10/14/2008

News / National Consumer Protections Adopted

At its recently concluded fall national meeting, the National Association of Insurance Commissioners (NAIC) voted to create a model regulation to prevent unscrupulous sales practices to senior citizens. The new model establishes standards for the use of titles such as "Senior Financial Expert" in the marketing of life insurance or annuities. Wisconsin Insurance Commissioner Sean Dilweg, as Vice Chairman of the NAIC Life Insurance and Annuities Committee led the drafting of the model regulation and shepherded the proposal through the NAIC review process.

"This model gives insurance regulators another tool to use against those who would take advantage of our parents and grandparents," said Commissioner Dilweg. "I will be working to have this model adopted here."

Individuals selling annuity or life insurance products frequently claim credentials or designations such as "accredited," "senior advisor," "retirement planner," or "senior consultant." Often there is little specialized training to back up the implied expertise in the job titles. The newly adopted model regulation creates standards before such titles can be used in the marketing of these types of products.

This model act follows on the actions of state insurance regulators, including Wisconsin, to protect senior citizens from unscrupulous marketing. Regulators have issued new direction to both insurers and agents limiting the marketing of these products. The Office of the Commissioner of Insurance (OCI) has recently taken a series of enforcement actions against both insurers and agents over unsuitable annuity sales.

Dilweg said, "Our senior citizens deserve to know that their investments are being managed by well trained individuals who understand the products they are selling."

Created by the Legislature in 1871, Wisconsin's Office of the Commissioner of Insurance (OCI) was vested with broad powers to ensure that the insurance industry responsibly and adequately met the insurance needs of Wisconsin citizens. Today, OCI's mission is to lead the way in informing and protecting the public and responding to its insurance needs.
http://oci.wi.gov/pressrel/1008prot.htm

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