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Violation Tracker Individual Record

Company: Great American Life Insurance Company
Current Parent Company: Massachusetts Mutual Life Insurance
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Penalty: $50,000,000
Year: 2009
Date: December 22, 2009
Offense Group: consumer-protection-related offenses
Primary Offense: insurance violation
Violation Description: The Minnesota Attorney General reached a settle with Great American Life Insurance and its affiliate Annuity Investor's Life Insurance Company regarding the sale of deferred anuities to senior citizens under which customers would be able to make refund claims involving approximately 2,000 policies with an estimated value of $50 million.
Level of Government: state
Action Type: agency action
Agency: Minnesota Attorney General
Civil or Criminal Case: civil
Facility State: Minnesota
HQ Country of Current Parent: USA
HQ State of Current Parent: Massachusetts
Ownership Structure of Current Parent: mutual
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: insurance
Source of Data: Minnesota Attorney General Achieves Settlement with Great American over Annuities Sales, Targeted News Service, December 22, 2009 (via Nexis).
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.