Violation Tracker Individual Record

Company: 
American General Life and Accident Insurance Co.
Current Parent Company: 
American International Group
Penalty: 
$1,568,324
Year: 
2006
Date: 
February 28, 2006
Offense Group: 
consumer-protection-related offenses
Primary Offense: 
insurance violation
Violation Description: 

American General agreed to pay a $100,000 penalty, $5,000 IN costs and and an estimated $1,463,324 in refunds of premiums in settlement of allegations it failed to demonstrate in its annual filings to the agency that its rates were reasonable in relation to benefits, failed to maintain required loss ratios, and failed to take corrective action agreed to in a previous Consent Order.

Level of Government: 
state
Action Type: 
agency action
Agency: 
Florida Office of Financial Regulation
Civil or Criminal Case: 
civil
Facility State: 
Florida
HQ Country of Parent: 
USA
HQ State of Parent: 
New York
Ownership Structure of Parent: 
publicly traded
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.