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NAIC Discusses Senior Designations

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Regulators are reviewing comments from insurers and consumer advocates regarding efforts to regulate use of advisor professional designations.

The Life Insurance and Annuities Committee at the National Association of Insurance Commissioners, Kansas City, Mo., has received the following recommendations:

- Any language should be broad enough to permit companies to continue to use titles such as senior vice president, to avoid requiring companies to “re-title” employees.

- Any language should be comport with language in a regulation developed by the North American Securities Administrators Association, Washington, to promote uniformity in oversight of insurance and securities producers.

- Any regulations should apply to all use of misleading designations, not simply misuse of misleading designations in transactions involving older consumers.

- Regulators should start a separate initiative to provide guidance on illustrations.