Can Insurance companies abandon their social responsibilities??

I have read this letter with interest, Is this for Public Interest? :-( and feel compelled to add my experience of Insurance companies breaching earlier promises made during the purchase of the policy. My son bought a full life policy from a VERY reputable Insurance company {AIA} (at least that was what it apparently was before the Financial turmoil in 2008), in order that his beneficiaries or dependents may be 'covered' in the event of any calamity befalling him. At the time of the signing of the policy, 1997, he accepted a clause in the Policy that stated that in the 13th year (2010), which is defined as the Critical Year, he can cease payment of his premiums, and he will be covered until the maturity year of the Policy, that is, year 2074. We have since enquired with our Agent, a dear friend, who 'warned' us that, though my son could go ahead with the cessation of the payment of his premium after the 13th or the Critical Year, there is now NO guarantee that he will not be asked again, a few years down the road, to continue with his premium payments or risk losing everything he has previously already paid up. That according to the agent, is because of the returns that the Insurance companies envisaged to be receiving in 1997 has failed miserably to materialize, and rather than do the noble thing and honour the agreements made in the Policy, (like the Malaysian Govt does to its Toll Concession Agreements), the Insurance company has chosen the easier path, and save its own neck by breaking its promise to the Insured.

Why are insurance companies allowed to make excessive profits in good times, providing us with security and social comfort in the process, but then are also allowed to abandon its principles because of losses made through reckless underwriting, driven by massive greed? This is NOT an isolated case, if the authorities care to investigate, we the aggrieved parties would be happy to provide the details.