Section 10. Purpose and scope

Latest version.

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.

Historical Notes

Derived from Volume 24, Issue 07, eff. February 15, 2008.

Statutory Authority

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

                    
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