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Violation Tracker Individual Record

Company: American-Amicable Life Insurance Company
Current Parent Company: American-Amicable Group
Penalty: $60,000,000
Year: 2006
Date: August 4, 2006
Offense Group: consumer-protection-related offenses
Primary Offense: insurance violation
Violation Description: American-Amicable agreed to pay $60 million to a group of states to resolve allegations that it violated insurance and consumer protection regulations in the marketing of life insurance policies to U.S. military personnel. The company separately paid $10 million in a related case brought by the U.S. Securities and Exchange Commission; see the Violation Tracker entry at (click here)
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: Texas
Ownership Structure of Current Parent: privately held
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: insurance
Source of Data: INSURANCE DIRECTOR ANN BENJAMIN ANNOUNCES $70 MILLION NATIONAL SETTLEMENT BENEFIT FOR OHIO MILITARY PERSONNEL, US States News, August 4, 2006 (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.