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Prior to the settlement, Allianz hired Minnesota's deputy insurance commissioner, Pat Nelson, to fill the newly created position of chief suitability officer.
Nelson will join the company as Chief Suitability Officer (CSO), responsible for leading the company's consumer safeguarding and suitability best practices.
Walter White, Chief Administrative Officer Reporting directly to Bhojwani, Walter White will oversee the strategic direction of Operations, the Central Project Office, Information Technology, Compliance, and Suitability (Allianz is the first company to assign a chief suitability officer to ensure that its customers are matched with products that are appropriate for their specific needs).
Earlier this summer the company announced the intention to hire a Chief Suitability Officer and to require its agents to participate in a "best practices" training program - both firsts in the market.