Jefferson National to Pay $150K Penalty Over Annuity Sales
August 17, 2021 by Melanie Waddell
California Insurance Commissioner Ricardo Lara has levied a $150,000 penalty against Jefferson National Life Insurance Company for creating an annuity sales process that lacked consumer safeguards. Lara also ordered the life insurer to repay $14,000 to an 86-year-old consumer who purchased an annuity she didn’t understand.
Nationwide acquired Jefferson National in 2017.