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806 KAR 9:350. Recognition of financial planning certification and designation for receipt of fees and commissions


Published: 2015

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      806 KAR 9:350. Recognition of financial planning certification

and designation for receipt of fees and commissions.

 

      RELATES TO: 292.330(1), 304.9-350

      STATUTORY AUTHORITY: KRS 304.2-110,

304.9-350(8)

      NECESSITY, FUNCTION, AND CONFORMITY: EO

2008-507, signed June 6, 2008, and effective June 16, 2008, created the Department

of Insurance, headed by the Commissioner of Insurance. KRS 304.2-110 authorizes

the Executive Director of the Office of Insurance to promulgate administrative

regulations necessary for or as an aid to the effectuation of any provision of

the Kentucky Insurance Code, as defined in KRS 304.1-010. KRS 304.9-350(8)

authorizes the Office of Insurance to promulgate an administrative regulation

to recognize a formal financial planning certification or designation for the

purposes of receiving a fee for financial planning services and the sale,

solicitation or negotiation of life insurance or annuities for the same insurance

risk. This administrative regulation sets forth the listing of recognized

financial planning certifications and designations.

 

      Section 1. Recognition of Financial

Planning Certification and Designation. For purposes of KRS 304.9-350(8), the Department

of Insurance recognizes the following financial planning certifications and

designations:

      (1) Accredited Asset Management

Specialist (AAMS);

      (2) Accredited Estate Planner (AEP);

      (3) Associate Financial Advisor (AFA);

      (4) Accredited Financial Counselor (AFC);

      (5) Associate, Financial Services

Institute (AFSI);

      (6) Accredited Wealth Manager Advisor

(AWMA);

      (7) Board Certified in Estate Planning

(BCE);

      (8) Chartered Asset Manager (CAM);

      (9) Chartered Advisor for Senior Living

(CASL);

      (10) Certificate in Investment

Performance Measurement (CIPM);

      (11) Certified Estate Advisor (CEA);

      (12) Certified Estate Planner (CEP);

      (13) Certified Financial Planner (CFP);

      (14) Certified Fund Specialist (CFS);

      (15) Certified Investment Management

Analyst (CIMA);

      (16) Certified Pension Consultant (CPC);

      (17) Certified Public Accountant (CPA);

      (18) Chartered Advisor in Philanthropy

      (19) Chartered Financial Analyst (CFA);

      (20) Chartered Financial Consultant

(ChFC);

      (21) Chartered Life Underwriter (CLU);

      (22) Chartered Market Technician (CMT);

      (23) Chartered Mutual Fund Counselor (CMFC);

      (24) Chartered Portfolio Manager (CPM);

      (25) Chartered Retirement Planning

Counselor (CRPC);

      (26) Chartered Retirement Plan Specialist

(CRPS);

      (27) Chartered Senior Financial Planner

(CSFP);

      (28)Chartered Trust and Estate Planner

(CTEP);

      (29) Fellow, Financial Services Institute

(FFSI);

      (30) Fellow of the Life Management

Institute (FLMI);

      (31) Financial Services Specialist (FSS);

      (32) Master Financial Advisor (MFA);

      (33) Master Financial Manager (MFM);

      (34) Master Financial Professional (MFP);

      (35) Masters of Science in Financial

Services (MSFS);

      (36) Personal Financial Specialist (PFS);

      (37) Professional Financial Advisor (PFA);

      (38) Qualified Plan Financial Consultant

(QPFC);

      (39) Registered Financial Specialist

(RFS);

      (40) Registered Financial Planner (RFP);

or

      (41) Senior Registered Financial Planner

(SRFP).

 

      Section 2. Nothing in this administrative

regulation shall exempt an agent who holds a certification or designation

recognized in Section 1 of this administrative regulation from the compliance

with the registration requirements of KRS 292.330(1) if the agent transacts

business in this state as a broker-dealer, investment adviser, agent, or

investment adviser representative. (35 Ky.R. 1105; Am. 1492; 1708; eff.

2-6-09.)