The Connecticut Insurance Department is proposing new regulations governing use of "senior-specific certifications and professional designations" in the sale of life insurance and annuities.
Examples of practices that would be banned would include use of a "nonexistent or self-conferred certification or professional designation" and use of a designation from an organization that is "primarily engaged in the business of instruction in sales or marketing" or "does not have reasonable standards or procedures for monitoring and disciplining its certificants or designees for improper or unethical conduct."
Financial professionals who use designations issued by accredited organizations will have an easier time defending their use of designations, according to the draft text.
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