1. CLTC Board of Standards, Inc. 2008 Update
Bill Comfort, CLTC
Board Chairman

2. Agenda Board of Standards purpose Protecting the designation
Regulators and compliance
Ethics training requirement
Ethical LTC planning

3. Board of Standards Not-for-profit corporation Owns the designation
Supervises training & education programs
Responsible for testing
Grants designation
Enforces Code of Professional Responsibility
Protects credibility of the designation in the marketplace

4. Protecting the Designation
Code of Professional Responsibility
Complaint process
Disciplinary process
Working with regulators
Working with compliance departments
On-going development with CLTCC to improve training & designee support
Media availability

5. Regulators & Compliance
Efforts to police and limit the use of professional designations
Particular concern for “senior” designations
Securities regulators out in front
Insurance commissioners watching closely
Ethical behavior even more critical

6. Regulators & Compliance
Massachusetts securities division
CLTC testimony during rule making process
CLTC not affected by new MA rules, not a “senior” designation
Example for new NASAA model regulation
Kohl Bill
Nebraska securities division
Explicit approval of CLTC designation
Iowa department of insurance

7. Regulators & Compliance
Compliance departments make their own decisions
Guided by regulators
Working with FINRA (formerly NASD)
Designees must follow all regulatory and company compliance guidelines in the use of the designation
Violating regulatory or company compliance rules can result in CLTC disciplinary action

8. Ethics Training Key component in regulatory scrutiny & approvals
Market trend
New requirement to maintain CLTC designation
Once every two years
Effective April 1, 2008
Designees have until their 2nd renewal after 4/1/08 to complete the training

9. Ethics Training On-line Course paid by Board of Standards
State insurance/ethics CE credit for a fee – student’s option (3 hours)
CLTC ethics course will count for state-mandated CE
No credit for other, outside courses

10. Ethical Problems Seminar advertising “Little known government secret”
“What the government doesn’t want you to know”
“Protect yourself from Medicaid asset seizure”
“Surrender your money to Medicaid”
FEAR, statistics, misrepresentation
Subject to discipline by Board of Standards
Free-meal seminars now suspect

11. Ethical Problems Advising outside of licensure Use of designation
Insurance-only agents can not give ANY advice regarding investments.
Can’t advise a client to sell investments to buy a non-registered insurance product.
Use of designation
CLTC – “Certified in Long-Term Care”
No other descriptions or modifiers allowed
May not use the words “specialist” or “expert” in direct connection with the designation

12. Best Practices CLTC is a planning designation
Designees are required to understand all applicable personal & financial interests of the client when making a recommendation
Use the CLTC 3-Step Planning Process
Make suitable benefit recommendations
Co-paying to reduce benefit amounts
Shorter benefit periods for affordability
Plan features appropriate for client’s needs

13. Best Practices
LTC planning is a core discipline for all financial, investment, retirement & estate plans
Document all conversations, recommendations and decisions
“Opt-out” letters suspect
Continue your education
Partnership LTC
PPA & linked-benefit products

14. QUESTIONS?