BIG “I” STRONGLY SUPPORTS LEGISLATION CURBING QUESTIONABLE LIFE INSURANCE SALES PRACTICES
Association applauds House committee’s approval of H.R. 5011
WASHINGTON, D.C., September 29—The Independent Insurance Agents & Brokers of America (the Big “I”) today praised the House Financial Services Committee for its quick approval of H.R. 5011, the Military Personnel Financial Services Protection Act.
The bill, which the Big “I” strongly supports, would help stop questionable life insurance sales practices aimed at members of our nation’s armed forces. The legislation would ban the sale of contractual plans, clarify the scope of state jurisdiction over insurance sales on military bases, and require pre-sale disclosures to military personnel.
The Big “I,” the nation’s largest agents and brokers group, strongly disapproves of these types of dubious life-insurance sales practices. Independent agents and brokers, who primarily sell property and casualty products, do not sell these types of policies to military personnel or any other person. Currently, it appears that these life insurance sales practices have been engaged in by only a small number of life insurance companies and their employees or life agents.
“If only one person serving our country in our military has been misled, that is one too many! We are very pleased with this legislation and happy that it is moving forward,” says Charles E. Symington Jr., Big “I” senior vice president of federal government affairs. “We will continue to lend our full support as this much-needed legislation curbing life-insurance sales abuses makes its way through Congress.
“This bill is a great step forward,” Symington adds. “Particularly in a time when the brave men and women of our armed forces are risking their lives to protect and defend our country, we owe it to them to stop questionable life-insurance sales practices perpetrated by a few bad actors. Independent insurance agents and brokers strongly support this legislation.”
Founded in 1896, the Big “I” is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of more than 300,000 agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer property and casualty insurance, employee benefit plans and retirement products. Web address: www.independentagent.com.