Allianz SE, Europe’s largest insurer, is reportedly close to reaching a settlement with the Securities and Exchange Commission (SEC) over allegations that it paid bribes in Indonesia in order to win insurance business.

According to the Wall Street Journal, a settlement could be reached within weeks with Allianz paying between $7 million and $10 million in penalties in connection with charges that the Munich-based company violated the FCPA.

A company spokesman has confirmed that settlement discussions are taking place, and has further stated that Allianz has taken measures to prevent “such misbehaviors” from happening again.

In addition to the Indonesian matter, the SEC had been investigating Allianz for possible bribery by employees of a German printing company, Manroland AG, a portfolio company of the insurance company’s private equity business. However, at this time, it appears that the SEC is no longer pursuing that portion of its investigation.

Allianz and Manroland approached U.S. and German authorities after an internal investigation uncovered irregularities in sales commission payments. Manroland disclosed preliminary results of the probe in September 2010, showing payments were made without the proper documentation.