Aflac Pays 3 States $1.6M Over Broker Bonuses, Sales

Law360, New York (June 4, 2012, 6:49 PM EDT) -- Aflac Inc. has agreed to pay $1.6 million to insurance regulators in Idaho, Minnesota and Missouri to resolve allegations of improper insurance sales practices and lax supervision of brokers' bonuses, Idaho officials announced Monday.

The deal by Aflac, also called American Family Life Assurance Co., came after an examination by officials in the three states "revealed instances of regulatory concern including sales practices, inadequate producer supervision and cross-border sales, among other issues," according to a statement by the Idaho Department of Insurance.

As part of the...
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