Page:United States Statutes at Large Volume 120.djvu/1355

 120 STAT. 1324

PUBLIC LAW 109–290—SEPT. 29, 2006

(1) with respect to existing policies; and (2) to the extent required by the Federal Government pursuant to previous commitments. (e) EXCEPTIONS.—This section shall not apply to any life insurance product specifically contracted by or through the Federal Government. SEC. 11. IMPROVING LIFE INSURANCE PRODUCT STANDARDS. Deadline. 10 USC 992 note.

10 USC 992 note.

SEC. 12. REQUIRED REPORTING OF DISCIPLINARY ACTIONS.

Effective date.

VerDate 14-DEC-2004

(a) IN GENERAL.—It is the sense of Congress that the NAIC should, after consultation with the Secretary of Defense, and not later than 6 months after the date of enactment of this Act, conduct a study and submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives on— (1) ways of improving the quality of and sale of life insurance products sold on military installations of the United States, which may include— (A) limiting such sales authority to persons that are certified as meeting appropriate best practices procedures; and (B) creating standards for products specifically designed to meet the particular needs of members of the Armed Forces, regardless of the sales location; and (2) the extent to which life insurance products marketed to members of the Armed Forces comply with otherwise applicable provisions of State law. (b) CONDITIONAL GAO REPORT.—If the NAIC does not submit the report as described in subsection (a), the Comptroller General of the United States shall— (1) study any proposals that have been made to improve the quality of and sale of life insurance products sold on military installations of the United States; and (2) not later than 6 months after the expiration of the period referred to in subsection (a), submit a report on such proposals to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives. (a) REPORTING BY INSURERS.—Beginning 1 year after the date of enactment of this Act, no insurer may enter into or renew a contractual relationship with any other person that sells or solicits the sale of any life insurance product on any military installation of the United States, unless the insurer has implemented a system to report to the State insurance commissioner of the State of domicile of the insurer and the State of residence of that other person— (1) any disciplinary action taken by any Federal or State government entity with respect to sales or solicitations of life insurance products on a military installation that the insurer knows, or in the exercise of due diligence should have known, to have been taken; and (2) any significant disciplinary action taken by the insurer with respect to sales or solicitations of life insurance products on a military installation of the United States. (b) REPORTING BY STATES.—It is the sense of Congress that, not later than 1 year after the date of enactment of this Act, the States should collectively implement a system to—

13:05 Jul 12, 2007

Jkt 059194

PO 00002

Frm 00068

Fmt 6580

Sfmt 6581

E:\PUBLAW\PUBL002.109

APPS06

PsN: PUBL002

�