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Violation Tracker Individual Record

Company: Allianz Life Insurance Company of New York
Current Parent Company: Allianz
Penalty: $577,250
Year: 2024
Date: February 26, 2024
Offense Group: consumer-protection-related offenses
Primary Offense: insurance violation
Violation Description: Settlement of allegations Allianz failed to examine and ascertain that the Disclosure Statement was accurate and complete; failed to make available in the Disclosure Statement full and clear information on which applicants for life insurance or annuities can decide in their own best interest; and failed to furnish the insurer whose coverage is being replaced with a copy of any proposal, including the sales material used in the sale of the proposed life insurance policy or annuity contract, and the completed Disclosure Statement within ten days of receipt of the application or delivery of the contract pursuant to 11 NYCRR 51
Level of Government: state
Action Type: agency action
Agency: New York Department of Financial Services
Civil or Criminal Case: civil
Facility State: New York
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.