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Violation Tracker Individual Record

Company: Northwestern Mutual Life Insurance Co.
Current Parent Company: Northwestern Mutual
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Penalty: $57,937
Year: 2019
Date: September 24, 2019
Offense Group: consumer-protection-related offenses
Primary Offense: insurance violation
Violation Description: The Department of Financial Services entered into consent orders with six life insurance companies to resolve alleged violations of New York Insurance Regulations in deferred to immediate annuity replacement transactions. The insurers, collectively, agreed to pay $1,152,154 in restitution and $673,000 in penalties.
Level of Government: state
Action Type: agency action
Agency: New York Department of Financial Services
Civil or Criminal Case: civil
Facility State: New York
HQ Country of Current Parent: USA
HQ State of Current Parent: Wisconsin
Ownership Structure of Current Parent: mutual
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: insurance
Source of Data: (click here)
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.