A bill imposing restrictions on marketing of insurance to U.S. soldiers on military bases has been introduced by Rep. Geoff Davis (R-Kentucky).
The Military Personnel Financial Services Protection Act would make it clear that state insurance regulators have jurisdiction over insurance sales on military bases within their states. The bill would also: Ban the sale of contractual mutual funds; require that military personnel hear about government life insurance programs before buying private life insurance; allow military base commanders to ban agents from their bases and forward a list of these banned agents to the Department of Defense; and DOD would compile lists and send them to state DOIs for further investigation.
Rep. Davis’ bill, which has not yet been assigned a bill number, parallels a similar bill (H.R. 5011) that was passed last year by the House Financial Services Committee, but not enacted.
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