FDIC settles with AL Amerilife over product insurance - Tampa Bay Business Journal:

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Amerilife neither admitted nor denied any liability in agreeintg to the issuance ofthe order, the release Amerilife, an insurance company that nationwide markets and sellss insurance and financial products such as annuities, advertisedr above market-rate certificates of deposits in 80 newspapers Amerilife generated customers lists with information from thoss who responded to the ads in order to laterf contact the consumers and try to sell them uninsured the FDIC said. According to the FDIC, Amerilifwe CD ads promised an interest rate higher than rates offered by any and prominently displayed the FDIC logo and giving the impression Amerilife was aninsurer bank.
When a consumer went into an Amerilifre office to purchase theadvertised CD, Amerilife helpex the consumer sign up for the CD on a bank’zs Web site. Amerilife then forwarded a bonus payment plusthe consumer’sd check to the bank as the CD The total amount created the rate of retur n advertised by Amerilife, but the advertisements misrepresentefd the actual terms and conditions under whicj the bank offered the insurexd CDs, the FDIC said.