Connecticut Insurance Commissioner Thomas B. Leonardi today announced that the state has received approximately $260,000 from? Allianz Life Insurance Co. of North America as part of a multi-state settlement over complaints regarding the company?s sales practices of fixed annuities.
The Commissioner said that Connecticut was one of 43 states participating in the settlement that followed a review of Allianz fixed annuity practices from 2001 to 2008. The agreement establishes corrective actions, a mediation plan and a $10 million fine to be distributed among the participating states. Connecticut?s share of the fine ?? $258,888 ? will be deposited into the state General Fund.
?This agreement resulted from solid cooperative work among many state regulators focused on the goal of helping consumers safeguard their investments,? Commissioner Leonardi said. ?We will continue to monitor the carrier to ensure full compliance with the corrective actions and standards that are part of this agreement.?
The review was conducted by lead state Iowa with assistance from Minnesota, Missouri and Florida. Connecticut and 38 other states signed on to the final agreement.
Commissioner Leonardi said many consumers had complained to Allianz over the suitability of the annuities or how the product was represented by the company and its agents during the sale. Regulators responded with a review that scrutinized how the policies were sold and how they performed. The company has agreed to:
- Review old and new complaints
- Offer a retroactive policy cancellation and full refund for justified complaints
- Change the format of its policy annual reports
- Maintain training and monitoring of agents
- Submit reports to the lead states to confirm compliance
Connecticut consumers who bought a fixed annuity from Allianz between 2001 and 2008 and who have questions about their policies or the complaint process can contact the Insurance Department?s Consumer Affairs Unit by phone 800-203-3447 or e-mail at cid.ca@ct.gov.
Affected consumers can also file a complaint with Allianz, either through the ?Contact Us? feature on Allianz Web site or by telephone: 866-604-7488. Deadline for new complaints is March 31, 2013.
Additional links:
Read the multi-state agreement with Allianz
A list of eligible fixed annuity products covered in the agreement
For help with all your insurance issues:
- Ask a question or file a complaint online
- Call the Consumer Helpline at 800-203-347 or 860-297-3900.
- Sign up for e-alerts to get the latest news, warnings and rate changes that may affect your premium
- Visit the Department?s ?Be Prepared? page that is updated with seasonal risks
- Download consumer FAQs on health, homeowner and auto coverage
- Use the Department?s Speakers Bureau? for public events.
- Visit our Web site and follow the Department on Facebook, Twitter or YouTube
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Source: http://ctwatchdog.com/finance/alliance-life-insurance-pay-ct-260000-for-false-annuities-marketing
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