEW YORK LIFE VIOLATED SECTION 53-3.5(A), 53-3.2(A)(2) AND 533.6(B) OF DEPARTMENT REGULATION NO. 74 AS WELL AS NEW YORK INSURANCE LAW SECTION 3201(B)(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): 10/31/2016 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: $ 732,067.00 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: IN OCTOBER 2016, NEW YORK LIFE PAID A CIVIL PENALTY OF $732,067.00. 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). THE FINDINGS BY THE NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES HAVE BEEN RESOLVED THROUGH A CONSENT ORDER.
regulatory · block 3NEW YORK LIFE INSURANCE COMPANYPDF pages 64–66
- Advisory affiliate name — filed text
- NEW YORK LIFE INSURANCE COMPANY
- Regulator name — filed text
- STATE OF CONNECTICUT INSURANCE DEPARTMENT
- Monetary/Fine Amount — filed text
- $ 1,000.00
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
NEW YORK LIFE INSURANCE COMPANY WAS FINED $1,000.00, WHICH WAS PAID TO THE STATE IN DECEMBER 2017.
Other filed details
Description of allegations — filed text
DURING THE COURSE OF A ROUTINE MARKET CONDUCT EXAM, THE STATE OF CONNECTICUT INSURANCE DEPARTMENT (THE STATE) FOUND NEW YORK LIFE INSURANCE COMPANY DID NOT TIMELY PAY LONG TERM CARE CLAIMS IN FOUR INSTANCES.
Sanction detail — filed text
NEW YORK LIFE INSURANCE COMPANY WAS FINED $1,000.00, WHICH WAS PAID TO THE STATE IN DECEMBER 2017.
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: NEW YORK LIFE INSURANCE COMPANY (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 CONNECTICUT INSURANCE DEPARTMENT 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 01/24/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: MC 17-47 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): DURING THE COURSE OF A ROUTINE MARKET CONDUCT EXAM, THE STATE OF CONNECTICUT INSURANCE DEPARTMENT (THE STATE) FOUND NEW YORK LIFE INSURANCE COMPANY DID NOT TIMELY PAY LONG TERM CARE CLAIMS IN FOUR INSTANCES. 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): 01/24/2018 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: $ 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: NEW YORK LIFE INSURANCE COMPANY WAS FINED $1,000.00, WHICH WAS PAID TO THE STATE IN DECEMBER 2017. 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). NEW YORK LIFE INSURANCE COMPANY WAS FINED $1,000.00, WHICH WAS PAID TO THE STATE IN DECEMBER 2017.
regulatory · block 4NEW YORK LIFE INSURANCE COMPANYPDF pages 66–68
- Advisory affiliate name — filed text
- NEW YORK LIFE INSURANCE COMPANY
- Regulator name — filed text
- KENTUCKY DEPARTMENT OF INSURANCE
- Monetary/Fine Amount — filed text
- $ 112,000.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
MONETARY FINE: $112,000
Other filed details
Description of allegations — filed text
ON OCTOBER 4, 2021 NEW YORK LIFE INSURANCE COMPANY ("NYLIC") RECEIVED AN ORDER OF CIVIL PENALTY AND ADOPTION OF A CORRECTIVE ACTION PLAN FROM THE KENTUCKY DEPARTMENT OF INSURANCE ALLEGING THAT NYLIC INCORRECTLY IMPLEMENTED PREMIUM RATE INCREASES ON 112 INDIVIDUAL LONG TERM CARE CONTRACTS IN VIOLATION OF KENTUCKY INSURANCE LAW.
Sanction detail — filed text
ON OCTOBER 4, 2021 NEW YORK LIFE INSURANCE COMPANY ("NYLIC") RECEIVED AN ORDER OF CIVIL PENALTY AND ADOPTION OF A CORRECTIVE ACTION PLAN FROM THE KENTUCKY DEPARTMENT OF INSURANCE ALLEGING THAT NYLIC INCORRECTLY IMPLEMENTED PREMIUM RATE INCREASES ON 112 INDIVIDUAL LONG TERM CARE CONTRACTS IN VIOLATION OF KENTUCKY INSURANCE LAW. MONETARY FINE: $112,000
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:
NEW YORK LIFE INSURANCE
COMPANY
(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)
KENTUCKY DEPARTMENT OF INSURANCE
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
10/04/2021
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2021SCM066
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):
ON OCTOBER 4, 2021 NEW YORK LIFE INSURANCE COMPANY ("NYLIC") RECEIVED AN ORDER OF CIVIL PENALTY AND ADOPTION OF A CORRECTIVE
ACTION PLAN FROM THE KENTUCKY DEPARTMENT OF INSURANCE ALLEGING THAT NYLIC INCORRECTLY IMPLEMENTED PREMIUM RATE INCREASES ON
112 INDIVIDUAL LONG TERM CARE CONTRACTS IN VIOLATION OF KENTUCKY INSURANCE LAW.
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):
10/20/2021
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: $ 112,000.00
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:
ON OCTOBER 4, 2021 NEW YORK LIFE INSURANCE COMPANY ("NYLIC") RECEIVED AN ORDER OF CIVIL PENALTY AND ADOPTION OF A
CORRECTIVE ACTION PLAN FROM THE KENTUCKY DEPARTMENT OF INSURANCE ALLEGING THAT NYLIC INCORRECTLY IMPLEMENTED PREMIUM
RATE INCREASES ON 112 INDIVIDUAL LONG TERM CARE CONTRACTS IN VIOLATION OF KENTUCKY INSURANCE LAW. MONETARY FINE: $112,000
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).
MONETARY FINE: $112,000regulatory · block 5NEW YORK LIFE INSURANCE COMPANY; NEW YORK LIFE INSURANCE AND ANNUITY CORPORATIONPDF pages 68–70
- Advisory affiliate name — filed text
- NEW YORK LIFE INSURANCE COMPANY; NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
- Regulator name — filed text
- OFFICE OF THE MONTANA STATE AUDITOR, COMMISSION OF SECURITIES AND FINANCE
- Monetary/Fine Amount — filed text
- $ 10,000.00
- How was matter resolved — filed text
- Stipulation and Consent
Action status / disposition — filed text
MONETARY FINE: $10,000 THE MARCH 23, 2021 CONSENT AGREEMENT RESOLVES THE ALLEGATIONS AGAINST NYL AND WAS ENTERED WITHOUT ADJUDICATION OF ANY ISSUE, LAW OR FACT.
Other filed details
Description of allegations — filed text
THE OFFICE OF THE MONTANA STATE AUDITOR, COMMISSION OF SECURITIES AND INSURANCE ("CSI") FOUND THAT SINCE 2015 NEW YORK LIFE INSURANCE COMPANY AND NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION (COLLECTIVELY, "NYL") USED GROUP LIFE INSURANCE AND GROUP ANNUITY FORMS THAT HAD NOT BEEN APPROVED BY THE CSI, PROVIDED COVERAGE UNDER SUCH FORMS TO MONTANA RESIDENTS AND DID NOT SUBMIT THE FORMS FOR APPROVAL AS REQUIRED UNDER MONTANA LAW.
Sanction detail — filed text
THE OFFICE OF THE MONTANA STATE AUDITOR, COMMISSION OF SECURITIES AND INSURANCE ("CSI") FOUND THAT SINCE 2015 NEW YORK LIFE INSURANCE COMPANY AND NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION (COLLECTIVELY, "NYL") USED GROUP LIFE INSURANCE AND GROUP ANNUITY FORMS THAT HAD NOT BEEN APPROVED BY THE CSI, PROVIDED COVERAGE UNDER SUCH FORMS TO MONTANA RESIDENTS AND DID NOT SUBMIT THE FORMS FOR APPROVAL AS REQUIRED UNDER MONTANA LAW. MONETARY FINE: $10,000 THE MARCH 23, 2021 CONSENT AGREEMENT RESOLVES THE ALLEGATIONS AGAINST NYL AND WAS ENTERED WITHOUT ADJUDICATION OF ANY ISSUE, LAW OR FACT.
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:
NEW YORK LIFE INSURANCE
COMPANY; NEW YORK LIFE
INSURANCE AND ANNUITY
CORPORATION
(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)
OFFICE OF THE MONTANA STATE AUDITOR, COMMISSION OF SECURITIES AND FINANCE
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
3.
Date Initiated (MM/DD/YYYY):
03/23/2021
Exact
Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
INS 2018-275
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 OFFICE OF THE MONTANA STATE AUDITOR, COMMISSION OF SECURITIES AND INSURANCE ("CSI") FOUND THAT SINCE 2015 NEW YORK LIFE
INSURANCE COMPANY AND NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION (COLLECTIVELY, "NYL") USED GROUP LIFE INSURANCE AND
GROUP ANNUITY FORMS THAT HAD NOT BEEN APPROVED BY THE CSI, PROVIDED COVERAGE UNDER SUCH FORMS TO MONTANA RESIDENTS AND DID
NOT SUBMIT THE FORMS FOR APPROVAL AS REQUIRED UNDER MONTANA LAW.
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):
03/23/2021
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: $ 10,000.00
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 OFFICE OF THE MONTANA STATE AUDITOR, COMMISSION OF SECURITIES AND INSURANCE ("CSI") FOUND THAT SINCE 2015 NEW YORK LIFE
INSURANCE COMPANY AND NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION (COLLECTIVELY, "NYL") USED GROUP LIFE INSURANCE AND
GROUP ANNUITY FORMS THAT HAD NOT BEEN APPROVED BY THE CSI, PROVIDED COVERAGE UNDER SUCH FORMS TO MONTANA RESIDENTS AND
DID NOT SUBMIT THE FORMS FOR APPROVAL AS REQUIRED UNDER MONTANA LAW. MONETARY FINE: $10,000 THE MARCH 23, 2021 CONSENT
AGREEMENT RESOLVES THE ALLEGATIONS AGAINST NYL AND WAS ENTERED WITHOUT ADJUDICATION OF ANY ISSUE, LAW OR FACT.
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).
MONETARY FINE: $10,000 THE MARCH 23, 2021 CONSENT AGREEMENT RESOLVES THE ALLEGATIONS AGAINST NYL AND WAS ENTERED WITHOUT
ADJUDICATION OF ANY ISSUE, LAW OR FACT.regulatory · block 6NEW YORK LIFE INSURANCE CO.PDF pages 70–72
- Advisory affiliate name — filed text
- NEW YORK LIFE INSURANCE CO.
- Regulator name — filed text
- LOUISIANA DEPARTMENT OF INSURANCE
- Monetary/Fine Amount — filed text
- $ 100,000.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
NEW YORK LIFE AGREED TO A CONSENT ORDER FROM THE STATE AND PAID A FINE OF $100,000 RELATED TO USE OF FORMS IN THE STATE WHICH WERE NOT APPROVED BY OR DID NOT COMPLY WITH STATE REGULATIONS. IN ADDITION TO PAYING THE FINE OF $100,000 ON 12/22/2023, NYL IS ALSO AMENDING FORMS AND AGREEMENT AND RESUBMITTING THEM TO THE STATE TO COMPLY WITH THE APPROPRIATE REGULATIONS.
Other filed details
Description of allegations — filed text
NEW YORK LIFE INSURANCE COMPANY FAILED TO USE POLICY FORMS THAT WERE REVIEWED AND APPROVED BY THE STATE. IN ADDITION, CERTAIN FORMS DID NOT COMPLY WITH STATE REGULATIONS.
Sanction detail — filed text
NEW YORK LIFE AGREED TO A CONSENT ORDER FROM THE STATE AND PAID A FINE OF $100,000 RELATED TO USE OF FORMS IN THE STATE WHICH WERE NOT APPROVED BY OR DID NOT COMPLY WITH STATE REGULATIONS. IN ADDITION TO PAYING THE FINE OF $100,000 ON 12/22/2023, NYL IS ALSO AMENDING FORMS AND AGREEMENT AND RESUBMITTING THEM TO THE STATE TO COMPLY WITH THE APPROPRIATE REGULATIONS.
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: NEW YORK LIFE INSURANCE CO. (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) LOUISIANA DEPARTMENT OF INSURANCE 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: AMEND CURRNET FORMS AS REQUESTED IN THE ORDER AND TO CEASE USING UNAPPROVE FORMS IN THE STATE 3. Date Initiated (MM/DD/YYYY): 12/16/2023 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): 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): NEW YORK LIFE INSURANCE COMPANY FAILED TO USE POLICY FORMS THAT WERE REVIEWED AND APPROVED BY THE STATE. IN ADDITION, CERTAIN FORMS DID NOT COMPLY WITH STATE REGULATIONS. 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): 12/16/2023 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: $ 100,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: NYL IS ALSO AMENDING FORMS AND AGREEMENT AND RESUBMITTING THEM TO THE STATE TO COMPLY WITH THE APPROPRIATE REGULATIONS. 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: NEW YORK LIFE AGREED TO A CONSENT ORDER FROM THE STATE AND PAID A FINE OF $100,000 RELATED TO USE OF FORMS IN THE STATE WHICH WERE NOT APPROVED BY OR DID NOT COMPLY WITH STATE REGULATIONS. IN ADDITION TO PAYING THE FINE OF $100,000 ON 12/22/2023, NYL IS ALSO AMENDING FORMS AND AGREEMENT AND RESUBMITTING THEM TO THE STATE TO COMPLY WITH THE APPROPRIATE REGULATIONS. 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). NEW YORK LIFE AGREED TO A CONSENT ORDER FROM THE STATE AND PAID A FINE OF $100,000 RELATED TO USE OF FORMS IN THE STATE WHICH WERE NOT APPROVED BY OR DID NOT COMPLY WITH STATE REGULATIONS. IN ADDITION TO PAYING THE FINE OF $100,000 ON 12/22/2023, NYL IS ALSO AMENDING FORMS AND AGREEMENT AND RESUBMITTING THEM TO THE STATE TO COMPLY WITH THE APPROPRIATE REGULATIONS.
Show 2 more source blocks
regulatory · block 7NEW YORK LIFE INSURANCE COMPANYPDF pages 72–74
- Advisory affiliate name — filed text
- NEW YORK LIFE INSURANCE COMPANY
- Regulator name — filed text
- STATE OF CONNECTICUT INSURANCE DEPARTMENT
- Monetary/Fine Amount — filed text
- $ 2,000.00
- How was matter resolved — filed text
- Stipulation and Consent
Action status / disposition — filed text
PURSUANT TO A MARKET CONDUCT EXAMINATION BY THE STATE OF CONNECTICUT INSURANCE DEPARTMENT, STIPULATION AND FINAL ORDER, DATED 08/07/2025, NEW YORK LIFE INSURANCE COMPANY WAS FOUND TO HAVE VIOLATED SECTION 38A-816 OF THE CONNECTICUT GENERAL STATUTES
Other filed details
Description of allegations — filed text
NYLIC PAID A $2,000 FINE FOR FAILING TO PAY CLAIMS AND INTEREST ON CLAIMS IN A TIMELY MANNER, IN VIOLATION OF CONNECTICUT STATUTORY REQUIREMENTS.
Sanction detail — filed text
PURSUANT TO A MARKET CONDUCT EXAMINATION BY THE STATE OF CONNECTICUT INSURANCE DEPARTMENT, STIPULATION AND FINAL ORDER, DATED 08/07/2025, NEW YORK LIFE INSURANCE COMPANY WAS FOUND TO HAVE VIOLATED SECTION 38A-816 OF THE CONNECTICUT GENERAL STATUTES
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: NEW YORK LIFE INSURANCE COMPANY (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 CONNECTICUT INSURANCE DEPARTMENT 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 08/07/2025 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: MC 25-65 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): NYLIC PAID A $2,000 FINE FOR FAILING TO PAY CLAIMS AND INTEREST ON CLAIMS IN A TIMELY MANNER, IN VIOLATION OF CONNECTICUT STATUTORY REQUIREMENTS. 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): 08/07/2025 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: $ 2,000.00 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: PURSUANT TO A MARKET CONDUCT EXAMINATION BY THE STATE OF CONNECTICUT INSURANCE DEPARTMENT, STIPULATION AND FINAL ORDER, DATED 08/07/2025, NEW YORK LIFE INSURANCE COMPANY WAS FOUND TO HAVE VIOLATED SECTION 38A-816 OF THE CONNECTICUT GENERAL STATUTES 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). PURSUANT TO A MARKET CONDUCT EXAMINATION BY THE STATE OF CONNECTICUT INSURANCE DEPARTMENT, STIPULATION AND FINAL ORDER, DATED 08/07/2025, NEW YORK LIFE INSURANCE COMPANY WAS FOUND TO HAVE VIOLATED SECTION 38A-816 OF THE CONNECTICUT GENERAL STATUTES
civil judicial · block 1PDF pages 74–75
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GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Item 11.H. of Part 1A or Item 2.F. of Part 1B of Form ADV. Civil Judicial Check Part 1A item(s) being responded to: 11.H(1)(a) 11.H(1)(b) 11.H(1)(c) 11.H(2) Check Part 1B item(s) being responded to: 2.F(1) 2.F(2) 2.F(3) 2.F(4) 2.F(5) 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 Item 11.H. of Part 1A or Item 2.F. of Part 1B. Use only one DRP to report details related to the same event. Unrelated civil judicial actions must be reported on separate DRPs. 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.H. (1)(a), 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. Court Action initiated by: (Name of regulator, foreign financial regulatory authority, SRO, commodities exchange, agency, firm, private plaintiff, etc.) PAUL ANDRUS AND RONALD BERRESFORD 2. Principal Relief Sought: Money Damages (Private/Civil Complaint) Other Relief Sought: 3. Filing Date of Court Action (MM/DD/YYYY): 07/18/2016 Exact Explanation If not exact, provide explanation: 4. Principal Product Type: Mutual Fund(s) Other Product Types: 5. Formal Action was brought in (include name of Federal, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case Number): CASE NO. 1:16-CV-05698 THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK 6. Advisory Affiliate Employing Firm when activity occurred which led to the civil judicial action (if applicable): 7. Describe the allegations related to this civil action (your response must fit within the space provided): THE MAIN ALLEGATION OF THE COMPLAINT IS THAT PLAN FIDUCIARIES VIOLATED ERISA BY NOT OFFERING THE LEAST EXPENSIVE S&P 500 INDEX FUND AVAILABLE. 8. Current Status? Pending On Appeal Final 9. If on appeal, action appealed to (provide name of court) and Date Appeal Filed (MM/DD/YYYY): 10. If pending, date notice/process was served (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 14 only. 11. How was matter resolved: Settled 12. Resolution Date (MM/DD/YYYY): 06/15/2017 Exact Explanation If not exact, provide explanation: 13. Resolution Detail: A. Were any of the following Sanctions Ordered or Relief Granted(check appropriate items)? Monetary/Fine Amount: $ 3,000,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions: C. 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: CLASS ACTION WAS APPROVED AND SETTLED FOR ALL PERSONS WHO PARTICIPATED IN THE NEW YORK LIFE INSURANCE COMPANY EMPLOYEE PROGRESS-SHARING INVESTMENT PLAN OR THE NEW YORK LIFE AGENTS PROGRESSSHARING INVESTMENT PLAN (COLLECTIVELY, THE "PLANS") WHOSE PLAN ACCOUNT INCLUDED AN INVESTMENT IN THE MAINSTAY S&P 500 INDEX FUND AT ANY TIME DURING THE PERIOD BETWEEN JULY 18, 2010 AND JULY 19, 2016 (THE "CLASS PERIOD"), INCLUDING ANY BENEFICIARY OF A DECEASED PERSON WHO PARTICIPATED IN THE PLANS AT ANY TIME DURING THE CLASS PERIOD, AND/OR, ALTERNATE PAYEES, IN THE CASE OF A PERSON SUBJECT TO A QUALIFIED DOMESTIC RELATIONS ORDER WHO PARTICIPATED IN THE PLANS AT ANY TIME DURING THE CLASS PERIOD. 14. Provide a brief summary of circumstances related to the action(s), allegation(s), disposition(s) and/or finding(s) disclosed above (your response must fit within the space provided). THE PLAITIFF ALLEGES THAT PLAN FIDUCIARIES VIOLATED ERISA BY NOT OFFERING THE LEAST EXPENSIVE S&P 500 INDEX FUND AVAILABLE.
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