California Offers Protections for Seniors

California Gov. Arnold Schwarzenegger has signed AB 2150 by Assemblymember Patty Berg that helps protect consumers by preventing the financial abuse of seniors.

AB 2150 provides that insurance agents and brokers may not use a “senior” designation in the course of marketing and selling insurance products unless they have completed required hours of training, and the designation has been approved by the Insurance Commissioner. This new law will prohibit agents and brokers from misrepresenting themselves as senior experts, which has previously resulted in seniors making poor investments or becoming victims of fraud.

According to state Insurance Commissioner Steve Poizner, “Too many seniors are being targeted by people who overstate their experience with senior matters. The Department has worked closely with Assembly Member Berg to craft this new law that will help us crack down on people who use misleading titles. Seniors should be able to rely on qualified professionals who have the knowledge and experience to help them navigate complex financial waters.”

Last October, Commissioner Poizner established his Senior Issues Working Group to develop strategies to protect seniors from predatory insurance schemes, and to ensure that seniors more clearly understand their insurance choices.

Source: CDI