Violation Tracker Individual Record

Company: 
John Hancock Life Insurance Co. (USA) et al.
Current Parent Company: 
Manulife Financial
Penalty: 
$200,000
Year: 
2012
Date: 
August 15, 2012
Offense Group: 
consumer-protection-related offenses
Primary Offense: 
insurance violation
Violation Description: 

John Hancock Life Insurance Company (USA), John Hancock Life and Health Insurance Company of New Yorks, and John Hancock Life and Health Insurance Co. 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: 
Canada
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.