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FOR IMMEDIATE RELEASE NAIC COMMENDS CONGRESS FOR SUPPORTING MILITARY
FAMILIES KANSAS CITY, MO (Sept. 21, 2006) – The National Association of Insurance Commissioners (NAIC) is applauding Congress for taking action to target those who financially prey upon American soldiers. The House voted 418-3 earlier today to send S. 418 to President Bush for his signature. Sponsored by Sen. Mike B. Enzi (R-WY), the Senate unanimously passed the same legislation that guarantees stronger consumer protections to military service members and their families on July 19. Geoff Davis (R-KY) sponsored the House companion bill. “We commend Congress for passing S. 418, the Military Personnel Financial Services Protection Act,” said John Oxendine, Georgia Insurance and Safety Fire Commissioner. “This legislation ensures that members of the armed forces, who are protecting us, are also protected.” S. 418 bans periodic payment plans, which are financial products that have all but disappeared from civilian markets because they carry unusually high fees and sales commissions. “State insurance officials share the commitment to combat those who prey on the financial security of our military personnel, and to provide the men and women in the armed forces with the highest level of consumer protection,” said Alessandro Iuppa, NAIC President and Maine Insurance Superintendent. “We strongly believe that federal and state cooperation is important especially when it comes to our military personnel and their families.” Iuppa added that the states will continue to enforce existing unfair trade practices standards, which prohibit the misrepresentation of the benefits, advantages, conditions or terms of any policy. Earlier this month, the NAIC signed a memorandum of understanding (MOU) with the U.S. Department of Defense (DoD). The MOU establishes a partnership between the NAIC and the Deputy Under Secretary of Defense (Military Community and Family Policy). It allows the DoD to use the NAIC’s Life Insurance for Military Personnel brochure as part of its campaign to improve the financial literacy of service members and their families. In addition to the MOU, the NAIC continues to enhance existing efforts to protect military service members and their families by adding an additional data field to the NAIC’s Complaint Database System, which allows state insurance departments to further classify complaints related to military service members.
About the NAIC Headquartered in Kansas City, Missouri, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and the five U.S. territories. The NAIC’s overriding objective is to assist state insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise. Formed in 1871, the NAIC is the oldest association of state officials. For more than 135 years, state-based insurance supervision has served the needs of consumers, industry and the business of insurance at-large by ensuring hands-on, frontline protection for consumers, while providing insurers the uniform platforms and coordinated systems they need to compete effectively in an ever-changing marketplace. For more information, visit NAIC on the Web at: http://www.naic.org/press_home.htm
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2006 National Association of Insurance Commissioners. All rights reserved. | ||
