Allianz 'did not comply' with prudential standards

Allianz has accepted that it did not comply with prudential standards.

Counsel Assisting Rowena Orr questioned Chief Risk Officer Lori Callahan about the fact that Allianz is obliged by APRA to have a designated compliance function that is adequately staffed.

"I want to put it to you that Allianz did not comply," she said.

"I would agree with that," Ms Callahan said.