the requirements of this section to all insurance so-
licitations and sales to military personnel on military 
installations, with respect to such States, to the ex-
tent that such standards do not directly conflict with 
any applicable authorized Federal regulation or di-
rective. 
(3) MATERIALLY IDENTICAL FORM.—For pur-
poses of this subsection, standards adopted by more 
than one State shall be considered to have materially 
identical form to the extent that such standards re-
quire or prohibit identical conduct with respect to 
the same activity, notwithstanding that the stand-
ards may differ with respect to conduct required or 
prohibited with respect to other activities. 
SEC. 108. IMPROVING LIFE INSURANCE PRODUCT STAND-
ARDS. 
(a) IN GENERAL.—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 and submit 
a report to the Committee on Financial Services of the 
House of Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate on ways of im-
proving the quality of and sale of life insurance products 
sold by insurers and producers on military installations
of the United States, which may include limiting sales au-
thority to companies and producers that are certified as 
meeting appropriate best practices procedures or creating 
standards for products specifically designed for members 
of the Armed Forces regardless of the sales location. 
(b) CONDITIONAL GAO REPORT.—If the NAIC does 
not submit the report to the committees as described in 
subsection (a), the Comptroller General of the United 
States shall study any proposals that have been made to 
improve the quality and sale of life insurance products sold 
by insurers and producers on military installations of the 
United States and report to the Committee on Financial 
Services of the House of Representatives and the Com-
mittee on Banking, Housing, and Urban Affairs of the 
Senate on such proposals within 6 months after the expi-
ration of the period referred to in subsection (a). 
SEC. 109. REQUIRED REPORTING OF DISCIPLINED INSUR-
ANCE PRODUCERS. 
(a) REPORTING BY INSURERS.—After the expiration 
of the 2-year period beginning on the date of the enact-
ment of this Act, no insurer may enter into or renew a 
contractual relationship with a producer that solicits or 
sells life insurance on military installations of the United 
States unless the insurer has implemented a system to re-
port, to the State insurance commissioner of the State of
the domicile of the insurer and the State of residence of 
the insurance producer, disciplinary actions taken against 
the producer with respect to the producer’s sales or solici-
tation of insurance on a military installation of the United 
States, as follows: 
(1) Any disciplinary action taken by any gov-
ernment entity that the insurer knows has been 
taken. 
(2) Any significant disciplinary action taken by 
the insurer. 
(b) REPORTING BY STATES.—It is the sense of the 
Congress that within 2 years after the date of the enact-
ment of this Act, the States should collectively implement 
a system to—
(1) receive reports of disciplinary actions taken 
against insurance producers by insurers or govern-
ment entities with respect to the producers’ sale or 
solicitation of insurance on a military installation; 
and 
(2) disseminate such information to all other 
States and to the Secretary of Defense. 
SEC. 110. REPORTING BARRED PERSONS ENGAGING IN FI-
NANCIAL SERVICES ACTIVITIES. 
(a) ESTABLISHMENT.—The Secretary of Defense 
shall maintain a list of the name, address, and other ap-
propriate information of persons engaged in financial serv-
ices activities that have been barred, banned, or otherwise 
limited in any manner that is not generally applicable to 
all such type of persons, from any or all military installa-
tions of the United States or from patronage by military 
members. 
(b) NOTICE AND ACCESS.—The Secretary shall en-
sure that—
(1) the appropriate Federal and State agencies 
responsible for any financial services regulation are 
promptly notified upon the inclusion or removal of a 
person under such agencies’ jurisdiction; and 
(2) the list is kept current and easily acces-
sible—
(A) for use by such agencies; and 
(B) for purposes of enforcing or consid-
ering any such bar, ban, or limitation by the 
appropriate Federal personnel, including com-
manders of military installations. 
(c) REGULATIONS.—
(1) IN
GENERAL.—The Secretary shall issue 
regulations in accordance with this subsection to 
provide for the establishment and maintenance of 
the list under this section, including appropriate due 
process considerations.