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Violation Tracker Individual Record

Company: Monumental Life Insurance Company
Current Parent CompanyAegon
Parent at the Time of the Penalty Announcement subscribe to see this data field
Penalty: $250,000
Year: 2008
Date: October 27, 2008
Offense Group: consumer-protection-related offenses
Primary Offense: insurance violation
Violation Description: Respondents issued group accident and sickness coverage pursuant to a non-compliant plan, using non-compliant forms and which terms of coverage failed to comply with NJ law; utilized a Preferred Provider network that was not certified or licensed as an ODS; provided certain coverages that included network and out-of-network benefits, but failed to seek or obtain Department approval of a selective contracting arrangement. Respondents corrected deficiencies, and remediated all claims-related issues, including paying interest as applicable.
Level of Government: state
Action Type: agency action
Agency: New Jersey Department of Banking & Insurance
Civil or Criminal Case: civil
Facility State: New Jersey
HQ Country of Current Parent: Netherlands
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: insurance
Source of Data(click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.