Insurance Companies
Pacific Life Insurance CompanyHeadquarters
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This business has 1 alert.
Government Actions
The State of Minnesota Commissioner of Commerce v Pacific Life Insurance Company
The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
On October 25, 2023, Pacific Life Insurance Company entered into a Consent Order with The State of Minnesota Commissioner of Commerce . The Consent Order settles allegations that the business either directly or through its insurance producers failed to: follow its suitability review guidelines, take appropriate action for noncompliance by some insurance producers, ensure the policy and any riders met the consumer's financial goals, consider rider fees and the loss of other benefits when recommending the replacement of an existing policy, did not adequately maintain a system of supervision to ensure recommendations for insurance contracts were suitable by law, and did not have adequate policies and procedures for the system of supervision when transactions involved the replacement of life and annuity contracts, violating state law. Under terms of the Consent Order, the business was ordered to comply with the concurrently executed corrective action plan provided by the State of Minnesota Commissioner of Commerce and pay a civil penalty in the amount of $250,000.
This action is final.
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