Current through Register Vol. 63, No. 12, December 1, 2024
(1) A
person may not use 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. The prohibition in this
section applies to the use of such a certification or designation directly or
indirectly, through a publication or writing, or by issuing or disseminating
information relating to insurance. The prohibited use of a certification or
designation includes but is not limited to the following activities:
(a) Use of a certification or professional
designation by a person who has not actually earned or is otherwise ineligible
to use the certification or designation.
(b) Use of a nonexistent or self-conferred
certification or professional designation.
(c) Use of a certification or professional
designation that indicates or implies a level of occupational qualifications
obtained through education, training or experience that the person using the
certification or professional designation does not have.
(d) Use of a certification or professional
designation that falsely states or implies specialized knowledge of the
insurance needs of a particular segment of the population or class of persons
that the person using the certification or professional designation does not
have. Examples of a particular segment of the population, or class of
investors, include but are not limited to senior citizens, elderly or retired
persons.
(e) Use of a certification
or professional designation that was obtained from a designating or certifying
organization that:
(A) Is primarily engaged in
the business of instruction in sales or marketing, or both;
(B) Does not have reasonable standards or
procedures for assuring the competency of its designees or
certificants;
(C) Does not have
reasonable standards or procedures for monitoring and disciplining its
designees or certificants for improper or unethical conduct;
(D) Does not have reasonable continuing
education requirements for its designees to maintain the designation or
certificate; or
(E) Has not been
certified or accredited by one of the following organizations or has been
certified or accredited by one of the following organizations but the
designation or credential issued from the organization primarily applies to
sales or marketing, or both:
(i) The American
National Standards Institute;
(ii)
The National Commission for Certifying Agencies; or
(iii) An organization that is on the United
States Department of Education's list entitled "Accrediting Agencies Recognized
for Title IV Purposes."
(2) The Director recognizes a rebuttable
presumption that a designating or certifying organization is not disqualified
solely for purposes of section (1)(e) of this rule when the designation or
credential does not primarily apply to sales or marketing or both, and when the
organization is accredited by:
(a) The
American National Standards Institute;
(b) The National Commission for Certifying
Agencies; or
(c) An organization
that is on the United States Department of Education's list entitled
"Accrediting Agencies Recognized for Title IV Purposes."
(3) The Director shall consider at least the
following factors in determining whether a combination of words or an acronym
standing for a combination of words constitutes a certification or professional
designation that could falsely indicate or imply that a person has special
certification or training in advising or servicing a particular segment of the
population or class of insurance consumers:
(a) 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; and
(b) The manner in which the words in
subsection (a) of this section are combined.
(4) This rule does not apply to use of any of
the following designations, titles, degrees or certifications by a person
unless the facts and circumstances associated with the use of the designation,
title, degree or certification indicate that the use suggests or implies a
greater degree of certification or training than the person possesses or that
the designation, title, degree or certification otherwise misleads consumers:
(a) A job title within an organization that
is licensed, registered or authorized 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 individual's area of
specialization within the organization;
(b) A degree, certificate or designation
evidencing completion of an academic program at an institution of higher
education that has been accredited by an organization that is on the United
States Department of Education's list entitled "Accrediting Agencies Recognized
for Title IV Purposes;" or
(c) A
certification or designation conferred by the Insurance Institute of America
and the American Institute for Chartered Property and Casualty
Underwriters.
(5)
Violation of section (1) of this rule is an unfair trade practice for the
purpose of ORS 746.240.
(6) The prohibitions in this rule and the
remedies available to the Director do not limit the Director's authority to
enforce existing provisions of law or to apply existing remedies.
Stat. Auth.: ORS
731.244
Stats. Implemented: ORS
744.074,
744.605,
746.110 &
746.240
