Violation Tracker Individual Record

Company: 
American Family Life Assurance Company of New York (AFLAC)
Current Parent Company: 
Aflac
Penalty: 
$1,138,368
Year: 
2018
Date: 
July 2, 2018
Offense Group: 
consumer-protection-related offenses
Primary Offense: 
insurance violation
Violation Description: 

The Department of Financial Services entered into a consent order with American Family Life Assurance Company of New York (AFLAC), which agreed to provide restitution totaling $961,478 to New York consumers for failing to include disclosure language on premium notices in violation of New York Insurance Law and for failing to provide applicants full and clear information related to the replacement of their existing life insurance so that they could make a decision in his or her own best interest. The insurer also paid a civil penalty of $176,890 for these violations and others discovered during a DFS market conduct examination.

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: 
Georgia
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.