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Aviva settles annuity lawsuit

October 23, 2008

AvivaUSA has agreed to settle a lawsuit brought by the Minnesota attorney general that alleged the company sold unsuitable long-term deferred annuities to senior citizens.

AmerUs Life Insurance Co. and American Investors Life Insurance Co., which were bought by AvivaUSA in 2006, were charged with misrepresenting or failing to disclose terms of these annuities by Minnesota Attorney General Lori Swanson.

Des Moines-based AvivaUSA is the nation’s largest seller of equity-indexed deferred annuities. Aviva said in a statement that the products sold were suitable for clients and “anticipates that this agreement will not have a material impact on the company.”

The settlement, approved by a Minnesota county judge Wednesday, calls for Aviva to refund about 4,500 policies made to Minnesota seniors. The policies have an estimated value of $250 million.

 

Read Article: Des Moines Register

 

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