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Life Health > Life Insurance

Lawmaker Sponsors Military Sales Bill

By Staff Writer

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NU Online News Service, Feb. 2, 2005, 6:13 p.m. EST

A U.S. House member from Kentucky has introduced a bill that could affect insurers’ sales of insurance to soldiers.[@@]

The lawmaker, Rep. Geoff Davis, R-Ky., says his bill, the Military Personnel Financial Services Protection Act, would ban the sale of contractual mutual funds, make it clear that state insurance regulators have jurisdiction over insurance sales on military bases within their states, and require that military personnel hear about government life insurance programs before buying private life insurance.

The bill also would create a list of barred insurance agents and financial advisors that would be made available to all military installations and all federal and state financial regulators.

The number of the bill is not yet available.

The sponsor, Davis, is a graduate of the U.S. Military Academy as West Point, N.Y. He served in the U.S. Army as an assault helicopter flight commander.

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