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State To Share In Allianz Settlement

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HARTFORD, Conn. (AP) _ Connecticut’s insurance commissioner says the state has received $260,000 as part of a multi-state settlement with Allianz Life Insurance Co. of North America over complaints regarding misleading sales practices.

Connecticut was one of 43 states involved in a settlement that followed a review of the company’s fixed annuity practices.

Insurance Commissioner Thomas Leonardi said Thursday that the state’s share of a $10 million fine will go into its general fund.

The insurance department says its consumer affairs unit is available to help with questions from Connecticut consumers who bought a fixed annuity from Allianz between 2001 and 2008.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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