Less than a month after The Phoenix Cos. announced a settlement with the U.S. Securities and Exchange Commission regarding its delayed filings, the company told federal regulators it expects to be late again with financial reports.
The Phoenix Cos. and its subsidiary, PHL Variable Insurance Co., informed the SEC on April 15 that both companies need more time to file documents that were due April 15: the 2012 annual report for PHL Variable and the third-quarter 2012 report for the parent company.
Under a settlement announced March 21, April 15 was one of a half-dozen new deadlines for The Phoenix Cos. and its subsidiary to file various past-due financial statements.
The settlement called for payments of $375,000 to be made by both the parent company and PHL Variable.
PHL Variable announced on Sept. 18, 2012, that its audited financial statements for 2009, 2010 and 2011 needed to be restated because the filings had errors in accounting for an intercompany reinsurance treaty between PHL Variable and Phoenix Life Insurance Co. The errors concerned ceded premiums, periodic adjustments to receivables, deferred acquisition costs and liability for policyholder benefits.
The parent company announced on Nov. 8, 2012, that its financial statements for 2009, 2010 and 2011 needed to be restated.