Date: April 9, 2009
For more information contact: Jim Guidry, (608) 264-6239 or jim.guidry@wisconsin.gov

Insurance Commissioner Advances New Consumer Protections

Madison, WI—Wisconsin Insurance Commissioner Sean Dilweg will soon be introducing regulations that ensure that insurance companies or agents using senior specific designations or credentials in their marketing materials have the proper education and training to advise Wisconsin's senior population.

"These regulations will strengthen consumer protection, especially for seniors," says Commissioner Dilweg. "Unfortunately, we continue to find examples of a few bad actors who will take advantage of our senior citizens and market insurance products that are inappropriate to the person's financial circumstances."

Using such titles as "certified," "accredited," "retirement planner," "senior advisor" or "senior consultant" implies special training or education for selling specialized products to seniors. Some agents are improperly using these and other titles to mislead individuals into thinking they have special expertise related to senior financial matters.

"While some organizations require members to complete a difficult study program and pass extensive exams to earn designations, other organizations have much less stringent requirements that can be completed in a three- or four-day course. In the worst cases, some senior 'expert' designations are earned simply by paying a monetary fee," explained Dilweg.

Dilweg formed the Senior Designations Working Group to recommend an administrative rule setting forth standards for the use of senior designations in the sale of life insurance, annuities and health insurance products. The Working Group includes representatives from insurance companies, agents and consumers.

"I am very pleased with the recommendations the group put forth and expect to release an administrative rule and notice of hearing in the very near future," stated Dilweg.

Created by the Legislature in 1871, Wisconsin's Office of the Commissioner of Insurance (OCI) was vested with broad powers to ensure that the insurance industry responsibly and adequately met the insurance needs of Wisconsin citizens. Today, OCI's mission is to lead the way in informing and protecting the public and responding to its insurance needs.