Violation Tracker Individual Record

Company: 
Monumental Life Insurance Company
Current Parent Company: 
Aegon
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 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.