New regulation to protect soldiers - WALB.com, Albany News, Weather, Sports

New regulation to protect soldiers

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September 4, 2007

Atlanta--  The State Insurance Commissioner wants to protect those who risk their lives to protect others.

John Oxendine's office found that many troops were being sold deceptive or misleading life insurance policies. A joint state and federal Investigation conducted at bases including Fort Stewart and Fort Benning found that many policies were inappropriate for military families or simply worthless.

Oxendine issued a new regulation to help protect them.    

"As a result of our investigation, tens of millions of dollars have already been returned to servicemen and women. With just one settlement with one company, over $70 million has been returned to soldiers and we've got other cases going on in which more money will go back to soldiers," said Oxendine.

The company Oxendine mentioned is American Amicable Life Insurance Company. The new rules prohibit deceptive interest crediting methods and solicitation in barracks, day rooms and other restricted areas on bases.

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