Two firms fined $3.4 mn fine for ‘unsuitable investments’
Regulators from the Minnesota Department of Commerce recently fined Indiana-based Conseco Inc., and California-based Pacific Life Insurance Co. a combined $3.4 million. This fine was to settle charges that the two insurance companies sold unsuitable investments to Minnesota consumers. Bizjournals.com reports:
The companies also were charged with using unfair and deceptive advertisements by some agents in the state. The state reviewed possible misconduct at Pacific Life Insurance dating back to January 1985.
Read more: State fines two out-of-state insurance companies
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