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 https://violationtracker.goodjobsfirst.org/violation-tracker/-american-a...

Level of Government: 
state
Action Type: 
agency action
Agency: 
Multistate Financial Regulators Case
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
Texas
Ownership Structure of Parent: 
privately held
Major Industry of Parent: 
financial services
Specific Industry of 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.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.