Aflac fined $1.1 million by New York financial regulators
Results from an audit more than five years ago by New York regulators have landed Columbus-based supplemental life and health insurer Aflac in hot water. The bulk of the outlay — $961,478 and change — covers payments to New York holders of Aflac policies and their beneficiaries. It is being paid under a consent order because the firm did not adequately give consumers "full and clear information" connected to the replacement of their existing life insurance in order to make the proper decision on their needs for other policies, the state agency said. At the same time it was admonishing Aflac, her office was levying a fine of more than $1.3 million against insurer Transamerica for various violations. In that case between the years 2006 and 2009, the state also is receiving more than $1 million from that firm to hold for beneficiaries or distribute the money to them.