Illinois has received more than $600,000 as part of a multi-state settlement with Allianz Life Insurance Co. of North America related to the company’s fixed annuity products.
Altogether, Allianz agreed to pay $10 million in monetary penalties to 43 states that examined the marketing and suitability of fixed annuities issued by the company from 2001 through 2008.
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As part of the settlement, Minneapolis-based Allianz will undertake a review process to address the complaints of customers who bought an eligible fixed annuity during those seven years. Consumers may file new complaints with the company until March 31. If the complaint is found to be valid, the company will retroactively cancel the policy and offer a full refund, according to the Illinois Department of Insurance.
The company said it agreed to the $10 million payment to address any issues the states had in the review. “After a thorough review of business transactions by state regulators spanning eight years, Allianz Life is pleased that the agreement contains no allegations of wrongdoing, and requires only minor modifications to our business practices, many of which already go beyond what is required by state law,” the company said in an emailed statement.