PREPROPOSAL STATEMENT OF INQUIRY
INSURANCE COMMISSIONER
Subject of Possible Rule Making: The use of senior-specific certifications and professional designations in the sale of life insurance and annuities.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.060, 48.23.015(8).
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The National Association of Insurance Commissioners (NAIC) adopted a model on the use of senior-specific certifications and professional designations in the sale of life insurance and annuities in October of 2008. Since that time thirty-four states have adopted either the entire model or portions of it.
The purpose of this rule making is to consider adoption of the NAIC model to set forth standards to protect consumers from misleading and fraudulent marketing practices with respect to the use of senior-specific designations in the solicitation, sale or purchase of, or advice made in connection with, a life insurance or annuity product.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: None.
Process for Developing New Rule: Submit written comments by October 10, 2011.
Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Kacy Scott, P.O. Box 40255, Olympia, WA 98504-0255, fax (360) 586-3109, e-mail kacys@oic.wa.gov.
August 24, 2011
Mike Kreidler
Insurance Commissioner