NAIFA’s Policy Director Roger Moore attended NAIC’s Spring National Meeting on March 15-18, where he had the opportunity to strengthen NAIFA’s relationships with state regulators and industry trade partners, as well as advocate for key priorities affecting NAIFA’s members.

On February 14, a subcommittee of the House Education & the Workforce Committee held a hearing on the Department of Labor’s (DOL’s) proposed new fiduciary rule. Generally, most witnesses and the subcommittee’s Republicans lambasted the proposed rule, saying it would adversely impact retirement savers.

As of March 2024, 90% of states have adopted the NAIC Best Interest Model. Vermont, New Hampshire, California, and Indiana are the most recent states to align in uniformity with other states who enacted the NAIC Model. This milestone was achieved as the Department of Labor (DOL) chose to advance its proposed and revived fiduciary-only proposal, “Retirement Security Rule,” for review by the White House Office of Management and Budget (OMB). Unlike this proposal, the best interest standard adopted in 45 states, ensures that all savers, particularly financially vulnerable middle-income Americans, can access information about different choices for long-term security in retirement.

Repeating their testimony at a DOL hearing last month in comments submitted to DOL, industry advocates told a January 10 House hearing that the DOL’s fiduciary-only proposed regulations must be withdrawn. Fifty House members wrote to DOL demanding the rule’s withdrawal. DOL must sift through 19,000+ comments on the rule.

At the NAIC’s Fall Meeting in Orlando, Florida (November 30 – December 3), NAIFA’s Policy Director Roger Moore testified against the Department of Labor’s proposed fiduciary-only rule during the Life and Annuities (A) Committee meeting, commenting that the rule will harm lower- and middle-income families. Moore was joined by representatives from coalition partners in expressing strong support for the NAIC’s efforts opposing DOL’s actions.

NAIFA testified on the first day of the two-day (December 12-13) Department of Labor (DOL) fiduciary rule hearing. President Bryon Holz, who appeared with one of his clients, represented NAIFA, telling DOL of the harm its proposed rule would cause for middle-income retirement investors. NAIFA will also submit formal comments to the DOL ahead of the January 2 deadline for close of comments.