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Life Health > Life Insurance

Shelby Keeps Military Sales On Agenda

By Arthur D. Postal

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The Senate Banking Committee will continue to study the insurance regulatory system and military sales practices this year, panel chairman Sen. Richard Shelby, R-Ala., said today.

Shelby said the Senate Banking Committee intends to hold comprehensive hearings “on the state of insurance regulation, including issues of solvency, consumer protection and optional federal charter.”

The committee also “continues to work on bipartisan legislation to address mutual fund sales abuses to military personnel,” Shelby said.

In 2005, the House passed H.R. 458, a bill that would have tightened the rules governing sales of insurance and allied products on military bases. It is unclear whether Shelby’s panel will use the House bill as the basis for action this year.

A companion to the House bill has been introduced in the Senate by Sen. Michael Enzi, R-Wyo.

In related news, Shelby said he plans to hold more hearings on terror finance and money laundering, and he reported that the Senate Banking Committee staff is drafting a bill that would establish notification standards for consumers affected by unauthorized disclosure of financial information.

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