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.
