Georgia Seeking To Revoke Military Sales Agencys License
By Matt Brady
Georgia Insurance Commissioner John Oxendine will “reconvene” a hearing to revoke the license of an insurance agency and its principal over the alleged improper sales of life insurance products to soldiers at military bases in the state early next month.
After hearing testimony on the sales practice of agents with Associates Financial Group, Inc. at Fort Stewart in the southeastern part of the state on Nov. 15, Oxendine “recessed” the hearing until Dec. 2, when additional testimony will be heard at Fort Benning, near Columbus.
Oxendine said regulators “received a lot of testimony from Fort Stewart,” and added that the case is “still open.”
At Fort Stewart, Oxendine said 8 soldiers, 2 of whom are currently retired, offered their testimony.
“They testified about what they thought they were buying,” he said. “They thought they were buying investments, savings accounts and mutual funds, but really it was insurance. Many testified that they didnt think that was what they were buying.”
None of the soldiers had had any money refunded as of the hearing, according to the commissioner.
The subject of the hearing was Jacques Frym, principal agent and CEO of Associates Financial Group, and Diana Frym, chief financial officer and secretary for the firm. Ms. Frym, Fryms wife, is an officer of the company but not a licensed agent, according to their lawyer.