Six companies and their agents are approved to sell life insurance and mutual funds on Pacific Defense Department installations, according to Pacific Command’s 2005 list of accredited organizations, which was released to U.S. Forces Japan and U.S. Forces Korea officials last week.
PACOM spokesman Lt. Col. Jay Steuck said in a written statement that PACOM officials are unaware of any problems reported with companies or agents that solicit life insurance or mutual funds at Pacific region bases. Stateside sales practices of agents for a handful of insurance companies came under public scrutiny last year after disclosures that they were targeting young servicemembers — some still in basic training — for costly life insurance policies they may not have needed. In January, for instance, American-Amicable Life Insurance announced it would pay about $1.3 million to more than 900 Georgia servicemembers sold policies while in training — a practice barred by both DOD and Georgia.
PACOM must update and publish the list of approved insurers annually, according to the DOD directive governing commercial solicitation, Steuck said. At overseas military bases, where neither federal nor state consumer protection regulations apply, companies and agents must meet annual DOD accreditation requirements to seek servicemembers’ business.
Steuck wrote that DOD accredits companies while agents are approved by the Unified Combatant Commander’s staff for that command’s region. Companies must apply each year; in the Pacific, agents must apply annually to the PACOM insurance accreditation program manager, Steuck said.
Each installation commander sets specific procedures for that installation and appoints a solicitation manager to confirm that companies and agents are accredited. To sell securities, agents must apply directly to the installation commander and meet additional requirements.
For accreditation, DOD requires that life insurance companies be in continuous successful operation for not less than five years and be listed in Best’s Life-Health Insurance reports with a B+ rating or better the preceding year, Steuck said.
Somewhat different requirements apply for life insurance and securities agents, but both must provide certified copies of current licenses and notarized letters from the companies they represent. Both also must complete a form giving contact and identification information and details of products they sell.
Among other prohibitions, DOD bars door-to-door sales, making appointments or soliciting servicemembers while on duty and using rebates to facilitate transactions or eliminate competition. Agents generally are permitted to seek a sale only after making an appointment with an individual.
Six agents on the 2004 list have been deleted from this year’s. Steuck noted that job changes are among the reasons for such changes. Each agent’s accreditation to sell for a company ends when the agent or company terminates that employment, he said.
Approved insurance companies
The following companies and agents are allowed to solicit life insurance policies and mutual funds sales on DOD installations within PACOM, according to a list the command released last week:
American Fidelity Life Insurance Company:
Deck, Robert (Okinawa/Japan)Noel, Geoffrey L. (Okinawa/Japan)Government Personnel Mutual Life Insurance Company:
Albritton, Reginald W. (Korea)McMenamy, John D. (Okinawa)Black, Kenneth F., Jr. (Korea)Morris, Robert L. (Okinawa)Coyle, Ronald M. (Okinawa)Moyer, George E. (Okinawa)DeHarty, David J. (Okinawa)Pope, Theodore F. (Okinawa)Howard, Jeffrey G. (Okinawa)Provencher, Dennis E. (Okinawa)Howard, Mickey A. (Okinawa)Sage, James W. (Okinawa)Kelly, William J. (Okinawa)Wilson, Lawrence W. (Okinawa)Lee, John H. (Okinawa)Im, Shin S. (Korea)McIntee, Brian C. (Okinawa)Star Life Insurance Co./Integrated Financial Planning Services-Mutual Funds:
Guidinger, David (Japan)Midland National Life Insurance Company
Baker, Kendall Lewis (Japan)Johnston, James L. (Japan)Stout, George (Japan)Pioneer American Insurance Company (primarily Japan; also Philippines, Korea):
Claxton, RichardProffitt, WinfredEdwards, Michael R.Olsen, CharlesTrans World Assurance Company:
Albritton, Reginald W. (Korea)Lee, John H. (Japan)Black, Kenneth F. (Japan)Im, Shin Soon (Korea)Coyle, Ron (Japan)McIntee, Brian (Japan)Crumby, Bill (Japan)McMenamy, John D. (Japan)Deharty, David J. (Japan)Mills, Craig A. (Japan)Dopp, Bryan (Japan)Morris, Robert L. (Japan)Howard, Jeffrey G. (Japan)Moyer, George E. (Japan)Howard, Mickey A. (Japan)Pope, Theodore F. (Japan/Korea)Kelly, William J. (Japan)Provencher, Dennis (Japan)Sage, James W. (Japan)Wilson, Lawrence (Japan)According to PACOM, the following agents, when selling for these companies, have been deleted from the 2005 list:
