Violation Tracker Individual Record

Company: 
Allianz Life Insurance Company of North America
Current Parent Company: 
Allianz
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 Parent: 
Germany
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
insurance
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.