Section 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.Utah Admin. Code R590-252-5
Amended by Utah State Bulletin Number 2023-08, effective 4/7/2023