Oregon Bans Misleading Insurance Titles, Designations and Certifications by Insurance Providers
SALEM, Ore. – The Oregon Department of Consumer & Business Services has promulgated a new rule that prohibits an insurance provider from using “a certification or designation that falsely indicates or implies that the person has special certification or training, in connection with the offer, sale or purchase of insurance or providing advice as to the value of or the advisability of purchasing insurance.”
One area that the Rule 836-080-0160 particularly focuses on is protecting senior citizens, including “The use of one or more words indicating specialized knowledge of a particular type of product or of the needs of a particular segment of the population including but not limited to ‘senior,’ ‘elder,’ 'retired,' or 'retirement,' or class of persons, combined with one or more words such as ‘certified,’ ‘registered,’ ‘chartered,’ ‘adviser,’ ‘specialist,’ ‘consultant,’ ‘planner,’ or like words, in the name of the certification or professional designation.”