Minnesota AG Takes Aim At Senior Annuity Insurer

Law360, New York (April 26, 2007, 12:00 AM EDT) -- The Minnesota attorney general has hauled American Equity Investment Life Insurance Co. to court, accusing it of exploiting senior citizens by selling them “outrageous” long-term annuities that carried stiff surrender penalties and locked up savings for years longer than the policyholders’ life expectancies.

Attorney General Lori Swanson said Thursday she has filed a lawsuit against the Des Moines, Iowa-based American Equity in district court.

Swanson said the company failed to follow Minnesota’s suitability statute, which requires an insurance company to ensure that an annuity is suitable...
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