American Amicable – Horizon Life Insurance

American Amicable – Horizon Life Insurance

• americanamicable.com/internet/POS/products/HLMIL.htm

• 2004 12 – Best’s Review – Selling to Soldiers: Allegations of inappropriate sales of insurance and investments on military bases may forge a stronger partnership between the insurance industry, state regulators and the Department of Defense, by Ronald J Panko – 8p
  • 2005 0201 – Best’s Review – Letter to the Editor – Lanny Peary, President, Chief Executive Officer, American Amicable Life Insurance Company of Texas – [link]
• 2005 1117 – GOV (Senate) – A Review of the GAO Report on the Sale of Financial Products to Military Personnel, Richard Shelby (R-AL)  —  [BonkNote]
• 2006 0804 – NP – DeseretNews – Firm that targeted servicemen settles, by Associated Press – [link]  
• 2006 1128 – NP-  Insurance companies to pay back GIs for deception, By Elaine Wilson, American Forces Press Service – [link]

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• https://www.floir.com/siteDocuments/LH-Exams/American-AmicableLifeTXMulti-StateRegSettlementAgreement.pdf – <Bad Linik>

• 2010 0823 – insurance-forums.com – by Green Sky (Rick) – insurance-forums.com/community/threads/term-life-w-annuity-rider.23570/#post-295555
  • This product used to be written by American Amicable. It was called Horizon Life.
  • A 20 year, 7 pay term. ROP at end of 20 years.
  • Had a side fund account that although it was not tax deferred, it would grow at a guaranteed 4% (formerly 6%).
  • Not a bad product for accumulation.
  • I actually know one agent who has this product for himself.

 

• 2006 – LC – SECURITIESAND EXCHANGE COMMISSION vs. AMERICAN-AMICABLE – LIFE INSURANCE COMPANY OF TEXAS; PIONEER AMERICAN INSURANCE COMPANY; and PIONEER SECURITY LIFE INSURANCE COMPANY
  • sec.gov/enforcement-litigation/litigation-releases/lr-19791
    • Pursuant to the settlement, American-Amicable will discontinue sales of Horizon Life and will terminate the deceptive sales program, which it called the “Building Success” system.
    • Although the written materials ultimately provided to investors apparently accurately described the Horizon Life product, the company’s deceptive sales pitch did not.
    • In related matters, Georgia Insurance Commissioner John W. Oxendine and Texas Insurance Commissioner Mike Geeslin announced today a multi-state settlement with American-Amicable alleging violations of state insurance and consumer protection laws, and U.S. Attorney Patrick L. Meehan of the Eastern District of Pennsylvania announced the filing of a complaint, settlement and proposed consent decree with American-Amicable alleging civil claims of wire and mail fraud.
  • COMPLAINT – 9p