Page:United States Statutes at Large Volume 124.djvu/1968

 124 STAT. 1942 PUBLIC LAW 111–203—JULY 21, 2010 Senior-Specific Certifications and Professional Designations (or any successor thereto); (B) the insurance commission (or any agency or office performing like functions) of any State that the Office determines has— (i) adopted rules on the appropriate use of designa- tions in the sale of insurance products that, to the extent practicable, conform to the minimum require- ments of 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 (or any successor thereto); and (ii) adopted rules with respect to fiduciary or suit- ability requirements in the sale of annuities that meet or exceed the minimum requirements established by the Suitability in Annuity Transactions Model Regula- tion of the National Association of Insurance Commis- sioners (or any successor thereto); or (C) a consumer protection agency of any State, if— (i) the securities commission (or any agency or office performing like functions) of the State is eligible under subparagraph (A); or (ii) the insurance commission (or any agency or office performing like functions) of the State is eligible under subparagraph (B); (2) the term ‘‘financial product’’ means a security, an insur- ance product (including an insurance product that pays a return, whether fixed or variable), a bank product, and a loan product; (3) the term ‘‘misleading designation’’— (A) means a certification, professional designation, or other purported credential that indicates or implies that a salesperson or adviser has special certification or training in advising or servicing seniors; and (B) does not include a certification, professional des- ignation, license, or other credential that— (i) was issued by or obtained from an academic institution having regional accreditation; (ii) meets the standards for certifications and professional designations outlined by the NASAA Model Rule on the Use of Senior-Specific Certifications and Professional Designations (or any successor thereto) or by the Model Regulations on the Use of Senior-Specific Certifications and Professional Designa- tions in the Sale of Life Insurance and Annuities, adopted by the National Association of Insurance Commissioners (or any successor thereto); or (iii) was issued by or obtained from a State; (4) the term ‘‘misleading or fraudulent marketing’’ means the use of a misleading designation by a person that sells to or advises a senior in connection with the sale of a financial product; (5) the term ‘‘NASAA’’ means the North American Securi- ties Administrators Association; (6) the term ‘‘Office’’ means the Office of Financial Literacy of the Bureau;