Financial Services Industry
Industry: Email Alert RSS FeedAllianz Life Insurance girds for annuity battle on its home turf; Minnesota sues company, alleging sales abuses against the elderly.(News)
Investment News, January, 2007
Byline: Gary S. Mogel
NEW YORK - To some industry insiders, a lawsuit filed last week against Allianz Life Insurance Company of North America is political opportunism; to others, it's a regulatory coup.
Lori Swanson, a Democrat sworn in as Minnesota's attorney general Jan. 2, sued the insurer in Hennepin County district court for allegedly violating state laws by selling "unsuitable'' annuities to people over age 70.
She wants the Golden Valley, Minn.-based insurer to offer refunds to purchasers of the allegedly unsuitable annuities - mainly equity index annuities. Allianz has 26% of the U.S. EIA market, according to Advantage Compendium Ltd., a St. Louis research firm.
Several insurers doing business in Minnesota currently...
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