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Violation Tracker Individual Record

Company: Nationwide Life Insurance Company
Current Parent Company: Nationwide
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Penalty: $2,100,000
Year: 2010
Date: February 3, 2010
Offense Group: consumer-protection-related offenses
Primary Offense: insurance violation
Violation Description: Five state insurance regulators entered into a $2.1 million settlement with Nationwide Life Insurance Co. and Nationwide Life and Annuity Insurance Co. relating to the alleged unsuitable sale of Nationwide Life variable annuities to clients of Kansas-based financial advisory firm Waddell & Reed Inc.
Level of Government: state
Action Type: agency action
Agency: Multistate Financial Regulators Case
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: Ohio
Ownership Structure of Current Parent: mutual
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: insurance
Source of Data: $2.1 Million Annuity Settlement With Nationwide Life, Targeted News Service, February 3, 2010 (via Nexis).
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.