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Protecting the Protectors

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On September 21, the House of Representatives overwhelmingly approved the Military Personnel Financial Services Protection Act, which is designed to protect military personnel from unscrupulous sales of life insurance and mutual funds.

The bill, S. 418, which had previously passed the Senate, would “clarify the regulatory role of state insurance commissioners over sales at military bases and promote greater awareness of life insurance protection available through the Servicemen’s Group Life Insurance program,” according to the American Council of Life Insurers (ACLI).

News reports followed by Congressional hearings last year exposed numerous instances, in the words of a November 2005 GAO report, of financial firms “marketing expensive and potentially unnecessary insurance or other financial products to members of the military.”


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