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April 22, 2008 at 03:40 PM
A key group of regulators has approved measures aimed at curbing use of misleading producer credentials.
Members of the Life Insurance and Annuities Committee at the National Association of Insurance Commissioners, Kansas City, Mo., have approved an alert that would warn older consumers to watch out for flimsy producer professional designations.
The committee members also have approved a professional designations bulletin that would go out to insurers and producers.
The NAIC will be putting the bulletin on the agenda for the next meeting of its plenary.
The plenary is the body that includes all voting members of the NAIC.
The consumer alert would warn older consumers about “free-lunch seminars,” which often offer seniors a free meal along with a product sales pitch.
The alert also would advise senior consumers to question the credentials of experts who hold themselves out to be senior advisors.
The insurer and producer bulletin would apply to the marketing and sales of fixed and variable life insurance and annuities. The bulletin would note that insurance companies are responsible for the advertising of their products, whether by the company or by a producer, and that references to designations are part of such advertisements.
