Georgia insurance regulators say a Waco, Texas, insurer has agreed to refund $1.3 million in life premiums paid by some soldiers trained at Fort Benning, Ga.[@@]
The insurer, American-Amicable Life Insurance Company of Texas, is making the refunds in response to a request by Georgia Insurance Commissioner John Oxendine.
Oxendine’s office began investigating American-Amicable in 2004, after allegations surfaced that some American-Amicable agents identified themselves as independent financial advisors while selling insurance to soldiers in training, officials say.
American-Amicable will issue refunds to 901 soldiers at Fort Benning who bought Horizon Life term life insurance policies while they were in a training brigade in 2002, officials say. American-Amicable is supposed to notify the soldiers about their eligibility for refunds by mail, but a soldier can ask for a refund without having a formal notice form, officials say.