Allianz Life Responds to Suit Involving Agent Oversight Questions
February 5, 2024 by Allison Bell
Allianz Life Insurance Co. of North America asserts that, under California law, it has no duty to act as a fiduciary for an insured and is not subject to a professional standard of care.
The company made those points in a demurrer filed recently in a California state court in Los Angeles County.
Allianz Life was responding to a suit filed by Layne Kramer and a Kramer family trust. Kramer says the insurer should have warned her after her former insurance agent, David Neuman, was convicted of embezzling benefit payments from another client and left the company.
Wink’s Moore on the Market:
An agent embezzled funds from one client, and another client is suing Allianz Life because they weren’t informed of the agent’s bad behavior.
How is that the burden of the insurance company? -sjm