D.C. Mun. Regs. tit. 26, r. 26-A5801

Current through Register Vol. 71, No. 49, December 6, 2024

Rule 26-A5801 - PROHIBITED USE OF SENIOR-SPECIFIC CERTIFICATIONS AND PROFESSIONAL DESIGNATIONS

5801.1

The use, directly or indirectly, through publications or writings, or by issuing or promulgating analyses or reports, of a senior-specific certification or professional designation by any person in connection with the solicitation, sale, or purchase of life insurance or annuity products; or in providing advice as to the value or advisability of purchasing or selling life insurance or annuity products that indicates or implies that the insurance producer has special certification or training in advising or servicing seniors or retirees, in such a way as to mislead, constitutes an unfair and deceptive act or practice in the business of insurance within the meaning of the Insurance Trade and Economic Development Amendment Act of 2000, effective April 3, 2001 (D.C. Law 13-265; D.C. Official Code § 31-2231.01 (2001)).

5801.2

The uses prohibited by subsection 5801.1 include, but are not limited to, the following:

(a) Use of a certification or professional designation by an insurance producer who has not actually earned the certification or professional designation or is otherwise ineligible to use the certification or designation;

(b) Use of a nonexistent or self-conferred certification or professional designation;

(c) Use of a certification or professional designation that indicates or implies a level of occupational qualifications obtained through education, training, or experience that the insurance producer using the certification or designation does not have; and

(d) Use of a certification or professional designation that was obtained from a certifying or designating organization that:

(1) Is primarily engaged in the business of instruction in sales or marketing;

(2) Does not have reasonable standards or procedures for assuring the competency of its certificants or designees;

(3) Does not have reasonable standards or procedures for monitoring and disciplining its certificants or designees for improper or unethical conduct; or

(4) Does not have reasonable continuing education requirements for its certificants or designees in order to maintain the certificate or designation.

5801.3

There is a rebuttable presumption that a certifying or designating organization is not disqualified solely based on subsection 5801.2(d) when the certification or designation issued by the organization:

(a) Does not primarily apply to sales or marketing; and

(b) When the organization or the certification or designation in question has been accredited by:

(1) The American National Standards Institute;

(2) The National Commission for Certifying Agencies;

(3) Any organization that is on the U.S. Department of Education's list entitled "Accrediting Agencies Recognized for Title IV Purposes;" or

(4) Any other nationally-recognized accreditation organization designated by the Commissioner.

5801.4

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 or retirees, 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.

5801.5

For the purposes of this chapter, a certification or professional designation does not include a job title within an organization that is licensed or registered by a State or federal financial services regulatory agency, unless it is used in a manner that would confuse or mislead a reasonable consumer, if the job title:

(a) Indicates seniority or standing within the organization; or

(b) Specifies an individual's area of specialization within the organization.

D.C. Mun. Regs. tit. 26, r. 26-A5801

Final Rulemaking published at 57 DCR 6723 (July 30, 2010)

Authority: Section 705 of the Securities Act of 2000, effective October 26, 2000 (D.C. Law 13-203; D.C. Official Code § 31-5607.05 (2001)), and section 125 of the Insurance Trade and Economic Development Amendment Act of 2000, effective April 3, 2001 (D.C. Law 13-265; D.C. Official Code § 31-2231.25 (2001).