A bill regulating the use of senior-specific professional designations and business practices by insurance agents and brokers was passed by the Pennsylvania House Insurance Committee last week.

The committee unanimously passed HB 2420, which prohibits using senior-specific designations or certifications that imply an insurance producer has special training in advising seniors with the sale or purchase of a life insurance or annuity product.

The Pennsylvania insurance commissioner may suspend, revoke or refuse to issue a license, or impose up to a $5,000 fine for a violation.

State and federal regulators across the U.S. have been increasingly targeting senior-specific professional designations, saying the designations could seduce the growing senior population into making bad financial decisions.

Pennsylvania has the third-largest percentage of elderly population in the country; there are 2.5 million Pennsylvanians over 60 years old and 310,000 over the age of 85, with those numbers expected to increase 27% and 16%, respectively, over the next 10 years, according to the bill.

HB 2420 was created by virtue of the Older Adults Protective Services Act of 1987 to prevent fraud against susceptible seniors, the bill states.

The bill now goes to the full House for action. If approved, it would go to the Senate, then the governor, for action.