Administrative Code

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Virginia Administrative Code
Title 14. Insurance
Agency 5. State Corporation Commission, Bureau of Insurance
Chapter 420. Rules Governing Military Sales Practices

14VAC5-420-10. Purpose and scope.

A. The purpose of this chapter is to set forth standards to protect active duty service members of the United States Armed Forces from dishonest and predatory insurance sales practices by prohibiting certain false, misleading, deceptive or unfair acts and practices.

B. This chapter shall apply only to the solicitation or sale of any life insurance or annuity product by an insurer or insurance agent to an active duty service member of the United States Armed Forces.

C. Nothing in this chapter shall be construed to create or imply a private cause of action for a violation of any provision of this chapter.

Statutory Authority

§§ 12.1-13 and 38.2-223 of the Code of Virginia; P.L. 109-290 (Military Personnel Financial Services Protection Act).

Historical Notes

Derived from Virginia Register Volume 24, Issue 7, eff. February 15, 2008.

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