Allianz Life Insurance coverage Co. of North America asserts that, beneath California regulation, it has no obligation to behave as a fiduciary for an insured and isn’t topic to knowledgeable normal of care.
The corporate made these factors in a demurrer filed just lately in a California state courtroom in Los Angeles County.
Allianz Life was responding to a go well with filed by Layne Kramer and a Kramer household belief. Kramer says the insurer ought to have warned her after her former insurance coverage agent, David Neuman, was convicted of embezzling profit funds from one other shopper and left the corporate.
“Allianz Life intends to vigorously defend itself from these allegations,” an organization consultant stated. “It must be famous the agent in query was not affiliated with Allianz Life on the time of his alleged wrongdoings.”
Representatives for Kramer and Neuman didn’t reply to a request for remark.
The historical past: Kramer and a Kramer household belief say of their criticism that Neuman tied up property Kramer wanted to pay for her aged mom’s care by promoting her non-variable listed annuities in 2014.
In 2018, after Neuman was convicted of embezzlement and left Allianz Life, he continued to assist Kramer with monetary issues, and he had her make him the trustee of a belief.
Neuman took $330,000 of Kramer’s annuity property by altering the mailing deal with of the belief to his dwelling deal with, in response to Kramer’s criticism.