quiries regarding registration information (including 
disciplinary actions, regulatory, judicial, and arbitra-
tion proceedings, and other information required by 
law or rule to be reported) involving investment ad-
visers and persons associated with investment advis-
ers. 
‘‘(2) RECOVERY
OF
COSTS.—An entity des-
ignated by the Commission under subsection (b)(1) 
may charge persons making inquiries, other than in-
dividual investors, reasonable fees for responses to 
inquiries made under paragraph (1). 
‘‘(3) LIMITATION
ON
LIABILITY.—An entity 
designated by the Commission under subsection 
(b)(1) shall not have any liability to any person for 
any actions taken or omitted in good faith under 
this subsection.’’. 
(b) CONFORMING AMENDMENTS.— 
(1) Section 203A of the Investment Advisers 
Act of 1940 (15 U.S.C. 80b–3a) is amended— 
(A) by striking subsection (d); and 
(B) by redesignating subsection (e) as sub-
section (d). 
(2) Section 306 of the National Securities Mar-
kets Improvement Act of 1996 (15 U.S.C. 80b–10,
note; Public Law 104–290; 110 Stat. 3439) is re-
pealed. 
SEC. 6. STATE INSURANCE JURISDICTION ON MILITARY IN-
STALLATIONS. 
(a) CLARIFICATION
OF JURISDICTION.—Any law, 
regulation, or order of a State with respect to regulating 
the business of insurance shall apply to insurance activi-
ties conducted on Federal land or facilities in the United 
States and abroad, including military installations, except 
to the extent that such law, regulation, or order— 
(1) directly conflicts with any applicable Fed-
eral law, regulation, or authorized directive; or 
(2) would not apply if such activity were con-
ducted on State land. 
(b) PRIMARY STATE JURISDICTION.—To the extent 
that multiple State laws would otherwise apply pursuant 
to subsection (a) to an insurance activity of an individual 
or entity on Federal land or facilities, the State having 
the primary duty to regulate such activity and whose laws 
shall apply to such activity in the case of a conflict shall 
be— 
(1) the State within which the Federal land or 
facility is located; or 
(2) if the Federal land or facility is located out-
side of the United States, the State in which—
(A) in the case of an individual engaged in 
the business of insurance, such individual has 
been issued a resident license; or 
(B) in the case of an entity engaged in the 
business of insurance, such entity is domiciled. 
SEC. 7. REQUIRED DEVELOPMENT OF MILITARY PER-
SONNEL PROTECTION STANDARDS REGARD-
ING INSURANCE SALES. 
(a) STATE
STANDARDS.—The Congress intends 
that— 
(1) the States collectively work with the Sec-
retary of Defense to ensure implementation of ap-
propriate standards to protect members of the 
Armed Forces from dishonest and predatory insur-
ance sales practices while on a military installation 
of the United States (including installations located 
outside of the United States); and 
(2) each State identify its role in promoting the 
standards described in paragraph (1) in a uniform 
manner within 12 months after the date of the en-
actment of this Act. 
(b) STATE REPORT.—It is the sense of the Congress 
that the NAIC should, after consultation with the Sec-
retary of Defense and within 12 months after the date 
of the enactment of this Act, conduct a study to determine