Updates to Ohio Regulation of Senior Specific Marketing

Updates to the Ohio Administrative Code Rule 3901-5-11 effective 11/16/2023. The purpose of this rule is to protect consumers from dishonest and fraudulent trade practices related to the use of senior-specific certifications and professional designations in the marketing and solicitation of life insurance or annuity products. The rule sets forth standards to ensure fair and transparent practices in the industry.

Important points from the rule include:

• The rule applies to any marketing, solicitation, negotiation, sale, or purchase of a life insurance policy or annuity product by an insurance agent in the state of Ohio.
• It is considered an unfair and deceptive trade practice for an insurance agent to use a senior-specific certification or professional designation that misleads purchasers or prospective purchasers. This includes using certifications or designations that have not been earned, are self-conferred, or imply qualifications that the agent does not possess.
• Certifying or designating organizations must have reasonable standards and procedures for assuring competency, monitoring and disciplining certificants or designees, and maintaining continuing education requirements.
• There is a rebuttable presumption that an organization is not disqualified if they have been accredited by recognized entities such as the American National Standards Institute or the National Commission for Certifying Agencies.
• The rule also addresses the use of words or combinations of words that imply special training in advising or servicing seniors, and clarifies that certain job titles within licensed or registered organizations may not be considered certifications or designations unless used in a misleading manner.
• Violation of this rule is considered an unfair and deceptive trade practice and may result in penalties.

For more detailed information, you can refer to the Ohio Administrative Code Rule 3901-5-11