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Advocacy in action blog

3 min read

New Rule Strengthens Protections for Utah Annuity Consumers

By NAIFA & ACLI on 12/12/23 11:23 AM

American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors’ (NAIFA)—Utah Government Relations Chair Dori Phillips, issued the following joint statement on the best interest annuity rule adopted recently by the Utah Insurance Department:

Topics: Legislation & Regulations State Advocacy Press Release Annuity Best Interest Utah
1 min read

NAIFA-WI Sees Financial Literacy Bill Signed Into Law

By NAIFA on 12/8/23 3:35 PM

NAIFA-WI members Kris Alfheim and Sherri Mitchell and lobbyist George Ermert attended a bill-signing ceremony with Governor Tony Evers for legislation requiring high school students to complete a personal finance course prior to graduation.

Topics: Legislation & Regulations State Advocacy Financial Literacy Wisconsin
1 min read

Tell Your Members of Congress How the DOL's Proposed Fiduciary Rule Would Impact Your Clients

By NAIFA on 11/10/23 4:14 PM

The Department of Labor has proposed a fiduciary-only rule that would limit the choices consumers have when seeking investment and retirement-planning advice and could make it difficult for low- and middle-income investors to receive services and advice. 

Topics: Legislation & Regulations Standard of Care & Consumer Protection Federal Advocacy DOL
1 min read

DOL Fiduciary Rule Comment Period Sends the Wrong Message

By NAIFA on 11/8/23 2:57 PM

 

Topics: Legislation & Regulations Standard of Care & Consumer Protection DOL
1 min read

No Candy for You: DOL Rolls Out Failed Fiduciary-Only Approach Again

By NAIFA on 10/31/23 10:39 AM

NAIFA CEO Kevin Mayeux, CAE, issued the following statement on the proposed Department of Labor fiduciary rule expected to be made public later today:

Topics: Retirement Planning Legislation & Regulations Standard of Care & Consumer Protection Press Release DOL
1 min read

SEC Proposal Would Blunt the Use of Financial Services Technology and Harm Consumers

By NAIFA on 10/9/23 8:53 AM

NAIFA has submitted a comment letter to SEC Secretary Vanessa Countryman sharing concerns about the SEC’s proposed rule on the use of predictive data analytics by financial professionals. The proposal, which would place new burdensome requirements on broker-dealers and investment advisers using a broad array of investments-related technology, would have a “devastating effect on our members and their primary clients: low- and middle-income savers and investors,” the letter states.

Topics: Legislation & Regulations Technology SEC Federal Advocacy
1 min read

Proposed SEC Rule Is Hostile to the Use of Technology

By NAIFA on 9/14/23 3:54 PM

The insurance and financial services industry uses technology to best serve clients and offer a broad range of products and services at affordable prices. However, a proposed rule by the Securities and Exchange Commission is “outright hostile to the use of technology,” according to a letter sent to SEC Secretary Vanessa Countryman by NAIFA and a group of coalition partners.

Topics: Legislation & Regulations SEC FinTech
2 min read

NAIFA Seeks Middle Ground on STDLI Health Policies

By NAIFA on 9/12/23 5:25 PM

Short-term limited duration insurance (STLDI) is very important to many American families and individuals looking to fill gaps in their health insurance coverage and unable to access the individual health insurance marketplace. A current proposal by the administration would reduce the maximum allowable STLDI coverage period from 12 months to three months with a possible one-month renewal. People would be able to purchase a new STLDI policy from a different carrier, but would not be allowed to "stack" a new policy from the same carrier on an expiring policy.

Topics: Health Care Legislation & Regulations Taxes DOL Insurance & Financial Advisor Regulation
2 min read

NAIFA Is Well-Prepared to Oppose DOL's Fiduciary 2nd Act

By NAIFA on 9/11/23 4:52 PM

NAIFA has not been sitting idle as the Department of Labor made moves to propose a new fiduciary rule. In anticipation of the rulemaking, NAIFA helped the National Conference of Insurance Legislators (NCOIL) draft a resolution that opposes the DOL's new fiduciary rule as unnecessary and likely harmful to consumers. The resolution, which NCOIL adopted in July after NAIFA testified at the Conference's 2023 Summer Meeting, states: "NCOIL urges the DOL to refrain from further rulemaking that would revive all or parts of the 2016 Fiduciary Rule" and "...urges state legislators and other interested stakeholders to join in opposition to any further rulemaking by DOL reviving the 2016 Fiduciary Rule."

Topics: Legislation & Regulations Federal Advocacy DOL Regulation Best Interest Fiduciary
2 min read

NAIFA CEO Kevin Mayeux: The DOL's Decision to Propose a New Fiduciary Rule Harms Americans

By Kevin Mayeux on 9/9/23 6:02 PM

Kevin Mayeux, CEO of the National Association of Insurance and Financial Advisors (NAIFA), issued the following statement on the Department of Labor’s beginning of the regulatory process to propose a fiduciary-only rule:

Topics: Legislation & Regulations Standard of Care & Consumer Protection Press Release DOL

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