“(a) Reporting by Insurers.—Beginning 1 year after the date of enactment of this Act [Sept. 29, 2006], no insurer may enter into or renew a contractual relationship with any other person that sells or solicits the sale of any life insurance product on any military installation of the United States, unless the insurer has implemented a system to report to the State insurance commissioner of the State of domicile of the insurer and the State of residence of that other person—“(1) any disciplinary action taken by any Federal or State government entity with respect to sales or solicitations of life insurance products on a military installation that the insurer knows, or in the exercise of due diligence should have known, to have been taken; and
“(2) any significant disciplinary action taken by the insurer with respect to sales or solicitations of life insurance products on a military installation of the United States.
“(b) Reporting by States.—It is the sense of Congress that, not later than 1 year after the date of enactment of this Act, the States should collectively implement a system to—“(1) receive reports of disciplinary actions taken against persons that sell or solicit the sale of any life insurance product on any military installation of the United States by insurers or Federal or State government entities with respect to such sales or solicitations; and
“(2) disseminate such information to all other States and to the Secretary of Defense.
“(c) Definition.—As used in this section, the term ‘insurer’ means a person engaged in the business of insurance.
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