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Violation Tracker Individual Record

Company: Allianz Life Insurance Company of North America
Current Parent Company: Allianz
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Penalty: $10,050,000
Year: 2008
Date: February 14, 2008
Offense Group: consumer-protection-related offenses
Primary Offense: insurance violation
Violation Description: Allianz agreed to pay a $3 million penalty and $300,000 in costs; make a $3.75 million contribution to the Life and Annuity Consumer Protection Fund; and pay $3 million into the California Organized Investment Network, in settlement of allegations it violated the California Insurance Code by encouraging clients to buy unsuitable annuities.
Level of Government: state
Action Type: agency action
Agency: California Department of Insurance
Civil or Criminal Case: civil
Facility State: California
HQ Country of Current Parent: Germany
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: insurance
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.