Insurance Companies
Pacific Life Insurance CompanyHeadquarters
Find BBB Accredited Businesses in Insurance Companies.
Information and Alerts
Alert Details
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.
BBB Business Profiles may not be reproduced for sales or promotional purposes.
BBB Business Profiles are provided solely to assist you in exercising your own best judgment. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles.
When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.
BBB Business Profiles generally cover a three-year reporting period. BBB Business Profiles are subject to change at any time. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.
As a matter of policy, BBB does not endorse any product, service or business. Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation. BBB charges a fee for BBB Accreditation. This fee supports BBB's efforts to fulfill its mission of advancing marketplace trust.