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Life Health > Life Insurance

NAIC Adds Military Site

By Trevor Thomas

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The National Association of Insurance Commissioners is using the Web to reach out to current and former service members who have not yet recovered their share of a 2006 sales practices settlement.

The settlement covers service members who bought life policies from American-Amicable Life Insurance Company, Waco, Texas, or American-Amicable’s affiliates.

About 14,000 service members are still owed $2.3 million from the multistate settlement, according to the NAIC, Kansas City, Mo.

The original settlement was valued at $10 million and covered 57,000 members, officials say.

American-Amicable agreed to the settlement to resolve a dispute over sales of the Horizon Life policy on some military bases from 2000 to 2006.

The settlement agreement was signed by regulators in 46 states, the District of Columbia, and Guam.

The NAIC has posted a Web form here to help military personnel establish their eligibility for compensation under the settlement.

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