Friday, September 22, 2006

Abusive Financial Sales to Servicemen and women 
the National Association of Insurance Commissioners applauds the end of contractual plans.

KANSAS CITY, MO (Sept. 21, 2006) – The National Association of Insurance Commissioners (NAIC) is applauding Congress for taking action to target those who financially prey upon American soldiers. The House voted 418-3 earlier today to send S. 418 to President Bush for his signature. Sponsored by Sen. Mike B. Enzi (R-WY), the Senate unanimously passed the same legislation that guarantees stronger consumer protections to military service members and their families on July 19. Geoff Davis (R-KY) sponsored the House companion bill.

“We commend Congress for passing S. 418, the Military Personnel Financial Services Protection Act,” said John Oxendine, Georgia Insurance and Safety Fire Commissioner. “This legislation ensures that members of the armed forces, who are protecting us, are also protected.”

S. 418 bans periodic payment plans, which are financial products that have all but disappeared from civilian markets because they carry unusually high fees and sales commissions.

Good news for military families.

Splash, out


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