Allianz Life Insurance Company of New York (Allianz Life® of New York) values
the trust that consumers have in us and our products. We recognize the
responsibility that comes with that trust and are committed to helping
consumers prepare for their financial futures with the solutions and products
that best fit their financial objectives.
Allianz Life of New York has a number of programs in place to ensure that our
financial professionals provide you with the information you need to make an
informed decision about an Allianz Life of New York product, its features,
risks, and benefits.
The Allianz Code of Best Practices
This Code is mandatory and makes clear to our financial professionals that they
are required to work closely with you to ensure that the Allianz Life of New
York product you are considering is a good fit for your unique financial
Training for our Allianz-appointed financial professionals
We offer training to our financial professionals who sell fixed and fixed index
annuities that focuses on accurately assessing your financial situation
including your income, expenses, financial goals, and risk tolerance before
they recommend an Allianz Life of New York product to you.
Statement of Understanding
Allianz was the first insurance company to introduce a “Statement of
Understanding,” a plain English disclosure that our financial professionals
must review with you before you purchase one of our fixed annuities. We believe
this disclosure is critical so that you understand the product you are about to
We have an internal suitability process to help ensure that the Allianz Life of
New York products you purchase are a good fit for your financial objectives.
Post-purchase surveys to ensure consumer understanding
We conduct post-purchase surveys with new annuity owners to gather information
about our products and our sales practices.
The 75+ Customer Care Program
Our Customer Care Team reaches out to annuity customers who are age 75 years
and older to verify that they are comfortable with and understand the features
of the product they have just purchased.
The Allianz Professional Designation Policy
We have a list of professional designations that are recognized by Allianz Life
of New York as appropriate for financial professionals in support of the
business they conduct when selling Allianz products to consumers. Designations
that are not on this list are prohibited in conjunction with the sale of an
Chief Suitability Officer
Allianz Life of New York has appointed a Chief Suitability Officer who is
responsible for defining and implementing our best practices for suitability
and consumer safeguards. This position is unique in the insurance industry.
After you purchase an Allianz Life of New York product, you have a free look
period of 20 to 30 days (depending upon the state in which the product was
issued). Within that time, you can contact us and receive a refund if you feel
the product you purchased isn't appropriate for your situation.
We will continue to assess the above programs to see how we can enhance them to
ensure even stronger safeguards for consumers.
Meeting with a financial professional
When you meet with a financial professional, he or she should engage you in a
discussion about your financial goals and circumstances before he or she
recommends a financial product or service to you.
Here’s a checklist of what you should expect from your financial professional:
Did the financial professional take the time to understand your financial
circumstances? Did he or she take thorough accounting of your income, expenses,
financial goals, and risk tolerance before recommending a product?
If your financial professional recommends a replacement product, did he or she
assess your financial needs and determine if the replacement was more suitable
Did the financial professional thoroughly explain a product’s risks,
limitations and benefits in clear language?
Did the financial professional make recommendations to help meet your financial
goals and are designed for your long-term financial stability?
Did the financial professional explain our post-purchase outreach programs such
as our age 75+ Customer Care Program and our survey of new annuity owners?
Satisfied customers are the key to the continued financial success and sustainability of Allianz Life of New York
To learn more about what we do to ensure that you are a well-informed, satisfied Allianz Life of New York annuity owner, e-mail us whenever you have questions.