Office Announces Multi-State Settlement with Allianz Life Insurance Company
Tuesday, September 4, 2012
The Office of Insurance Regulation (Office) today announced a multi-state settlement agreement between Allianz Life Insurance Company, and 44 jurisdictions involving the sale of fixed annuity products from 2001 to 2008. The lead states in the examination included Florida, Iowa, Minnesota, and Missouri. The settlement agreement included corrective action to be taken by the company, a remediation plan, and a $10 million penalty to be paid to the participating states – Florida expects to receive in excess of $1 million of this payment.
Some consumers who purchased annuities during these years complained to Allianz regarding the suitability of the annuities for their circumstances or representations made by Allianz or its agents during the sale of an annuity. Under the remediation plan, Allianz will implement a review process addressing new and previously filed complaints by customers who purchased an eligible fixed annuity product between 2001 and 2008. A list of the eligible fixed annuity products covered in this agreement can be viewed here.
The agreement allows consumers to have a re-review of their complaints based on criteria in the agreed order. A new complaint can be filed by affected consumers until March 31, 2013, either through the “Contact Us” feature on Allianz’s website, or by telephone at 866-604-7488. If a complaint is found to be justified, the consumer will be offered a retroactive cancellation of their policy and a full refund.