Thomas R. Sullivan, Insurance Commissioner of Connecticut, recently published notice of intent to adopt a regulation concerning military sales practices to provide uniform standards through which active duty service members of the United States Armed Forces are protected from dishonest and predatory practices in the sale of individual life insurance and annuity products. The proposed regulation declares certain acts and practices, when committed on a military installation or in military controlled housing, to be false, misleading, deceptive or unfair and is based on a model regulation adopted by the National Association of Insurance Commissioners and a number of other states, including Alabama, Arkansas, Colorado, Delaware, Florida, Georgia, Idaho, Kansas, Montana, Nevada, North Carolina, Ohio, Oklahoma, Oregon, Rhode Island, Texas and Washington. Certain specified types of insurance policies are expressly exempt under the proposed regulation.
Click here to view a copy of Connecticut’s proposed Military Sales Practices Regulation.
