The National Association of Insurance Commissioners is now warning more types of consumers against more types of financial services seminars — and giving consumers specific advice about how to avoid making quick decisions they’ll regret later.
The group has agreed to replace a 2008 consumer alert that advises seniors to beware of “free lunch” seminars with an alert that advises all consumers to “be skeptical” about all types of free meal seminars.
The NAIC is a Kansas City, Missouri-based group for the top insurance regulators in U.S. states, the District of Columbia and U.S. territories. Members approved the consumer alert change last week, at the group’s fall national meeting in Honolulu.
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The new version of the alert notes that consumers might receive invitations to seminars “about financial, retirement, or estate planning.”
The old version simply noted that the seminars might promote “financial products” aimed at capturing their savings.
Both the old version and the new version warning consumers against making final decisions about products at seminars.
The new version gives more concrete advice about how consumers can avoid giving in to high-pressure sales tactics.
“Decide before you go that you won’t give out any personal information, sign any documents, or make any decisions while you’re there, the NAIC says in the new alert. “Leave your checkbook at home and consider getting a second opinion.”