Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 60 - REGULATION OF MILITARY SALES PRACTICES › Section 60-5 - Practices Declared False, Misleading, or Misrepresentative Regardless of Location

Current through July 13, 2024
(a) The following acts or practices by an
				insurer or insurance producer constitute corrupt practices, improper influences
				or inducements and are declared to be false, misleading, or misrepresentative:
(i) Submitting, processing or assisting in
				the submission or processing of any allotment form or similar device used by
				the United States Armed Forces to direct a service member's pay to a third
				party for the purchase of life insurance. The foregoing includes, but is not
				limited to, using or assisting in using a service member's "MyPay" account or
				other similar internet or electronic medium for such purposes. This subsection
				does not prohibit assisting a service member by providing insurer or premium
				information necessary to complete any allotment form.
(ii) Knowingly receiving funds from a service
				member for the payment of premium from a depository institution with which the
				service member has no formal banking relationship. For purposes of this
				section, a formal banking relationship is established when the depository
				institution:
(A) provides the service member
				a deposit agreement and periodic statements and makes the disclosures required
				by the Truth in Savings Act,
				12 U.S.C. §
												4301
et seq
. and the
				regulations promulgated thereunder; and
(B) permits the service member to make
				deposits and withdrawals unrelated to the payment or processing of insurance
				premiums.
(iii)
				Employing any device or method or entering into any agreement whereby funds
				received from a service member by allotment for the payment of insurance
				premiums are identified on the service member's Leave and Earnings Statement or
				equivalent or successor form as "Savings" or "Checking" and where the service
				member has no formal banking relationship as defined in subsection
				5(a)(ii).
(iv) Entering into any agreement with a
				depository institution for the purpose of receiving funds from a service member
				whereby the depository institution, with or without compensation, agrees to
				accept direct deposits from a service member with whom it has no formal banking
				relationship.
(v) Using DoD
				personnel, directly or indirectly, as a representative or agent in any official
				or unofficial capacity with or without compensation with respect to the
				solicitation or sale of life insurance to service members who are junior in
				rank or grade, or to the family members of such personnel.
(vi) Offering or giving anything of value,
				directly or indirectly, to DoD personnel to procure their assistance in
				encouraging, assisting, or facilitating the solicitation or sale of life
				insurance to another service member.
(vii) Knowingly offering or giving anything
				of value to a service member with a pay grade of E-4 or below for his or her
				attendance to any event where an application for life insurance is
				solicited.
(viii) Advising a
				service member with a pay grade of E-4 or below to change his or her income tax
				withholding or state of legal residence for the sole purpose of increasing
				disposable income to purchase life insurance.