CNN/Money: Soldier exploitation
A report next week will detail abuses by insurance agents. What can be done to right these wrongs?
November 11, 2005
By Shaheen Pasha, CNN/Money staff writer
NEW YORK (CNN/Money) - More details about the abuse of soldiers from misleading and overpriced insurance ploys will be reported by a government auditor next week, according to people who have seen the report.
The report by the Government Accountability Office will be released as insurance regulators, members of Congress and GAO representatives testify before the Senate Banking Committee. They'll push for a bill that will increase government oversight into the insurance sales practices at military bases, and will recommend changes to the types of complex supplemental insurance and financial products that are marketed to soldiers.
This issue, brought to light last year in a report by The New York Times, has been one of many examples critics cite to push for the U.S. government to do more for its soldiers.
The government did address some concerns by passing a number of reforms in the past year to provide soldiers with better life insurance benefits, and state regulators have been able to provide victimized soldiers with refunds from some of the companies involved in the miscondunct.
But while reformers call the moves a good first step, they want the government to take an even more active role in protecting servicemen and women from being scammed by unscrupulous insurance agents from private companies -- particularly as the death toll in Iraq steadily rises....
http://money.cnn.com/2005/11/11/news/midcaps/military_insurance/index.htm?cnn=yes 
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