The National Association of Insurance Commissioners
(NAIC) today released a search tool to help military servicemembers research and
recover compensation they are entitled to receive, according to a 2006 multistate
regulatory settlement agreement over life insurance sales practices to the military.
The search tool will be located at www.naic.org under the heading Insurance Issues for
Military Servicemembers. Individuals or their family members who believe they may be
eligible for compensation may perform an on-line search using an individual's last name
and first name.
“We owe our military servicemembers our most sincere thanks and appreciation for
protecting this great nation,” said Idaho Department of Insurance Director Bill Deal.
“This tool provides an important consumer service that helps identify and locate those
who were targeted by inappropriate sales practices and are now owed compensation.”
Servicemembers who purchased life insurance products from American-Amicable Life
Insurance Company of Texas or its two affiliates — Pioneer American Insurance
Company and Pioneer Security Life Insurance Company— may be eligible for more
than $2.3 million from the multistate settlement.
Servicemember policyholders (or a named beneficiary) of a “Horizon Life” policy issued
between Jan. 1, 2000, and July 28, 2006, might be entitled to compensation and/or
increased policy benefits. Policyholders who have been paid a death benefit or who have
received a full refund are not eligible to receive compensation.