Mutual Of America Life Insurance Company

Allegations: THE MINNESOTA COMMISSIONER OF COMMERCE AND MUTUAL OF AMERICA LIFE INSURANCE COMPANY("LIFE COMPANY") ENTERED INTO A CONSENT ORDER FOR VIOLATIONS OF MINNESOTA INSURANCE LAWS REGARDING FAILING TO: ACT REASONABLY PROMPTLY IN RESPONSE TO COMMUNICATIONS ABOUT CLAIMS ARISING UNDER INSURANCE POLICIES; PROVIDE ALL NECESSARY CLAIM FORMS AND INSTRUCTIONS FOR PROCESSING THE INSURANCE CLAIMS; AND PROMPTLY REPLY TO ALL COMMUNICATIONS ABOUT INSURANCE CLAIMS THAT REASONABLY INDICATE A RESPONSE IS REQUESTED OR NEEDED. Status: Final Sanction Detail: MUTUAL OF AMERICA LIFE INSURANCE COMPANY WAS ORDERED TO PAY A CIVIL PENALTY OF $5,000. Summary: MUTUAL OF AMERICA LIFE INSURANCE COMPANY AGREED TO AN INFORMAL DISPOSITION OF THIS MATTER WITHOUT A HEARING. MUTUAL OF AMERICA LIFE INSURANCE COMPANY WAS ORDERED TO PAY A CIVIL PENALTY OF $5,000 AND REVIEW IT'S POLICIES AND PROCEDURES.

Allegations: THE APPLICANT ENTERED INTO A STIPULATION WITH THE NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES CONSENTING TO A CIVIL PENALTY FOR VIOLATIONS OF NEW YORK STATE INSURANCE REGULATIONS THAT WERE NOT THE RESULT OF ANY CONSCIOUS COMPANY POLICY TO EVADE SUCH REGULATIONS. THE VIOLATIONS AROSE UNDER 1) REGULATION NO. 33, BY DEVIATING FROM AN ACCEPTABLE MEANS POLICY RESERVES AND LIABILITIES METHOD OF ALLOCATION OF NET INVESTMENT INCOME ON GUARANTEED INVESTMENT CONTRACTS; AND 2) REGULATION NO. 60, BY FAILING TO FURNISH THE INSURER WHOSE COVERAGE WAS BEING REPLACED WITH CERTAIN REQUIRED MATERIALS AND BY NOT ENSURING THAT CERTAIN MATERIALS WERE PRESENTED TO THE APPLICANT PRIOR TO SIGNING THE APPLICATION. Status: Final Sanction Detail: CIVIL PENALTY OF $41,850 PAID IN NOVEMBER 2015 Summary: THE APPLICANT ENTERED INTO A STIPULATION WITH NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES WHICH INCLUDED A CIVIL PENALTY OF $41,850.