PRODUCERS: Position: B Agents (Somers); Monitor any proposals concerning other producer issues not covered by a GENERALLY keyword. ISC Producer Licensing (RETIRED) Web Keywords: producer licensing, producer regulation B Agents (Somers) PRODUCERS: Background: SALES PRACTICES On December 29, 2004, the NAIC adopted new language that amends the NAIC Producer Licensing Model Act to implement disclosure requirements LILS #68 Agent that ensures that consumers are provided the necessary information to Commission understand the manner in which brokers are compensated for the sale of Assignment insurance products. The NAIC deferred action on the following issues until no later than March 2005: consideration of fiduciary duty; consideration of all quotes received by a broker; and disclosure of producer-owned reinsurance arrangements. Insurance bid-rigging revelations by NY Attorney General Spitzer in 2004 inaugurated sweeping re-evaluation of broker regulation issues, spilling into agent-broker definitions, producer compensation disclosure, rebates, and broker fiduciary duty. Position: amendments to Producer Licensing Model Act adopted by the NAIC Support on December 29, 2004. Support legislation (a) if introduced in any jurisdiction; or (b) as an alternative to legislation the industry finds objectionable. Compliance Notes: Include in summary how enacted or amended provisions compare to model act. Web Keywords: agent licensing, producer licensing, producer regulation PRODUCERS: Background: B LILS#42 On September 24, 2008, the NAIC adopted the Model Regulation on the Use Certifications SENIOR DESIGNATIONS of Senior-Specific Certifications and Professional Designations in the Sale of Life Insurance and Annuities. As adopted, the model prohibits the use of ISC Annuity certain senior-specific certifications and professional designations in advising Disclosure & or servicing seniors in the purchase of life insurance and annuities. Suitability & Certifications Position: Support: The introduction of the model regulation in any jurisdiction. Compliance Notes: Include in summary how enacted or amended provisions compare to model act. Web Keywords: agent licensing, annuity, life insurance, producer licensing, producer regulation; senior-specific certifications
PRODUCERS: GENERALLY Position: Monitor any proposals concerning other producer issues not covered by a keyword. Web Keywords: producer licensing, producer regulation B Agents (Somers); ISC Producer Licensing (RETIRED) PRODUCERS: SALES PRACTICES Background: On December 29, 2004, the NAIC adopted new language that amends the NAIC Producer Licensing Model Act to implement disclosure requirements that ensures that consumers are provided the necessary information to understand the manner in which brokers are compensated for the sale of insurance products. The NAIC deferred action on the following issues until no later than March 2005: consideration of fiduciary duty; consideration of all quotes received by a broker; and disclosure of producer-owned reinsurance arrangements. Insurance bid-rigging revelations by NY Attorney General Spitzer in 2004 inaugurated sweeping re-evaluation of broker regulation issues, spilling into agent-broker definitions, producer compensation disclosure, rebates, and broker fiduciary duty. Position: Support amendments to Producer Licensing Model Act adopted by the NAIC on December 29, 2004. Support legislation (a) if introduced in any jurisdiction; or (b) as an alternative to legislation the industry finds objectionable. Compliance Notes: Include in summary how enacted or amended provisions compare to model act. Web Keywords: agent licensing, producer licensing, producer regulation B Agents (Somers) LILS #68 Agent Commission Assignment PRODUCERS: SENIOR DESIGNATIONS Background: On September 24, 2008, the NAIC adopted the Model Regulation on the Use of Senior-Specific Certifications and Professional Designations in the Sale of Life Insurance and Annuities. As adopted, the model prohibits the use of certain senior-specific certifications and professional designations in advising or servicing seniors in the purchase of life insurance and annuities. Position: Support: The introduction of the model regulation in any jurisdiction. Compliance Notes: Include in summary how enacted or amended provisions compare to model act. Web Keywords: agent licensing, annuity, life insurance, producer licensing, producer regulation; senior-specific certifications B LILS#42 Certifications ISC Annuity Disclosure & Suitability & Certifications