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Violation Tracker Individual Record

Company: American Life Insurance Company
Current Parent Company: MetLife
Penalty: $178,421
Year: 2024
Date: November 14, 2024
Offense Group: financial offenses
Primary Offense: economic sanction violation
Violation Description: American Life Insurance Company (ALICO), a Delaware subsidiary of MetLife, Inc. that offers group and individual insurance globally, agreed to pay $178,421 to settle its potential civil liability for apparent violations of OFAC sanctions on Iran. From February 23, 2022 to August 14, 2023, ALICO issued group medical and life insurance policies, collected premiums, and paid claims to several schools and entities located in the United Arab Emirates and owned or controlled by the Government of Iran. ALICO processed 2,331 premiums and claims under these policies totaling $446,077. The settlement amount reflected OFAC's determination that ALICO's apparent violations were non-egregious and voluntarily self-disclosed.
Level of Government: federal
Action Type: agency action
Agency: Office of Foreign Assets Control
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: New York
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)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.