‘‘(b) FILING DEPOSITORIES.—The Commission may, 
by rule, require an investment adviser—
‘‘(1) to file with the Commission any fee, appli-
cation, report, or notice required to be filed by this 
title or the rules issued under this title through any 
entity designated by the Commission for that pur-
pose; and 
‘‘(2) to pay the reasonable costs associated with 
such filing and the establishment and maintenance 
of the systems required by subsection (c). 
‘‘(c) ACCESS TO DISCIPLINARY AND OTHER INFOR-
MATION.—
‘‘(1) MAINTENANCE OF SYSTEM TO RESPOND 
TO INQUIRIES.—The Commission shall require the 
entity designated by the Commission under sub-
section (b)(1) to establish and maintain a toll-free 
telephone listing, or a readily accessible electronic or 
other process, to receive and promptly respond to in-
quiries regarding information (including disciplinary 
actions, regulatory, judicial, and arbitration pro-
ceedings, and other information required by law or 
rule to be reported) involving investment advisers 
and persons associated with investment advisers. 
Such information shall include information on an in-
vestment adviser (and the persons associated with
that adviser) whether the investment adviser is reg-
istered with the Commission under section 203 or 
regulated solely by a State as described in section 
203A. 
‘‘(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. 105. STATE INSURANCE AND SECURITIES JURISDIC-
TION ON MILITARY INSTALLATIONS. 
(a) CLARIFICATION
OF JURISDICTION.—Any law, 
regulation, or order of a State with respect to regulating 
the business of insurance or the offer or sale (or both) 
of securities shall apply to such activities 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 or securities 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; 
(B) in the case of an individual engaged in 
the offer or sale (or both) of securities, such in-
dividual is registered or required to be reg-
istered to do business or the person solicited by 
such individual resides; 
(C) in the case of an entity engaged in the 
business of insurance, such entity is domiciled; 
or 
(D) in the case of an entity engaged in the 
offer or sale (or both) of securities, such entity 
is registered or is required to be registered to 
do business or the person solicited by such enti-
ty resides. 
SEC. 106. 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 
the extent to which the States have met the requirement 
of subsection (a) and report such study to the Committee 
on Financial Services of the House of Representatives and 
the Committee on Banking, Housing, and Urban Affairs 
of the Senate. 
SEC. 107. REQUIRED DISCLOSURES REGARDING LIFE IN-
SURANCE. 
(a) REQUIREMENT.—Except as provided in sub-
section (d), no insurer or producer may sell or solicit, in 
person, any life insurance product to any member of the 
Armed Forces on a military installation of the United 
States unless a disclosure in accordance with this section 
is provided to such member before the sale of such insur-
ance.