Zero Premium Life: Update the 2nd

As the continuing saga of ZPL, um, continues, we find the ever-vigilent Peach State Department of Insurance following the leads of North Carolina, Iowa and others:

"The Department has received a number of inquiries from Georgia resident licensed agents who have been solicited through e-mail and facsimile transmitted advertisements to sell Zero Cost, No Cost, No Premium, Zero Premium or Zero Payment insurance coverage to their clientele...[and] has opened an investigation to ascertain whether, and the extent to which, these solicitations directly violate any Georgia Statutes and Regulations applicable to the sale of universal or whole life insurance products."

The Department also strongly urges agents to "refrain from entering into any agreement or arrangement to market or sell" these products. Contrary to the implications of the marketers' emails, these products have not been approved for sale in Georgia (or anywhere else, as far as we can determine).

A few weeks ago, the Kentucky DOI also joined the fray, advising agents in the Bluegrass State that the agency is "currently investigating the sales material and the practice in general to determine if there are any violations of Kentucky’s insurance law." They're also requesting that agents forward any relevant sales and/or marketing materials to the department. I like that: it's proactive, and it empowers agents to help their own cause.

Meanwhile, back here in the Buckeye State, the never-vigilant Ohio Department of Insurance continues to ignore the whole brouhaha. Rarely have I been so proud.