OIR Military Sales Practices Workshop Recap
May 1, 2007
The Office of Insurance Regulation held a workshop today, May 1, 2007, on Proposed Rule 69O-142.200 regarding insurance sales practices to military personnel
This workshop was conducted to provide a discussion forum about standards to protect active duty service members of the United States Armed Forces from certain insurance sales practices, and identification of those practices.
After the meeting was called to order, testimony was offered on the Proposed Rule from the Senior Vice President of USAA Insurance, who stated that he is pleased with the way this Rule has developed, and urged the State of Florida to make sure Florida’s Rule is uniform with the national version of the same, as well as uniform with comparable Rules of other states. As reason for his concern, he cited the normalcy of multiple relocations during typical military careers.
More testimony was provided from a Florida Association of Insurance and Financial Advisors (FAIFA) member, who said that she was concerned about the difference between the Florida Rule and the national version of the Rule, and also asked if Florida will amend its Rule to comply with the national version. The OIR Workshop’s presiding officer indicated that this was only a workshop, and that the Rule has not been adopted yet.
Lastly, the executive officer of the Florida Insurance Council expressed his agreement with the comments of the other speakers.
The OIR presiding officer then replied that all comments would be taken into consideration and would become part of the record.
The Military Sales Practices Workshop agenda and the full text of the Proposed Rule are attached.
We will continue to monitor this matter. Should you have any comments or questions, please feel free to contact this office.