Abstract
During the years 1990 through 1993, several of the largest domestic mutual insurance companies engaged in deceptive marketing and sales practices in their efforts to increase sales of their life insurance products. They sought to tap the mutual fund and savings bank markets by inducing individuals in specifically identified occupations who were likely to possess capital, but not acumen, to buy life insurance policies as investment or retirement plans.' In doing so, agents styled themselves specialists, assiduously avoided using the word insurance, and reaped a bonanza in commissions.2 Such misleading sales practices, however, were patently in violation of state consumer protection laws and insurance disclosure rules imposed by state insurance regulators.'
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