Information and Alerts
Alert Details
This business has 1 alert.
Government Actions
State OF Minnesota Dept, of Commerce Consent Order for ELCO Mutual Life and Annuity
On April 1, 2024 Commissioner of Commerce Grace Arnold (Commissioner) of Minnesota has advised ELCO Mutual Life and Annuity regarding a consent order due to the following allegations:
a. Respondent failed to file notices of appointment for multiple producers who sold insurance on its behalf, in violation of Minn.
b. Respondent paid commissions to an unlicensed insurance producer on multiple occasions, in violation of Minn.
ELCO Mutual Life and Annuity has agreed to pay a civil penalty in the amount of $8,000.00 to the state of Minnesota review and update its policies and procedures to prevent future occurrences of the issues identified above and (ii) provide a report to the Commissioner describing the review and updates within one hundred eighty (180) days of the effective date of this Order. For more details, please click here.
Important Information
This business is BBB Accredited.
BBB has determined that ELCO Mutual Life and Annuity meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.
BBB accreditation does not mean that the business's products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business's product quality or competency in performing services.
Service Area
- IL
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