Commerce retracts statement

Posted on Jan 07 1999

The Department of Commerce yesterday retracted an earlier statement warning the public against buying the insurance policies of two companies based in the United States.

In a press release, Commerce Secretary Frankie B. Villanueva said the American Fidelity Life Insurance Co. of Pensacola, Florida and Trans World Assurance Co., of San Mateo, California have been cleared of the pending cases filed before the two companies.

Villanueva said the retraction mas made after the U.S. Attorney General and the United States District Judge, Western District of Washington approved the settlement agreement on Dec. 7, 1998. The two firms were found not guilty of any wrongdoing, he added.

“The general public is advised that life insurance policies of American Fidelity Life Insurance Co. and Trans World Assurance should be regarded as the same as any other life insurance carrier in the Commonwealth,” said Villanueva.

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