June 25, 2018 2:43 PM ET

Insurance

Company Overview of Colonial Penn Life Insurance Company

Company Overview

Colonial Penn Life Insurance Company provides life insurance products for men and women in United States. It offers guaranteed acceptance life insurance coverage for people aged between 50 to 85; and whole life insurance coverage for people aged between 40 to 75. Its plans are designed to help in paying for funeral and burial expenses, and to ease financial burdens at a difficult time. The company focuses on providing life insurance protection directly through mails, TV, call center, and the Web. It was formerly known as CONSECO Direct Life Insurance Company and changed its name to Colonial Penn Life Insurance Company in September 2002. The company was founded in 1879 and is based in Philade...

399 Market Street

Philadelphia, PA 19181

United States

Founded in 1879

Phone:

215-928-6065

Fax:

215-928-6068

Key Executives for Colonial Penn Life Insurance Company

President
Age: 50
Compensation as of Fiscal Year 2017.

Colonial Penn Life Insurance Company Key Developments

Department of Financial Services Levies $6.3 Million Civil Penalty against William Penn Life Insurance Company for Improper Reinsurance Transactions

Department of Financial Services (DFS) has fined William Penn Life Insurance Company $6.3 million for engaging in improper reinsurance transactions in an effort to minimize reserves backing life insurance policies issued by the company. The civil penalty is part of a consent order that requires William Penn to obtain DFS's prior approval for any reinsurance agreements for the next five years as well as amend existing reinsurance agreements to ensure they comply with New York's Insurance Law and regulations. William Penn must demonstrate to DFS's satisfaction that it has taken necessary corrective actions within three months.

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Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 months.
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