Takeaways From Allianz's Recent Regulatory Settlement

Law360, New York (November 14, 2012, 3:51 PM EST) -- The recent regulatory settlement agreement involving Allianz Life Insurance Company of North America reemphasizes the need for insurers to be diligent about compliance with state regulations concerning annuity suitability and the use of senior certifications.

Through the regulatory settlement announced by the Florida Office of Insurance Regulation on Sept. 4, 2012, Allianz agreed to pay a $10-million fine to various regulators conducting the examination of its annuity sales practices, implement a remediation plan as to its suitability review procedures and evaluate consumer complaints involving suitability issues...
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