10 U.S.C. § 11

IMPROVING LIFE INSURANCE PRODUCT STANDARDS.

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“(a)In General.—It is the sense of Congress that the NAIC should, after consultation with the Secretary of Defense, and not later than 6 months after the date of enactment of this Act [Sept. 29, 2006], conduct a study and submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives on—“(1) ways of improving the quality of and sale of life insurance products sold on military installations of the United States, which may include—“(A) limiting such sales authority to persons that are certified as meeting appropriate best practices procedures; and“(B) creating standards for products specifically designed to meet the particular needs of members of the Armed Forces, regardless of the sales location; and“(2) the extent to which life insurance products marketed to members of the Armed Forces comply with otherwise applicable provisions of State law.“(b)Conditional GAO Report.—If the NAIC does not submit the report as described in subsection (a), the Comptroller General of the United States shall—“(1) study any proposals that have been made to improve the quality of and sale of life insurance products sold on military installations of the United States; and“(2) not later than 6 months after the expiration of the period referred to in subsection (a), submit a report on such proposals to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives.