KTTC Rochester, Austin, Mason City News, Weather and SportsMinn. AG settles with Ohio company over annuities
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ST. PAUL, Minn. (AP) -- Some Minnesota seniors who bought annuities from Great American Life Insurance Co. may be eligible for refunds under a settlement announced by Minnesota Attorney General Lori Swanson.
Swanson says about 2,000 policies with an estimated value of $50 million may be eligible for refund claims.
The Minnesota attorney general's office says some of the annuities were not suited for the customers who bought them.
The settlement also details what Cincinnati-based Great American needs do in the future to make sure a product is suitable for a customer. The settlement also applies to Great American's affiliate Annuity Investors Life Insurance Co.
Great American did not immediately return a telephone call Wednesday for comment. It's the fifth such settlement Swanson has reached with insurance companies in the last couple of years.
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