The National Association of Insurance Commissioners has launched a new Web tool to help identify more than 14,000 servicemembers eligible for $2.3 million in compensation from a settlement stemming from deceptive sales practices with American-Amicable Life Insurance Co., the commission said in a news release. Aal life insurance.
Servicemembers who bought "Horizon Life" policies between Jan. 1, 2000, and July 28, 2006, are urged to check their eligibility status online at https://eapps.naic.org/restitution, NAIC spokeswoman Vanessa Sink said in an e-mail response to Stripes.
In 2006, the Texas-based insurance company agreed to pay $70 million in cash refunds and increased policy benefits to about 92,000 servicemembers and civilians following a 20-month state and federal investigation, according to Sink.
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The investigation found the company, and its two affiliates Pioneer American Insurance Co. and Pioneer Security Life Insurance Co., used misleading practices to sell costly policies in Georgia and Texas that young servicemembers might not have understood or needed.
The NAIC assists state insurance regulators in consumer protection and monitoring the insurance industry.
Mike Geeslin, commissioner of the Texas Department of Insurance, was unavailable for an interview due to his schedule but confirmed NAIC’s information in an e-mail to Stripes.
Servicemembers on the online list of those eligible for possible compensation can call or e-mail American-Amicable to file their claim, Geeslin said. The company can be reached at 1-800-736-7311 or at email@example.com, according to NAIC’s Web site.
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