Keating: Industry Already Working To Change Military Sales Rules
The life insurance industry has started working with the military and an agents association to revise the rules for military base life sales, Frank Keating, president of the American Council of Life Insurers, Washington, said last week while he was on the CNBC program Kudlow & Cramer.
Keating appeared on a segment of the program that dealt with a series of New York Times articles about military base life sales. The articles cite allegations that some representatives used misleading and at times coercive tactics to sell unsuitable products to young soldiers.
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Keating said the ACLI is working with the military to remove bad actors from bases while still ensuring that legitimate companies and agents will have access to military consumers.
“We are meeting as an industry with the agents, who are just as outraged about this, the agent association, as we are,” Keating said. “And we are working with the Department of Defenseweve already had our first meetingto say, How can we do this together to make sure that only good products, good people are on bases and bad products and bad people, just like bad lawyers and doctors, are not permitted on? And were working through that.”