Life insurers and agents have persuaded Montana lawmakers to replace a bill aimed at protecting members of the armed services from unscrupulous financial services sales practices.
The Montana House Business and Labor Committee tabled the first bill, H.B. 542, after getting strong objections from the life industry.
Members of the committee have moved quickly to come up with a new military sales bill, H.B. 764, and representatives for the American Council of Life Insurers, Washington, and the National Association of Insurance and Financial Advisors, Falls Church, Va., are praising that bill.
John Morrison, Montana’s auditor, condemned industry opposition to H.B. 542 when that bill failed.
“Unfortunately, local insurance lobbyists convinced Republican committee members to table the bill,” Morrison said in a statement. “The men and women who protect our nation deserve to be protected against con artists trying to pedal unsuitable products on military bases.”
NAIFA spokesman Jim Edwards and Bruce Ferguson, ACLI spokesman, say their groups support the goal of protecting members of the military from unethical insurance sales and now support H.B. 764.