Regulating the Use of Designations
Contact
Gary Sanders
Senior Counsel, Law and Government Relations
(703) 770-8192
Jill Edwards
Director, Federal Relations
(703)
770-8158
Legislators, regulators and the media have raised concerns in recent months that senior citizens are being misled and harmed by the use of certain designations and certifications by insurance agents and advisors that may imply the existence of a level of expertise in senior affairs and financial matters that, in fact, does not exist. These types of allegations are potentially damaging to NAIFA members because they affect the reputation of all agents and advisors and could compromise the public’s trust in insurance agents.
Since NAIFA is the leading agents and advisors organization, NAIFA’s leadership decided early on that NAIFA could not – and should not – remain silent on this issue. As a result, NAIFA has been actively engaged in this issue from the start—we have held conversations and meetings with Congressional staff (of the Senate Aging Committee and key members of the Committee), the North American Securities Administrators Association (NASAA, the NAIC-type association for state securities regulators), members of the NAIC leadership, the American College and the ACLI.
NAIFA staff testified on this issue at the NAIC 2007 Winter National Meeting, and our state associations have been actively involved in regulatory activity on this issue in Massachusetts, Nebraska and other states. We have also filed comment letters with the NAIC, NASAA and the Senate Aging Committee regarding draft legislation, rules and bulletins proposed by these groups. Copies of these proposals and NAIFA’s comment letters can be reviewed by using the links below. You will also find a link to NAIFA’s Policy Statement: Regulation of the Use of Designations.
- Request for NAIC EX Committee Action on the Senior Designation Issue (March 26, 2008)
- Final draft of “Senior Protection Act of 2008 ” (April 1, 2008)
- Second draft of “Senior Protection Act of 2007” (March 4, 2008)
- First draft of “Senior Protection Act of 2007” (Dec. 17, 2007)
- For Elderly Investors, Instant Experts Abound (New York Times article, July 8, 2007)
- NAIFA response to New York Times article (July 11, 2007)
- NAIFA response to New York Times article (July 11, 2007)
- NASAA Proposed Rule on the Use Of Senior-Specific Certifications and Professional Designations (Nov. 9, 2007)
- NASAA Notice of Proposed Rule on the Use Of Senior-Specific Certifications and Professional Designations (Nov. 9, 2007)
- NAIFA Comments to NASAA (Dec. 7, 2007)
- American College Comments to NASAA (Nov. 15, 2007)
- Draft NAIC Insurer and Producer Bulletin (March 6, 2008)
- Draft NAIC Insurer and Producer Bulletin (Nov. 27, 2007)
- Draft NAIC Senior Citizens Beware Bulletin (March 6, 2008)
- Draft NAIC Senior Citizens Beware Bulletin (Nov. 27, 2007)
- NAIFA Comments to the NAIC (March 26, 2008)
- NAIFA Comments to the NAIC (Jan. 24, 2008)
- The American College Comments to NAIC (Jan. 25, 2008)
New information and materials will be added to this page as they are developed.