Allianz To Pay $10M To Settle States' Fixed Annuity Probe

Law360, New York (September 4, 2012, 10:15 PM EDT) -- Allianz Life Insurance Co. has agreed to fork over $10 million to 44 states and remedy its business practices to resolve a market conduct review of fixed annuity product sales, the Florida insurance regulator announced Tuesday.

The regulatory settlement agreement stems from a review conducted by officials in Florida, Iowa, Minnesota and Missouri into the insurer's marketing, sale and issuing of annuities and its practices for handling complaints, replacements and surrenders between 2001 and 2008, according to the Florida Office of Insurance Regulation.

Besides paying $10...
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