Violation Tracker Individual Record

Company: 
Jefferson National Life Insurance Co.
Current Parent Company: 
Nationwide
Penalty: 
$165,342
Year: 
2021
Date: 
July 29, 2021
Offense Group: 
consumer-protection-related offenses
Primary Offense: 
insurance violation
Violation Description: 

Jefferson National agreed to pay a $150,000 penalty and $14,342 in restitution in settlement of allegations it and its insurance agents failed to perform an independent review of suitability of its annuities for a client who was sold a product she later stated she did not understand.

Level of Government: 
state
Action Type: 
agency action
Agency: 
California Department of Insurance
Civil or Criminal Case: 
civil
Case ID: 
GG201800071
Facility State: 
California
HQ Country of Parent: 
USA
HQ State of Parent: 
Ohio
Ownership Structure of Parent: 
mutual
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
insurance
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.