Connecticut Insurance Commissioner Thomas Sullivan says he has signed an order imposing a $100,000 fine on an insurer in connection with concerns about agent training.
Sullivan has imposed the fine on Bankers Life Insurance and Casualty Company, Chicago, a unit of Conseco Inc., Carmel, Ind.
Connecticut Insurance Department regulators found while reviewing cases from July 2006 through May 2007 that Bankers Life had “failed to provide adequate training and consistent monitoring on the conduct of its appointed agents in the state of Connecticut,” officials say.
Bankers Life refunded $212,000 in premiums to consumers as a result of inappropriate transactions conducted by the agents, officials say.
Bankers Life has agreed to establish an agent training plan and monitor the agents’ sales practices, officials say.
Bankers Life has issued a statement indicating that it has cooperated fully with the Connecticut department in addressing problems in the company’s Hartford branch.
“We have taken extensive steps to correct these issues and will continue to do everything we can to ensure that such problems do not occur in the future,” Bankers Life says.