Massachusetts’ Division of Insurance will hold hearings next month on proposed new rules designed to stop dishonest practices in selling insurance products to military personnel in the state.
The proposed new Regulation 211 will be discussed at the hearing, to be held at 10 a.m. May 11 at the DOI’s offices in Boston.
The planned rule would ban a number of sales practices identified as “false, misleading, deceptive or unfair,” including:
– Knowingly soliciting the purchase of any life insurance product to military personnel without first securing a specific appointment.
–Soliciting sales from service members in a group meeting where attendance is not voluntary.
–Making appointments or soliciting service members during their normally scheduled duty hours or in barracks or other unit areas where such solicitation is prohibited.
– Soliciting the sale of life insurance without permission from the installation commander
–Accepting an application or issuing a policy for life insurance to military personnel without obtaining a form confirming that the applicant has received counseling required by the Department of Defense about buying life insurance.
The full text of the proposed regulation can be found here.