Utah Admin. Code R590-252-5 - Prohibited Uses of Senior-Specific Certifications and Professional Designations
(1)
(a) A producer or consultant may not use a
senior-specific certification or professional designation that indicates or
implies, in a way that misleads a consumer, that the producer or consultant has
special certification or training in:
(i)
advising or servicing seniors in connection with the solicitation, sale, or
purchase of any annuity, accident and health, or life insurance product;
or
(ii) the provision of advice as
to the value of or the advisability of purchasing or selling an annuity,
accident and health, or life insurance product.
(b) The prohibited use of senior-specific
certifications or professional designations may not be provided:
(i) either directly or indirectly;
(ii) through a publication or writing;
or
(iii) by issuing or promulgating
an analysis or report related to an annuity, accident and health, or life
insurance product.
(c)
The prohibited use of senior-specific certifications or professional
designations includes:
(i) use of a
certification or professional designation by a producer or consultant who has
not earned or is otherwise ineligible to use the certification or
designation;
(ii) use of a
nonexistent or self-conferred certification or professional
designation;
(iii) use of a
certification or professional designation that indicates or implies a level of
occupational qualification obtained through education, training, or experience
that the producer or consultant using the certification or designation does not
have; and
(iv) use of a
certification or professional designation that was obtained from a certifying
or designating organization that:
(A) is
primarily engaged in the business of instruction in sales or
marketing;
(B) does not have
reasonable standards or procedures for assuring the competency of its
certificants or designees;
(C) does
not have reasonable standards or procedures for monitoring and disciplining its
certificants or designees for improper or unethical conduct; or
(D) does not have reasonable continuing
education requirements for its certificants or designees in order to maintain
the certificate or designation.
(2) There is a rebuttable presumption that a
certifying or designating organization is not disqualified solely for purposes
of Subsection (1)(c)(iv) when the certification or designation issued from the
organization does not primarily apply to sales or marketing and when the
organization or the certification or designation in question has been
accredited by:
(a) the American National
Standards Institute;
(b) the
National Commission for Certifying Agencies; or
(c) any organization that is on the U.S.
Department of Education's list entitled "Accrediting Agencies Recognized for
Title IV Purposes."
(3)
In determining whether a combination of words or an acronym standing for a
combination of words constitutes a certification or professional designation
indicating or implying that a person has special certification or training in
advising or servicing seniors, factors to be considered shall include:
(a) use of one or more words such as senior,
retirement, elder or like words combined with one or more words such as
certified, registered, chartered, advisor, specialist, consultant, planner or
like words, in the name of the certification or professional designation;
and
(b) the manner in which those
words are combined.
(4)
(a) For purposes of this rule, a job title
within an organization that is licensed or registered by a state or federal
financial services regulatory agency is not a certification or professional
designation, unless it is used in a manner that would confuse or mislead a
reasonable consumer, when the job title:
(i)
indicates seniority or standing within the organization; or
(ii) specifies an individual's area of
specialization within the organization.
(b) For purposes of this subsection,
financial services regulatory agency includes an agency that regulates
insurers, insurance producers, insurance consultants, broker-dealers,
investment advisers, or investment companies as defined under the Investment
Company Act of 1940.
Notes
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