Bill Would Police Mutual/Insurance Sales on Post

HR-458, sponsored by Rep. Jeff Davis, R-Ky., would ban the sale of mutual funds sold through contractual plans. It also would prohibit an insurer or producer from selling or soliciting, in person, any life insurance product to any member of the Armed Forces on a federal military installation unless certain written disclosures have been provided before the sale. Furthermore, the legislation would prohibit contracting with an insurance producer that solicits or sells life insurance on U.S. military installations unless the insurer has implemented a system for reporting any disciplinary actions against the producer to the appropriate state insurance commissioner. In addition, the bill would require the Department of Defense to maintain a list of agents and advisors barred from doing business on military installations.