Life & Annuities
Kathy Donovan
Senior Compliance Counsel
Insurance Compliance Solutions
Thursday January 28, 2010
Consumer Protection: Interest in Seniors Continues
The states’ consumer protection interest continues to be focused on certain certifications or professional designations used by individuals when selling life insurance and annuities to seniors. While some states had provisions in place prior to the 2008 adoption by the NAIC of Model 278, the Model Regulation on the Use of Senior-Specific Certifications and Professional Designations in the Sale of Life Insurance and Annuities”, additional states took steps in 2008 or 2009 to either adopt provisions similar to the Model’s, to revise existing provisions, or to establish a regulatory process to adopt such provisions. Among this group were: Alaska, Arkansas, Kentucky, Minnesota, New Hampshire, North Carolina, North Dakota, Oklahoma, Oregon, Rhode Island, Texas, Utah, Virginia, and Wisconsin. This year has seen the continuation of this senior consumer protection trend with the Connecticut Insurance Department proposing a new regulation on January 14th. The current proposal is similar to those regulatory restrictions we have seen adopted in other states and in the Model.
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