2004 0909 – GOV (House) – G.I. Finances: Protecting Those Who Protect Us – Richard Baker (R-LA)

2004 0909 – GOV (House) – G.I. Finances: Protecting Those Who Protect Us, Richard Baker (R-LA)

• 2004 0909 – GOV (House) – G.I. Finances: Protecting Those Who Protect Us, Richard Baker (R-LA)  —  [BonkNote]
  • [PDF-176p, VIDEO-?]
  • ACLI – Testimony – Frank Keating – 6p
  • American Amicable – Horizon Life slide presentation ………. 157
  • IMSA
  • NAIFA
  • House – Financial Services Committee – Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises

• (p1) – Michael Oxley (R-OH) – It is unconscionable, if true, that groups of recruits have been marched into compulsory briefings on veterans benefits by salesmen pretending to be financial planners that quick-step them into signing up for what turns out to be longterm life insurance. 
• (p2) – Michael Oxley (R-OH) – Problems with illegal sales practices by life insurance agents on military bases have been reported, studied and debated by the Pentagon going back at least to 1974 and more recently in 1997, 1999, 2000, and 2003.
  • I do not support a complete ban of financial product sales on base, nor do I want to tarnish the good reputation of independent property-casualty agents or those life agents who are not involved in these sales.
    • ⇒   But members of Congress can no longer pretend this is about a few bad apples.
    • This is a systemic problem that needs to be fixed.

• (p25) – NAIFA – Statement of David Woods, Chief Executive Officer, National Association of Insurance and Financial Agents: With these goals in mind, NAIFA and the American Council of Life Insurers developed a set of best practices, which we have submitted to you, for military sales and their functional regulation. And these are attached to our statement. 
  • p154-156 – ACLI / NAIFA – Best Practices for Military Insurance Sales & Their Functional Regulation Military Installation Market Conduct