BIG “I” SUPPORTS MILITARY FINANCIAL SERVICES ACT
House committee moves bill to curb questionable life insurance sales to armed forces
WASHINGTON, D.C., March 16—The Independent Insurance Agents & Brokers of America (the Big “I”) today praised the House Financial Services Committee for its quick approval of H.R. 458, the Military Personnel Financial Services Protection Act, introduced by Rep. Geoff Davis (R-Ky.).
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.
“We have a duty to protect the brave men and women of our armed forces against questionable sales practices perpetrated by a few bad actors,” says Charles E. Symington, Jr., Big “I” senior vice president of government affairs and federal relations. “If even one person serving our country in our military has been misled, that is one too many! We fully support this much-needed legislation curbing life-insurance sales abuses, and we laud Congressman Davis, a proud U.S. Army veteran, for introducing it. We will push strongly for it as it makes its way through Congress.”
“The committee’s approval of this legislation is a great step forward,” says Patrick O’Brien, Big “I” director of federal government affairs. “With the brave men and women of our armed forces putting their lives on the line for America, we owe it to them to stop questionable life-insurance sales practices. Independent insurance agents and brokers are 100 percent behind this bill.”
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.
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