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(AP)  Attorney General Lori Swanson says she
has settled with Allianz Life Insurance Co. NA over a lawsuit that
accused the company of selling inappropriate annuities to senior
citizens.
     

 Details of the settlement were not immediately released.

      Swanson's lawsuit accused the subsidiary of German insurer
Allianz SE of selling $259 million worth of deferred annuities to
Minnesotans over age 70. Swanson said the annuities forced those
people to choose between locking up their money until they might be
dead or paying penalties to get it out sooner.

      Swanson's lawsuit in Hennepin County District Court accused the
Golden Valley-based company of breaking state consumer fraud and
insurance laws.

      An Allianz spokeswoman did not immediately return a phone
message seeking comment.
      


Lori  Swanson's lawsuit accused the insurer
 of selling  annuities  that forced the elderly to choose between locking up their money until they might be
dead or paying penalties to get it out sooner.


Minn. attorney general settles annuity lawsuit with Allianz Life

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