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States that NAIC advertisements of Life Insurance & Annuities Model Regulation applies to Designations if utilized in an advertisement – In this case insurer is responsible
Warns producers not to use designations unsupported by a documented program of study
NAIC Model Reg on the Use of Senior Specific Certifications and Professional Designations
Establishes a standard of whether the use of a particular designation indicates or implies, in a way that misleads the consumer, that the agent has special certification or training in advising seniors
Creates what is essentially a safe harbor for designations that:
are not primarily sales/marketing oriented and
are issued/accredited by the American National Standards Institute, the National Commission for Certifying Agencies, or an institution of higher education
NAIC Model Reg on the Use of Senior Specific Certifications and Professional Designations
Expressly prohibits the use of designations that have not been legitimately earned, that are nonexistent, or that misrepresent a level of expertise or education that does not exist
Exceptions for job titles and areas of specialization
Flag terms such as “senior”, “retirement”, “elder”, certified, “planner”, etc.
WI), Chairman of the Special Aging Committee introduced S. 2794, the “Senior Investor Protection Act of 2008”
The legislation would have established a program of grants to states to investigate and prosecute misleading and fraudulent marketing practices and develop educational materials and training aimed at reducing misleading and fraudulent marketing of financial products (including insurance/annuity products) toward seniors
Neither the Senate Judiciary or Aging Committee’s took action on this legislation last year
Aimed to encourage state regulators to adopt a uniform standard for the accreditation of senior financial advisors and to assist states in their efforts to protect seniors from being duped by misleading destinations
Industry supported the limits on use of designations, but had concerns with the lack of recognitions for state regulation of suitability and disclosure