In response to allegations that Transamerica Premier Life Insurance Co. unsuccessfully supervised an agent who sold life insurance policies in Massachusetts without a license, the company will refund premiums and make a $19,647 payment to the commonwealth.
The agent, Wenifredo Aleman, has been accused of selling universal life insurance policies to Filipino immigrants, some of whom had limited proficiency with English.
“We found this agent used deceptive practices to manipulate immigrants into purchasing policies they didn’t fully understand. I am pleased today’s settlement will put an end to these practices and allow affected consumers to receive refunds,” Attorney General Maura Healey said in a statement.
The investigation followed after a Massachusetts customer complained about her universal life insurance policy. The Attorney General’s Office filed an assurance of discontinuance stating that Transamerica Premier Life violated consumer protection law when it failed to supervise the unlicensed agent’s practices.
The settlement gives Transamerica Premier Life consumers the option to cancel their policies and receive a refund or keep their policies, and the company will also pay $19,647 to the commonwealth.
