AUGUSTA – Bankers Life & Casualty Co. of Illinois has been fined $400,000 for failing to provide adequate training for representatives in South Portland and Bangor, Maine’s top insurance regulator said Thursday.

Superintendent of Insurance Alessandro Iuppa said Bankers Life must also invest $100,000 in organizations and efforts that benefit Maine senior citizens.

Iuppa said the resolution negotiated by the Bureau of Insurance will provide restitution to Maine consumers who have been harmed by Bankers Life producers.

The agreement stems from complaints the bureau received between 2002 and this month. They involve alleged violations of Maine law such as misrepresentation and making false statements about the company’s financial condition.

“The substantial number and the nature of the consumer complaints received by the bureau shows an unacceptable level of incompetence in selling policies to elderly Maine customers,” Iuppa said.

“The company must take serious measures to develop and ensure that a strong attitude of compliance becomes the company’s philosophy going forward.”

Iuppa said Bankers Life has agreed to an extensive corrective and preventative plan, which includes more training for company representatives, a revised complaint handling process, an examination of each of the Maine branch sales offices by an independent auditor and a survey of policyholders to determine whether they understand the product purchased.

Bankers Life “expressed a willingness and desire to take steps necessary to correct the harm caused” by its representatives, said Iuppa.

Linda Heacox, marketing manager at Bankers Life’s home office in Chicago, said the consent agreement was based on ideas offered by the company to rectify the complaints.

“We think it’s forward looking,” Heacox said. “It positions us to ensure that we can continue to be a positive presence in Maine for years to come.”