The Indiana Legislative Services Agency today published three insurance-related rules updates. They are:
- #12-406(F) (which means it’s a final rule): regarding the use of senior-specific certifications and professional designations in the sale of life insurance and annuities;
- #12-464: intent to adopt a rule regarding standards for companies deemed to be hazardous; and
- #12-465: intent to adopt a rule to establish a process to allow the commissioner to determine whether certain filings or supporting information submitted to the department are confidential.
For insurers, the most pressing rule is the first one listed, which takes effect on August 19, 2012. That rule makes it a “fraudulent, coercive, and dishonest practice in the business of insurance…for an insurance producer to use a senior-specific certification or professional designation that indicates or implies in such a way as to mislead a purchaser or prospective purchaser that the insurance producer has special certification or training in advising or servicing seniors….” Insurers that violate the rule face potential disciplinary action from the Department.