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Violation Tracker Individual Record

Company: Bankers Life and Casualty Co. and Colonial Penn Life Insurance Co.
Current Parent Company: CNO Financial
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
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 Current Parent: USA
HQ State of Current Parent: Indiana
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: insurance
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.