Insurance
Allianz: USA raise restrictions
Large customers of an alliance subsidiary in the United States sued the DAX group after billion losses in 2020. The processing was expensive, but now the company can act freely again in the USA.
Three years after a billion dollar scandal of the Allianz subsidiary Agi in the United States, the US finance supervision has resolved the requirements for the Munich Dax Group prematurely. According to the group, the requirements have been eliminated seven years earlier than planned.
“All requirements for the Allianz Life of America and Pimco are gone,” said CEO Oliver Bäte in Munich. PIMCO is the alliance administrator, Allianz Life of America, the life insurance daughter in the United States. “We should no longer be on the market for ten years, and now after three years we are back,” said Bäte.
This overcome the aftermath of the affair: large US investors had lost $ five billion with funds from the Allianz subsidiary AGI and filed a lawsuit against Allianz in 2020. Three fund managers who had cheated on their customers after assessing the US financial supervision SEC were responsible.
In 2022, the authority prescribed a high fine, compensation for customers, the dissolution of the AGI in the USA, as well as requirements for asset management and life insurance business in the USA.
These requirements should actually apply for ten years. “We have society” – the AGI – “completely processed as desired and that’s why the SEC has now said:” We are completely free in what we are doing in America, “said Bäte. This is a great success for alliance.
dpa
Source: Stern
