Allianz to pay $10 million, offer refunds after annuity review

Golden Valley-based Allianz Life Insurance Co. will pay $10 million and refund customers who bought certain fixed annuity products from the company between 2001 and 2008. About $346,100 will go to Minnesota customers. A routine multistate review began after Allianz agreed to pay $10 million when the California Dept. of Insurance accused the company of targeting seniors with deceptive sales.
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Golden Valley-based Allianz Life Insurance Co. will pay $10 million and refund customers who bought certain fixed annuity products from the company between 2001 and 2008. About $346,100 will go to Minnesota customers. A routine multistate review began after Allianz agreed to pay $10 million when the California Dept. of Insurance accused the company of targeting seniors with deceptive sales.

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