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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

001

:
POLICY AND ADMINISTRATION











 

§

24. Senior Investor Protection

(a) The

commissioner may, in addition to other powers conferred on the commissioner by

law, adopt rules and issue orders necessary to protect senior investors from

being misled by false or misleading certifications, licenses, professional

designations, or other credentials that imply or indicate a special level of

knowledge with regard to senior investors or their needs in the sale of

securities or insurance or both in the providing of investment advice.

(b) To implement

the protections described in subsection (a) of this section, the commissioner

may:

(1) establish

standards for senior-specific certifications, licenses, professional

designations, and other credentials;

(2) develop

initiatives to investigate and take action against fraudulent, misleading,

dishonest, or unethical marketing practices directed toward seniors;

(3) develop

educational materials and training aimed at reducing such marketing practices;

and

(4) accept

grants from government or private entities to fund the activities set forth in

this section.

(c) Any rules

adopted or orders issued by the commissioner under this section shall conform

to the extent practicable to the North American Securities Administrators

Association Model Rule on the Use of Senior-Specific Certifications and

Professional Designation, as amended, and the National Association of Insurance

Commissioners Model Regulation on the Use of Senior-Specific Certifications and

Professional Designations in the Sale of Life Insurance and Annuities, as

amended.

(d)(1) A

violation of a rule adopted or orders issued under this section with respect to

the business of insurance shall constitute an unfair or deceptive act or

practice in the business of insurance, and the commissioner may enforce such

violations pursuant to the commissioner's authority conferred by the Insurance

Trade Practices Act, chapter 129 of this title, and pursuant to any other

authority conferred upon the commissioner by law.

(2) A violation

of a rule adopted or order issued under this section with respect to the

business of securities and investment advice shall constitute a violation of

subdivision 5412(d)(13) of Title 9, and the commissioner may enforce such

violations pursuant to the commissioner's authority conferred by the Vermont

Uniform Securities Act, chapter 150 of Title 9, and pursuant to any other

authority conferred upon the commissioner by law. (Added 2009, No. 53, § 3.)