The following is a press release from the Massachusetts Attorney General’s office.
BOSTON – Transamerica Premier Life Insurance Company will refund premiums to consumers and make a $19,647 payment to the Commonwealth to resolve allegations that it failed to supervise an agent who sold life insurance policies in Massachusetts without a license, Attorney General Maura Healey announced today., June 27.
The agent, Wenifredo Aleman, allegedly sold universal life insurance policies to Filipino immigrants, some of whom had limited proficiency with English, by making material misrepresentations to induce them to purchase the policies.
“When consumers put their trust in insurance companies, they deserve to be treated fairly and respectfully,” said Healey. “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.”
The Attorney General’s Office began investigating Transamerica Premier Life after receiving a complaint from a Massachusetts customer about her universal life insurance policy.
The AG’s Office filed an assurance of discontinuance in Suffolk Superior Court today alleging that Transamerica Premier Life violated Massachusetts consumer protection law when it failed to effectively supervise this unlicensed agent’s marketing and sales practices.
Under the settlement, Transamerica Premier Life will give consumers the option to cancel their policies and receive a refund or keep their policies in force.
The option will be provided to consumers in both English and Tagalog, as many of the affected consumers speak Tagalog as their primary language. The company will also pay $19,647 to the Commonwealth.
This matter was handled by Assistant Attorney General Tiffany Bartz and Legal Analyst Jasmine Jean-Louis of the Attorney General’s Insurance and Financial Services Division, with assistance from Cornelio Lozada of the Consumer Advocacy and Response Division.