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Violation Tracker Individual Record

Company: Lincoln National Life Insurance Co. and Lincoln Financial Group
Current Parent Company: Lincoln National
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Penalty: $150,000
Year: 2013
Date: January 10, 2013
Offense Group: consumer-protection-related offenses
Primary Offense: insurance violation
Violation Description: Lincoln National Life Insurance Co. and Lincoln Financial Group agreed to pay a $150,000 civil penalty in settlement of allegations its 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 Current Parent: USA
HQ State of Current Parent: Pennsylvania
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: financial services
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.