Violation Tracker Individual Record

Company: 
AXA Equitable
Current Parent Company: 
Equitable Holdings
Penalty: 
$20,000,000
Year: 
2014
Date: 
March 17, 2014
Offense Group: 
consumer-protection-related offenses
Primary Offense: 
insurance violation
Violation Description: 

The Department of Financial Services announced that AXA Equitable would pay a $20 million fine for violations stemming from an investigation that uncovered that it made changes to certain variable annuity products limiting the potential returns for existing customers without providing adequate notice to DFS.

Level of Government: 
state
Action Type: 
agency action
Agency: 
New York Department of Financial Services
Civil or Criminal Case: 
civil
Facility State: 
New York
HQ Country of Parent: 
USA
HQ State of Parent: 
New York
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
investment management
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.