Violation Tracker Individual Record

Company: 
Bankers Life and Casualty Co. and Colonial Penn Life Insurance Co.
Current Parent Company: 
CNO Financial
Penalty: 
$175,000
Year: 
2019
Date: 
August 23, 2019
Offense Group: 
consumer-protection-related offenses
Primary Offense: 
insurance violation
Secondary Offense: 
financial institution supervision failures
Violation Description: 

Bankers Life and Casualty Co. and Colonial Penn Life Insurance Co. agreed to pay a $175,000 civil penalty in settlement of allegations they sold unsuitable insurance products with lack of supervision of products sold, advertisements, and insurance producers.

Level of Government: 
state
Action Type: 
agency action
Agency: 
Minnesota Department of Commerce
Civil or Criminal Case: 
civil
Facility State: 
Minnesota
HQ Country of Parent: 
USA
HQ State of Parent: 
Indiana
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.