NYDFS announced a $3 million settlement with Pacific Life Insurance Company for engaging in the pension risk transfer business in New York without being licensed. NYDFS maintains its long-term focus on penalizing financial companies that conduct business in New York without the necessary license; this is construed as an unfair competitive advantage by the regulator.    The resolution may be found here:

https://www.dfs.ny.gov/system/files/documents/2021/12/ea20211221_co_pacific_life.pdf