Violation Tracker Individual Record

Company: 
ING Life Insurance and Annuity Co. et al.
Current Parent Company: 
Voya Financial
Penalty: 
$200,000
Year: 
2012
Date: 
August 15, 2012
Offense Group: 
consumer-protection-related offenses
Primary Offense: 
insurance violation
Violation Description: 

ING Life Insurance and Annuity Company, Reliastar Life Insurance Company of New York, Midwestern United Life Insurance Company, Reliastar Life Insurance Company, Security Life of Denver Insurance Company, and ING USA Annuity and Life Insurance Company agreed to pay a $200,000 civil penalty in settlement of allegations their previous use of the automatic default option establishing a retained asset account could result in an unsuitable arrangement for a beneficiary, in violation of state regulations.

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: 
New York
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
financial services
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.