The House passed and sent to President Bush for likely signature Thursday the Senate version of legislation strengthening consumer protections for military service members buying life insurance and other products on military bases.
The vote was 418-13.
In response to the bill, the National Association of Insurance and Financial Advisors, Falls Church, Va., said it expects President Bush will sign the bill soon.
NAIFA officials said they are pleased the bill “appropriately recognizes state jurisdiction over the sale of life insurance on military bases and takes advantage of existing state regulatory safeguards intended to protect all consumers from unfair and deceptive sales practices.”
Frank Keating, president and CEO of the American Council of Life Insurers “applauded” congressional action on the issue, and also noted positively the fact that state regulators will retain oversight of insurance sales on military bases.
The bill, S. 418, is known as the Military Personnel Financial Services Protection Act.