New York Department of Insurance Warns Insurance Reps to Not Use Misleading Titles
05/30/08 10:25
In a move that is being followed by other State
Insurance Departments and many consumer groups:
Insurance brokers or agents in New York State who use titles that mislead seniors will face penalties, Insurance Superintendent Eric Dinallo said today. Dinallo also warned seniors about abusive sales and marketing practices aimed at them by some insurance agents and brokers.
Possibly misleading titles such as “retirement planner,” “senior advisor,” “certified,” “senior consultant” and others are increasingly used in marketing life insurance and annuity products to seniors, often at “free lunch” investment seminars, where seniors are sometimes exposed to high pressure sales tactics, Dinallo noted.
“Seniors who have worked hard all their lives to create a nest egg should be able to trust the people who handle their money,” Dinallo said. “Seniors should not be misled into thinking a title like ‘retirement planner’ represents special expertise when in fact no such expertise exists. Agents and brokers who have worked hard to earn titles like Chartered Financial Consultant or Certified Life Underwriter that legitimately represent special education and expertise get shortchanged as well. This is misleading and cannot be tolerated.”
The New York State Insurance Department, which recently created a Senior Protection Unit focused on protecting seniors, is taking a number of steps to protect seniors against deleterious sales tactics.
See related news release: Seniors Beware - Question Credentials Of "Senior Specialists" Beware Of "Free Lunch" Seminars. New York State Insurance Department Press Release - 5/21/08
Insurance brokers or agents in New York State who use titles that mislead seniors will face penalties, Insurance Superintendent Eric Dinallo said today. Dinallo also warned seniors about abusive sales and marketing practices aimed at them by some insurance agents and brokers.
Possibly misleading titles such as “retirement planner,” “senior advisor,” “certified,” “senior consultant” and others are increasingly used in marketing life insurance and annuity products to seniors, often at “free lunch” investment seminars, where seniors are sometimes exposed to high pressure sales tactics, Dinallo noted.
“Seniors who have worked hard all their lives to create a nest egg should be able to trust the people who handle their money,” Dinallo said. “Seniors should not be misled into thinking a title like ‘retirement planner’ represents special expertise when in fact no such expertise exists. Agents and brokers who have worked hard to earn titles like Chartered Financial Consultant or Certified Life Underwriter that legitimately represent special education and expertise get shortchanged as well. This is misleading and cannot be tolerated.”
The New York State Insurance Department, which recently created a Senior Protection Unit focused on protecting seniors, is taking a number of steps to protect seniors against deleterious sales tactics.
See related news release: Seniors Beware - Question Credentials Of "Senior Specialists" Beware Of "Free Lunch" Seminars. New York State Insurance Department Press Release - 5/21/08
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