Central Texas Based Insurer Fined

By: Associated Press
By: Associated Press

A Texas-based insurance company Friday was ordered to refund 1.3 million dollars to Fort Benning, Georgia, soldiers.

Investigators say the soldiers were improperly sold life insurance policies.

Waco-based American-Amicable Life Insurance has agreed to refund
money from premiums paid by about 900 active-duty soldiers at Fort
Benning.

Georgia Insurance Commissioner John Oxendine says the policies were sold during 2002.

Oxendine says refunds will include all sales of the Horizon Life
policies.

The amounts of the refunds will depend on how much the soldiers
paid.

Oxendine says the insurer broke federal and state rules against acting like disinterested financial planners while selling policies to soldiers in training.

American-Amicable didn't immediately respond to a call for comment.


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