Includes claims review process for past sales of certain annuity products
Great American Financial Resources (GAFRI) said that its Great American Life, Annuity Investors Life and Loyal American Life insurance subsidiaries have reached a settlement agreement with the Minnesota Attorney General on all issues in October 2007 Civil Investigative Demand.
The settlement agreement includes defined suitability standards and procedures for Minnesota consumers, and claims review process for past sales of certain annuity products to senior consumers.
The company said that the procedures are similar to an enhanced suitability program that the insurance subsidiaries of GAFRI voluntarily implemented more than a year ago. They were put into place to address evolving practices and standards of various state and federal regulators, including the Minnesota Attorney General.
Charles Scheper, chief operating officer of Great American Financial Resources, said: “We’re pleased for the recognition of the effectiveness of our current enhanced suitability program, and have already implemented the minor revisions necessary to address the Attorney General’s desire for uniform standards in Minnesota.
“Our hope is that the Attorney General will continue her efforts to bring a robust and uniform annuity suitability process to the entire Minnesota market.”