Violation Tracker Individual Record

Company: 
Transamerica Life Insurance Co. et al.
Current Parent Company: 
Aegon
Penalty: 
$2,500,000
Year: 
2014
Date: 
May 27, 2014
Offense Group: 
consumer-protection-related offenses
Primary Offense: 
insurance violation
Violation Description: 

Transamerica Life Insurance Co., Transamerica Advisors Life Insurance Co., Transamerica Advisors Life Insurance Co. of New York, Transamerica Financial Life Insurance Co., Monumental Life Insurance Co., Stonebridge Life Insurance Co., and Western Reserve Life Assurance Co. of Ohio agreed to pay $2.5 million to the state as part of a settlement of allegations they had inadequate procedures to ensure policies and other funds were timely investigated and paid out to beneficiaries.

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: 
Netherlands
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.