2005 1117 - GOV (Senate) - A Review Of The GAO Report On The Sale Of Financial Products To Military Personnel

  • John Oxendine, Commissioner of Insurance, Georgia - 9p

Documents:

  • 2005 - GAO - Financial Product Sales: Actions Needed to Better Protect Military Members - 88p -  [link]
  • 2007 - NAIC to GOV -  Report - Life insurance sales to members of the armed forces: report to Congress, March 29, 2007 - 50p
  • (p2-3:  Sarbanes) - The New York Times published a series of articles on this subject last year.
    • The New York Times has reported that:  
  • Army Times has described similar issues in earlier articles.
  • Some military officials sought to alert Pentagon officials to the problems in a 1997 report.
  • A 1998 report of the Pentagon’s Inspector General, which looked into life insurance sales on 11 randomly selected military bases, found, ‘‘misleading sales presentations, presentations by unauthorized personnel, presentations to captive audiences, soliciting during duty hours, and soliciting in the barracks.’’
  • This was a Pentagon Inspector General’s report.
    A May 2000 Pentagon-ordered study by the former Chief Judge of the Army’s Court of Criminal Appeals found that DoD policies ‘‘have been routinely violated’’ in this area for the last 30 years. I might also note that the SEC many years ago recommended banning the sale of mutual fund contractual plans altogether.
  • (p5) - Enzi - The investigations recently completed by NASD and SEC helped to bring this issue into focus for Congress. 
  • (p5) - Schumer - We all know the problems here, and when I first read the stories in The New York Times, it wrenches at your heart...
  • (p6) - Bunning - I do not know anyone who read The New York Times’ investigation of sales of financial products to the military personnel who was not at the very least appalled and concerned about the practices.
  • (p34) - Mr. MOLINO. Let me just say one thing about—I alluded to it in my oral statement, but the conversations that I have had with Diana Henriques, who is The New York Times reporter who wrote the outstanding series of articles, began not with ‘‘I think you have a problem, let me ask you some questions,’’ it began with something akin to ‘‘I understand you have uncovered some problems and I want to write about it.’’ And we then opened a very aggressive dialogue to ensure that she had access and information so that she would be able to reflect an honest portrayal of where we were. 
  • 2004 0910 - NYT - Hearing Confronts Insurers Who Market to Soldiers, Diana B. Henriques - [link]
    • 2004 0909 - GOV (House) - G.I. Finances: Protecting Those Who Protect Us - 176p
  • New York Times, Diana B. Henriques
  • 18 2004 0720 - NYT - Basic Training Doesn’t Guard Against Insurance Pitch to G.I.’s, Diana B. Henriques - [link]
  • 18 2004 0721 -NYT - Insurers Rely on Congress to Keep Access to G.I.’s, Diana B. Henriques - [link]