Big fine for life insurance firm

Tue, 19 Dec 2006

One division of an American life insurance company will face a $5million fine following accusations of record-keeping and supervisory violations.

The fine is levied by the National Association of Securities Dealers against the Securities Unit of Allianz . According to the NASD, violations included inadequate knowledge in the chain of command, no ability to capture email addresses, staffing shortfalls and many more. The head of enforcement at the NASD, James Shorris, said: "One of the things we were struck by was that some of the folks at the firm tried to get help ... from the parent. Those calls went either ignored or out-and-out rejected."

USAllianz, the firm responsible, is one unit of Allianz Life Insurance Company, of North America. The company have apparently taken the issues seriously and introduced a stronger form of organizations. The company neither admitted to nor denied the accusations, but they did accept the settlement.

The parent company, Allianz SE (based in Germany) is the largest insurer in Europe by premium income.
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

 

 

newsnews rss
Life Insurance news
New life insurance deal - Thu, 21 Aug 2008
Life insurance agreement between two companies - Mon, 18 Aug 2008
UBS unable to cover life insurance clients - Fri, 15 Aug 2008
More News
LV 50 Plus Plan

The LV 50 Plus Life Insurance Plan from Liverpool Victoria is cover for people over the age of 50.
Click here to apply

Mortgages