The Independent Insurance Agents & Brokers of America (the Big “I”) applauded the House Financial Services Committee for its 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” stated that it strongly disapproves of these types of dubious life-insurance sales practices. Independent agents and brokers, who primarily sell property/casualty products, do not sell these types of policies to military personnel or any other person, according to the Big “I”. 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. “