Violation Tracker Individual Record

Company: 
The Guardian Insurance & Annuity Company, Inc.
Current Parent Company: 
Guardian Life Insurance
Penalty: 
$442,589
Year: 
2019
Date: 
September 24, 2019
Offense Group: 
consumer-protection-related offenses
Primary Offense: 
insurance violation
Violation Description: 

The Department of Financial Services entered into consent orders with six life insurance companies to resolve alleged violations of New York Insurance Regulations in deferred to immediate annuity replacement transactions. The insurers, collectively, agreed to pay $1,152,154 in restitution and $673,000 in penalties.

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: 
New York
Ownership Structure of Parent: 
mutual
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.