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Company: Riversource Life Insurance Co. and Riversource Life Insurance Co. of New York
Current Parent Company:
Ameriprise Financial
Parent at the Time of the Penalty Announcement:
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Penalty: $1,500,000
Year: 2017
Date: August 1, 2017
Offense Group: consumer-protection-related offenses
Primary Offense: insurance violation
Violation Description: Riversource Life Insurance Co. and Riversource Life Insurance Co. of New York agreed to pay $1,500,000 in a settlement of allegations they had inadequate procedures to ensure that unclaimed funds were appropriately investigated to find beneficiaries.
Level of Government: state
Action Type: agency action
Agency: Minnesota Department of Commerce
Civil or Criminal Case: civil
Facility State: Minnesota
HQ Country of Current Parent: USA
HQ State of Current Parent: Minnesota
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: financial services
Source of Data:
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the
Update Log.
