Bankers Life Fined $100k For Marketing, Sales Violations

HARTFORD — Connecticut Insurance Commissioner Thomas R. Sullivan signed an order September 25 fining Banker’s Life and Casualty Company, headquartered in Illinois, $100,000 for violations to Connecticut law.

Connecticut Insurance Department, Market Conduct Division investigated the various sales and marketing practices of Bankers agents in late 2006.

While reviewing cases from July 2006 through May 2007, the Department alleged that Bankers Life failed to provide adequate training and consistent monitoring on the conduct of its appointed agents in the state of Connecticut, which resulted in questionable and/or inappropriate insurance transactions during that time. Banker’s Life also paid $212,000 restitution to consumers in refunded premiums.

As part of the order and stipulation, Bankers Life agrees to establish and implement a plan to properly train its sales force, otherwise known as appointed agents, and monitor the sales practices of its appointed agents for compliance with Connecticut’s laws.

 “Unfair, misleading, or deceptive trade practices will not be tolerated in Connecticut,” Commissioner Sullivan said. “Consumers are entitled to understand the insurance products they are buying, how they work, and how they will impact their lives.”