Violation Tracker Individual Record
Company:
Monumental Life Insurance Company
Current Parent Company:
Aegon
Penalty:
$37,000,000
Year:
2003
Date:
June 13, 2003
Offense Group:
consumer-protection-related offenses
Primary Offense:
insurance violation
Secondary Offense:
discriminatory practices (non-employment)
Violation Description:
In a multistate settlerment, Monumental Life Insurance Co. agreed to pay $37 million in additional death benefits for policies that were issued with rates based on race.
Level of Government:
state
Action Type:
agency action
Agency:
Multistate Financial Regulators Case
Civil or Criminal Case:
civil
HQ Country of Parent:
Netherlands
Ownership Structure of Parent:
publicly traded
Major Industry of Parent:
financial services
Specific Industry of Parent:
insurance
Source of Data:
MONUMENTAL LIFE TO PAY $37 MILLION IN DEATH BENEFITS OVER RACE-BASED PREMIUMS, Bestwire, June 13, 2003 (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.
