American Financial Group Inc. (AFG) 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 her October 2007 Civil Investigative Demand.
The settlement agreement includes defined suitability standards and procedures for Minnesota consumers, as well as a claims review process for past sales of certain annuity products to senior consumers.
The Great American Financial Resources insurance subsidiaries have not admitted to any wrongdoing or violation of the law, and were not subject to any fine or penalty.
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