Reuters: Regulatory News: BRIEF-MassMutual to pay $1.625 mln to settle SEC probe over annuity disclosures

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BRIEF-MassMutual to pay $1.625 mln to settle SEC probe over annuity disclosures Nov 15th 2012, 17:02 Thu Nov 15, 2012 12:02pm EST Nov 15 (Reuters) - * SEC says massmutual to pay $1.625 million after probe highlights insufficient disclosures about an annuity product * SEC charged Massachusetts mutual life insurance co for failing to disclose potential negative impact of "cap" it placed on retirement product * SEC says the cap potetnailly affected $2.5 billion of massmutual variable annuities * SEC says massmutual has removed the cap to ensure no investors are harmed * SEC says massmutual did not admit or deny wrongdoing in agreeing to settle

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