Violation Tracker Individual Record

Company: 
Allstate Life Insurance Company of New York
Current Parent Company: 
Allstate
Penalty: 
$18,250,000
Year: 
2007
Date: 
January 2, 2007
Offense Group: 
consumer-protection-related offenses
Primary Offense: 
insurance violation
Violation Description: 

Allstate Life Insurance Company of New York agreed to pay a $1.25 million fine and will pay about $17 million in restitution to roughly 6,500 current and former policyholders for failing to comply with protective regulations for consumers who bought replacement life insurance policies and annuities.

Level of Government: 
state
Action Type: 
agency action
Agency: 
New York Department of Financial Services
Civil or Criminal Case: 
civil
Facility State: 
New York
HQ Country of Parent: 
USA
HQ State of Parent: 
Illinois
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
insurance
Source of Data: 

ALLSTATE LIFE TO PAY $18M FOR FAILING TO COMPLY WITH N.Y. REGS ON REPLACEMENT LIFE, ANNUITIES, Bestwire, January 2, 2007 (via Nexis).

Notes: 

At the time of this case the agency was known as the New York Insurance Department.

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.