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31.03.15.00.htm 31.03.15.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 03 INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS Chapter 15 Senior or Retiree Designations and Credentials Authority: Insurance Article, §2-109(a)1) 10-212, 27-201, and 27-223, Annotated Code of Maryland
31.03.15.01.htm 31.03.15.01. 01 Purpose.. The purpose of this chapter is to protect seniors and retirees as purchasers of health insurance, life insurance, and annuity contracts, against the use of sales methods which are misleading.
31.03.15.02.htm 31.03.15.02. 02 Scope.. A. This chapter applies to advisors and insurance producers.. B. Under this chapter it is a violation of Insurance Article, Title 27, Annotated Code of Maryland, to use a senior specific designation or certification in a way that misleads or would mislead any person to indicate that the user has special certification or training in advising or serving senior citizens or retirees:1) When advising about life insurance, health insurance, or annuities; or.
31.03.15.03.htm 31.03.15.03. 03 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) “Advisor” has the meaning stated in Insurance Article, §10-201, Annotated Code of Maryland.. 2) “Annuity” means annuity as defined in Insurance Article, §1-101, Annotated Code of Maryland.. 3) “Commissioner” means the Maryland Insurance Commissioner.. 4) “Financial services regulatory agency” includes, for the purposes of this chapter, an agency that regulates broker-dealers
31.03.15.04.htm 31.03.15.04. 04 Prohibited Use of Certification or Professional Designation.. The prohibited use of a certification or professional designation includes the following:. A. Use of certification or professional designation by a person who has not actually earned or is ineligible to use the certification or designation;B. Use of nonexistent or self-conferred certification or professional designation;. C. Use of certification or professional designation that indicates a level
31.03.15.05.htm 31.03.15.05. 05 Rebuttable Presumption.. A. There is a rebuttable presumption that a designating or certifying organization is not disqualified solely for purposes of this chapter if:1) The organization has been accredited by:. a) The American National Standards Institute; or. b) The National Commission for Certifying Agencies; or. 2) The organization is on the United States Department of Education’s list entitled “Accrediting Agencies Recognized for Title IV Purposes” and the is
31.03.15.06.htm 31.03.15.06. 06 Exceptions.. For 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, when that job title:A. Indicates seniority or standing within the organization; or. B. Specifies an individuals’ area of specialization within the organization..
31.03.15.07.htm 31.03.15.07. 07 Enforcement.. Nothing in this chapter shall limit the Commissioner痴 authority to enforce existing provisions of law.
31.03.15.9999.htm 31.03.15.9999. Administrative History Effective date: April 4, 2011 (38:7 Md. R. 433).
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