The Iowa Insurance Division says insurance producers and companies should be careful about use of credentials in advertising and marketing materials.
Iowa Insurance Commissioner Susan Voss warns in Iowa Insurance Division Bulletin 07-05 that some professional designations used in marketing materials aimed at older consumers “appear to have no meaningful educational requirements.”
“The Iowa Insurance Division is concerned that the use of some designations may be misleading to consumers,” Voss writes.
To help guide use of credentials, Voss provides the following “partial list” of “relevant designations”: Certified Financial Planner; Chartered Financial Consultant; Chartered Life Underwriter; Fellow, Academy of Healthcare Management; Fellow, Life Management Institute; Health Insurance Associate; Life Underwriter Training Council Fellow; Long Term Care Professional; Managed Healthcare Professional; and Registered Health Underwriter.
“Producers and insurers should cautiously evaluate the use of any designation that does not appear on this list,” Voss writes.
But “producers are not prohibited from listing legitimate designations for insurance products or ancillary products not covered by this bulletin,” Voss writes.
“Designations issued by accredited universities, colleges or professional societies that involve a rigorous and meaningful curriculum may be used by producers,” Voss writes.
A copy of the designation bulletin is available Document Link