Bankers Life To Pay $10.6M Over Unlicensed Broker Activity

Law360, New York (April 4, 2012, 7:51 PM EDT) -- Bankers Life and Casualty Co. has reached a $10.6 million settlement with securities regulators from four states where the Chicago-based company was accused of engaging in unlicensed brokerage activity, state and federal regulators announced Wednesday.

According to the Maine Office of Securities, Bankers Life, a CNO Financial Group unit, will pony up $9.9 million to be disbursed among the states where it had dual agents between 2005 and 2011. In addition to Maine, those states are New Hampshire, Vermont and Missouri.

Additionally, the insurance company has agreed to pay...
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