New York State
FOR IMMEDIATE RELEASE
DEPARTMENT FINES PRUDENTIAL INSURANCE COMPANY OF AMERICA $1.5 MILLION FOR MARKET CONDUCT VIOLATIONS
Superintendent of Insurance Neil D. Levin today announced that the Department has fined New Jersey-based Prudential Insurance Company of America $1.5 million for violations of the New York State Insurance Law. These violations occurred during the period from January 1, 1996 to December 31, 1997.
According to the stipulation, the company violated the Insurance law and Department regulations by the following conduct:
In addition to paying the fine, the company has agreed in the stipulation to put corrective measures in place, including programs and procedures that will ensure future compliance with all Department regulations. The companys Auditing Committee will be required to report to the Superintendent every six months for a period of three years on the status of these corrective measures.