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Allianz Annuities

Minneapolis, MN: (Oct-08-07) Minnesota Attorney General Lori Swanson brought a lawsuit against Allianz Life Insurance Company of North America, alleging that the insurer used misleading marketing tactics while selling annuities. The suit, filed in January 2007, claimed that Allianz sold unsuitable financial products to senior citizens.

In a settlement reached, Allianz Life Insurance agreed to allow buyers of those annuities have a chance at getting refunds. It also set new restrictions on sales. Swanson claimed that over 7,000 Minnesotans were affected. Further, the company stated that Minnesotans of age 65 and older who bought an Allianz deferred annuity from January 2001 will be able to submit a claim for a full refund, with no penalties. Officials stated that if that sale is found to be unsuitable or based on misrepresentations, the buyer will be offered a refund of their premium plus 4.15% interest. In the future, Allianz also agreed to obtain more information from buyers before selling them an annuity. The information will include the buyer's monthly income and expenses, ensuring that they'll have enough resources to make ends meet after buying the annuity. Additionally, Allianz will also pay the state $500,000 in fees and expenses. [MINNESOTA BUSINESS JOURNAL: ALLIANZ ANNUITIES]

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Published on Oct-9-07


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