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Advocacy in action blog

2 min read

New Rule Strengthens Protections for Annuity Consumers in Tennessee

By NAIFA & ACLI on 1/27/23 10:33 AM

American Council of Life Insurers (ACLI) President and CEO Susan Neely and NAIFA-TN President Scott Flowers issued the following joint statement on the best interest annuity rule adopted recently by the Tennessee Department of Commerce and Insurance:

“The new rule adopted by Director Carter Lawrence and the Tennessee Department of Commerce and Insurance advances important consumer safeguards and adds to the nationwide push for enhanced protections for annuity consumers.

“Tennessee becomes the 31st state to adopt the ‘best interest of consumer enhancements’ in the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation. These new laws and regulations also harmonize with the SEC’s Regulation Best Interest. They enhance the standards financial professionals must follow while safeguarding retirement savers’ access to, and information about, annuities, the only financial product in the marketplace that can provide guaranteed income for life. 

“Unlike a fiduciary-only approach, these measures ensure that all savers, particularly financially vulnerable middle-income Americans, can get information about different choices for long-term security in retirement. A recent survey finds that middle-income retirement savers would be very concerned about a regulation keeping them from accessing the professional financial guidance they want and need.

“The U.S. Congress reaffirmed the importance of lifetime income when it passed legislation in 2019 and 2022 that made it easier for employers to include annuities in workplace retirement plans. These protections safeguard consumers while also ensuring that middle- and working-class families will retain access to easy-to-understand financial information.

“We hope that other states will follow Tennessee and implement these sensible protections so that more consumers can benefit from a best interest standard of care, no matter where they live.”

Topics: State Advocacy Standard of Care & Consumer Protection Interstate Advocacy Press Release Annuity Best Interest Tennessee
1 min read

Advocacy Ambassadors Bolster NAIFA's Grassroots Influence

By NAIFA on 1/24/23 5:13 PM

Participation by NAIFA members is key to our grassroots advocacy strength. Learn how you can make a difference by signing up to be a NAIFA Advocacy Ambassador. Be a legislative contact, write a letter to the editor or op-ed, testify at a public hearing, visit with your lawmaker, or host an event. Find out all of the ways you can get involved.

Topics: State Advocacy Federal Advocacy Grassroots
1 min read

Register for NAIFA's Congressional Conference

By NAIFA on 1/10/23 4:21 PM

May 22-23, 2023
JW Marriott
Washington, D.C.

Registration for NAIFA's annual Congressional Conference is open. 

The Congressional Conference is NAIFA's signature advocacy event. Each year, NAIFA members and their industry colleagues gather in Washington, D.C., to receive advocacy training, hear from top political pundits and members of Congress, and meet with their lawmakers during the largest association Capitol Hill fly-in in the insurance and financial services industry.

3 min read

NAIFA and WIFS Announce Stronger Partnership and Launch of Inaugural Women’s Financial Security Fly-In

By NAIFA on 1/10/23 3:48 PM

NAIFA and Women in Insurance & Financial Services (WIFS) have agreed to continue to work closely together and support their mutual goals in the areas of professional development; diversity, equity, and inclusion; and political advocacy. The two associations have signed an expanded partnership agreement. Under the agreement, NAIFA and WIFS share resources and NAIFA represents WIFS’s political advocacy interests.

Topics: Federal Advocacy Advocacy Partnerships WIFS
3 min read

NAIFA Hails Passage of SECURE 2.0 and RILA Act to Benefit Consumers Preparing for Retirement

By NAIFA on 12/23/22 2:06 PM

Passage of the Registered Index-Linked Annuities (RILA) Act and the SECURE Act 2.0 as part of the 2023 Omnibus Appropriations bill greatly benefits consumers as well as the insurance financial professionals who help them prepare for retirement and achieve financial security. The National Association of Insurance and Financial Advisors (NAIFA) has strongly advocated on behalf of both pieces of legislation.

“With this bipartisan legislation, Congress makes it easier for Americans to prepare for retirement and gives them greater access to innovative annuity products that guarantee lifetime income while offering some protections from market volatility,” said NAIFA President Lawrence Holzberg, LUTCF, LACP. “SECURE 2.0 will also make it easier for more companies to offer retirement plans for their employees. Preparing for a secure retirement is a vital part of any financial plan and receiving a guaranteed lifetime income can be an important part of that plan for many consumers. It’s great to see strong advocacy efforts by NAIFA, our members, and our advocacy partners pay off with a great win for consumers.”

Topics: Annuities Retirement Planning Legislation & Regulations Press Release Federal Advocacy SECURE 2.0
2 min read

NAIFA Congratulates 2023 NAIC Leaders

By NAIFA on 12/19/22 2:43 PM

NAIFA would like to congratulate newly elected National Association of Insurance Commissioners (NAIC) elect officers for 2023:

  • President: Missouri Insurance Director Chlora Lindley-Myers. Chlora Lindley-Myers was confirmed as the director of the Missouri Department of Commerce and Insurance on April 13, 2017.
Topics: Press Release NAIC Model Regulation
2 min read

NAIFA Asks DOL to Exempt Financial Professionals from Proposed Employment Classification Rule

By NAIFA on 12/13/22 5:33 PM

A comment letter submitted by NAIFA President Lawrence Holzberg, LUTCF, LACP, on behalf of the association to the U.S. Department of Labor urges the department to provide an exemption or carve-out for financial professionals in a proposed rule on employee or independent contractor classification under the Fair Labor Standards Act.

Topics: Legislation & Regulations Press Release Federal Advocacy Producer Employment
2 min read

Massachusetts Strengthens Protections for Annuity Consumers

By NAIFA & ACLI on 12/13/22 3:54 PM

American Council of Life Insurers (ACLI) President and CEO Susan Neely and NAIFA-MA President Josh O’Gara issued the following joint statement on the best interest annuity rule adopted recently by the Massachusetts Division of Insurance:

“The new rule adopted by the Massachusetts Division of Insurance adds to the nationwide drive for enhanced protections for consumers seeking lifetime income through annuities.

Topics: State Advocacy Press Release Annuity Best Interest
2 min read

State Senate Hearing on LTC Features Testimony of NAIFA-WA's Chris Bor

By NAIFA on 12/8/22 5:42 PM

Chris Bor, LUTCF, CLU, ChFC, a loyal NAIFA member since 1998 and Immediate Past President of NAIFA-WA, testified at a hearing of the Washington State Senate Business, Financial Services & Trade Committee on the use of life insurance, annuities, and policy riders in long-term care planning. He gave an overview of a wide variety of LTC planning options and discussed the value of agents and advisors to consumers. Bor also serves as Vice-Chair of NAIFA's National Membership Committee.

Topics: Long-Term Care Life Insurance & Annuities State Advocacy Washington
2 min read

NAIFA Supports RILA Act to Benefit Registered Index-Linked Annuity Consumers

By Mike Hedge on 12/7/22 4:44 PM

The RILA Act has cleared the hotline in the Senate (meaning all 100 Senators have agreed to allow it to pass). Next, bill sponsor Senator Tina Smith (D-MN) will try to add it to the end-of-the-day “wrap up” package along with all the other cleared bills, resolutions, and organizing agreements.

Topics: Life Insurance & Annuities Retirement Legislation & Regulations

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