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New Jersey, New York Moving Ahead with Designations Model

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New Jersey and New York have started implementing a National Association of Insurance Commissioners (NAIC) model that will affect the designations producers use.

The New York State Insurance Department has posted a draft regulation that would prohibit misleading use of certifications and professional designations when insurance producers are selling life and annuity products to seniors.

Comments are due Oct. 19.

The New Jersey Department of Banking and Insurance already is using the NAIC model in connection with sales of annuities, and now it wants to apply comparable standards for use of “senior-specific designations” to life insurance sales.

Comments on the New Jersey proposed rule are due Dec. 3.

- Allison Bell