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Violation Tracker Individual Record

Company: Prudential Insurance Company of America
Current Parent CompanyPrudential Financial
Parent at the Time of the Penalty Announcement subscribe to see this data field
Penalty: $200,000
Year: 2012
Date: August 15, 2012
Offense Group: consumer-protection-related offenses
Primary Offense: insurance violation
Violation Description: Prudential Insurance Company of America, Pruco Insurance Company of Iowa, Pruco Life Insurance Company, Prudential Annuity Life Assurance Corporation, Prudential Retirement Insurance and Annuity Company, and Pruco Life Insurance Company of New Jersey 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 Current Parent: USA
HQ State of Current Parent: New Jersey
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: insurance
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.