Violation Tracker Individual Record

Company: 
The Northwestern Mutual Life Insurance Co.
Current Parent Company: 
Northwestern Mutual
Penalty: 
$150,000
Year: 
2013
Date: 
April 26, 2013
Offense Group: 
consumer-protection-related offenses
Primary Offense: 
insurance violation
Violation Description: 

The Northwestern Mutual Life Insurance Co. 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 Parent: 
USA
HQ State of Parent: 
Wisconsin
Ownership Structure of Parent: 
mutual
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.