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FOR IMMEDIATE
RELEASE
NAIC SIGNS MOU WITH
U.S. DEPARTMENT ST. LOUIS (Sept. 10,
2006)
- The
National Association of Insurance Commissioners (NAIC) today signed a
memorandum of understanding (MOU) with the U.S. Department of Defense
(DoD). This memorandum establishes a partnership between the
NAIC and the Deputy Under Secretary of Defense (Military Community and
Family Policy). The partnership allows the Department of Defense to use
the NAIC's Life Insurance for Military Personnel Brochure as part of the
DoD's 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 and when
complaints related to military service members. The NAIC maintains a consumer education Web page
specifically tailored to military service members. The Web page covers
life, auto, homeowners, renters and health insurance issues that military
service members should consider and discuss with their insurance company
or agent, especially if they are preparing for deployment. "We strongly believe that Federal and State cooperation
is important especially when it comes to our military personnel and their
families," said Alessandro Iuppa, NAIC President and Maine Insurance
Superintendent. "This agreement, displays the continued commitment of
the NAIC and DoD to ensuring that members of the armed forces, who are
protecting us, are also being protected." These efforts come in addition to the recent
multi-state action in which 46 state insurance departments collaborated
through the NAIC to sign a multi-state regulatory settlement with three
Waco, Tex.-based life insurance companies involved in the improper sale of
insurance and investment products to U.S. military service members. The settlement requires American-Amicable Life
Insurance Company of Texas and its two affiliates, Pioneer American
Insurance Company and Pioneer Security Life Insurance Company, to provide
immediate cash refunds and increased policy benefits totaling $70 million
to their approximately 92,000 policyholders.
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. | ||
