April 28, 2009

Missouri military members may still be owed money from 2006 life insurance settlement

Jefferson City, Mo.  - The Missouri Department of Insurance says military service members in the state may be owed some of the $2.3 million dollars still unclaimed from a national settlement in 2006 with a life insurance company. Missouri was one of 46 states that settled with American-Amicable Life Insurance Company of Texas and two of its affiliates - Pioneer American Insurance Company and Pioneer Security Life Insurance Company.

The National Association of Insurance Commissioners (NAIC) has installed a search feature on its Web site, naic.org, allowing service members to enter their first and last name to see if they are eligible for compensation under the settlement. The link is on the left-hand side of the Web page and says "Military Servicemember Policyholder Search."

The agreement between the insurance company and the states followed allegations that American-Amicable and its two affiliates violated insurance and consumer protection laws in the sale and marketing of life insurance products to members of the U.S. military.

"More than 14,000 service men and women nationwide are still owed money from this settlement, and it's our hope that this online search feature will help them access the money they're entitled to," said John M. Huff, director of the Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP).

Consumers without Internet access can get assistance from the DIFP by calling the Insurance Consumer Hotline at 1-800-726-7390.