Bankers Life and Casualty Company reached an agreement with Maine insurance regulators to resolve complaints about producers in 2 branch offices in Maine.[@@]
The Chicago insurer has agreed to pay $400,000 in fines, invest $100,000 in organizations that help Maine senior citizens, strengthen producer training programs, pay independent auditors to examine its Maine branch sales offices and organize a customer satisfaction survey to see whether customers understand the products they have bought and are happy with their purchases, according to the Maine Bureau of Insurance.
Bankers Life also has agreed to pay restitution to Maine consumers who have been hurt by Bankers Life producers, and Maine insurance regulators are determining the precise amount of the restitution, officials say.
Bankers Life is a unit of Conseco Inc., Carmel, Ind.
Maine consumers filed 70 formal complaints against Bankers Life in connection with the sale of life, health and annuity products between Jan. 1, 2002, and April 11, 2005, officials say.
Possible violations of Maine law described in the complaints include policy misrepresentation and false statements about Bankers Life’s financial condition, officials say.