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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 Current Parent: USA
HQ State of Current Parent: Illinois
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current 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.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.