Georgia’s insurance commissioner has revoked the license of a life insurance company, banning it from selling policies in the state.
It’s the first time John Oxendine has barred an insurer from the state since he took office in 1995.
Trans World Assurance was also fined $214,000 and ordered to refund money collected from active duty military personnel. It must still service contracts sold before September 2007.
Oxendine says the company targeted military personnel with a deceptive sales program. He says it committed multiple violations of the state insurance code.
Charles Royals, president of the San Mateo, Calif.-based company, said, “We could not feel more strongly that he is incorrect in his ruling. We think he is legally wrong, factually wrong. We will take whatever course is necessary to appeal this.”
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