Less than a week after paying $1 million in a settlement with the U.S. Securities and Exchange Commission over misleading proxy disclosures, an Iowa company now faces a $275,000 fine for allegedly selling unapproved annuity contracts in Minnesota.

Two executives of an Iowa life insurance company will pay a combined $1 million in penalties as part of civil settlements with the U.S. Securities and Exchange Commission regarding misleading proxy disclosures to investors.