BIG “I” PRAISES HOUSE PASSAGE OF H.R. 5011
Legislation would curb questionable life insurance sales practices to military personnel
WASHINGTON, D.C., Oct. 5—The Independent Insurance Agents & Brokers of America (the Big “I”) today praised House of Representatives passage of the Military Personnel Financial Services Protection Act (H.R. 5011).
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.
“We must not allow any of the brave men and women serving in our military to be misled by the dubious sales practices of a few bad actors,” says Charles E. Symington Jr., Big “I” senior vice president of federal government affairs. “We are gratified that the full House has acted so quickly to pass this necessary legislation on behalf of our servicemen and servicewomen.
“Independent insurance agents and brokers strongly support this legislation, and we ask that the Senate take up this legislation as well before the upcoming recess,” Symington adds. “This is a matter of utmost importance that needs to move quickly.”
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.