New York Life Insurance Co., the largest U.S. life insurer owned by policyholders, suspended the chief executive officer at a lending unit over violations of company policy, said a person with knowledge of the action.

Trevor Clark, CEO of Madison Capital Funding LLC and Christopher Williams, a senior managing director, were suspended with pay, according to the person, who asked not to be identified because the matter is private. They violated policies related to personal investments and business activities, the person said.

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