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EIA Seller Restructures

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A large player in the equity indexed annuity market says a recent EIA market shift will affect employment levels.

Allianz Life Insurance Company of North America, Minneapolis, a unit of Allianz A.G., Munich, will be laying off about 200 of its 3,000 employees in North America.

Allianz is blaming the layoffs on a new move by the National Association of Securities Dealers, Washington, to require insurers to sell EIA products through registered representatives, rather than insurance agents.

Allianz is in the process of switching to a rep-based distribution network, the company says.