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California Legislature May Restrict Sale of LTC Products

Wed, 04/19/2000 - 12:00am — Karen Stevenson
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California Assembly Bill AB 2107 was introduced on February 22, and has been referred to the Insurance Committee. The bill would only permit a licensed life agent who has a National Association of Securities Dealers Series 7 license and who is either a certified financial planner or certified financial analyst to advise an elder or his or her agent to purchase long-term care planning with the proceeds from the sale of assets. The bill would only permit those life agents to sell or offer for sale to an elder or his or her agent any financial product on the basis of the product's treatment under Medi-Cal. It would also prohibit a lawyer from selling an annuity to an elder with whom the lawyer has or has had an attorney-client relationship.

California Assembly Bill AB 2107 was introduced on February 22, and has been referred to the Insurance Committee. The bill would only permit a licensed life agent who has a National Association of Securities Dealers Series 7 license and who is either a certified financial planner or certified financial analyst to advise an elder or his or her agent to purchase long-term care planning with the proceeds from the sale of assets. The bill would only permit those life agents to sell or offer for sale to an elder or his or her agent any financial product on the basis of the product's treatment under Medi-Cal. It would also prohibit a lawyer from selling an annuity to an elder with whom the lawyer has or has had an attorney-client relationship.