58-33-127. Practices regarding Servicemembers' Group Life Insurance or Veterans' Group Life Insurance considered false, misleading, deceptive, or unfair. The following acts or practices by an insurer or insurance producer regarding Servicemembers' Group Life Insurance (SGLI) or Veterans' Group Life Insurance (VGLI) are declared to be false, misleading, deceptive, or unfair:
(1) Making any representation regarding the availability, suitability, amount, cost, exclusions, or limitations to coverage provided to a service member or dependents by SGLI or VGLI, which is false, misleading, or deceptive;
(2) Making any representation regarding conversion requirements, including the costs of coverage, or exclusions or limitations to coverage of SGLI or VGLI to private insurers which is false, misleading or deceptive; or
(3) Suggesting, recommending, or encouraging a service member to cancel or terminate his or her SGLI policy or issuing a life insurance policy which replaces an existing SGLI policy unless the replacement takes effect upon or after the service member's separation from the United States Armed Forces.Source: SL 2008, ch 272, § 11.
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