The Phoenix Cos. said federal regulators have fined the Hartford insurer and its subsidiary an additional $200,000 due to its late financial filings.
The fines for Phoenix and PHL Variable Insurance Co. come as part of an amended order from the U.S. Securities & Exchange Commission over Phoenix’s overdue quarterly and annual financial reports.
The SEC levied a fine of $375,000 on each entity in March.
The newly amended administrative order requires Phoenix and PHL to file their 2013 annual reports by Aug. 6 and Aug. 22, respectively. First, second, and third-quarter 2013 filings would be due by September, while 2014 quarterly filings must begin in October.
If Phoenix or PHL miss any of the deadlines, they will be subject to additional fines of $20,000 and greater per week.
The order comes just days after Reuters reported that Phoenix was exploring a possible sale, citing anonymous sources.
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