Jo’s Cafe

We have a great Insurance Commissioner in Georgia. Granted insurance agents may never climb the ranks barely above car salesmen, but at least Mr. Oxendine is doing his best to change perceptions.

clipped from: www.ledger-enquirer.com

Three Georgia insurance agents — two who live in Columbus [Georgia] — had their licenses revoked Wednesday by the state Department of Insurance for unethical sales practices aimed at Fort Benning soldiers.

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They become the first agents in the nation to lose their licenses for targeting military personnel, Oxendine’s office said. Earlier this month, Georgia became one of the first states to adopt new regulations to protect military recruits from deceptive or misleading life insurance sales practices or products.

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The company and its agents were using misleading sales tactics, targeting young soldiers who were getting ready to deploy into war zones in Afghanistan and Iraq, Oxendine said. The Department of Insurance started the investigation into American Amicable in 2004. There was a multi-state settlement with American Amicable in 2006 that led to the company returning $70 million in increased benefits and cash to policy holders.

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“It’s war profiteering,” Oxendine said. “Every time you have a war, back to ancient times, people have always tried to find ways to separate soldiers from their gold. These products are some of the most expensive I have seen. You could buy them on the street for a fraction of the price.”