Nearly 300 Ark. Military Members to Share Insurance Settlement

October 10, 2006

In a nationwide settlement, 290 Arkansas military members will receive refunds or increased benefits in their policies involving a Texas company, Arkansas Insurance Commissioner Julie Benafield Bowman announced.

Under the settlement, American-Amicable Life Insurance Co. and two of its affiliates, Pioneer American Insurance Co. and Pioneer Security Life Insurance Co., will provide $70 million in refunds or increased benefits to their 92,000 policyholders, according to a news release from Bowman’s office. The amount due the Arkansas military members was not immediately available.

The settlements come after a 20-month investigation led by Texas, Georgia and federal officials into the alleged improper sale of insurance and investments to military personnel.

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