The NAIC Life and Annuities (A) Committee recently adopted the frequently asked questions (FAQs) regarding the best interest model adopted by the Committee in February of 2020.  As most NAIFA members by now already know, the updated model clarifies that all recommendations by agents and insurers must be in the best interest of the consumer and that agents and carriers may not place their financial interest ahead of the consumers’ interest in making a recommendation. In addition, the model now requires agents and carriers to act with “reasonable diligence, care and skill” in making recommendations.

For well over a century, NAIFA members have helped individuals, families, and businesses:

The following statement and press release was published today on ACLI's site. NAIFA is proud to be part of the coalition of trade associations and works within the coalition to as the association representing agents and advisors.

A coalition of trade associations told Congressional leaders today that the Protecting the Right to Organize (PRO) Act “would cause significant disruption” that would affect consumers’ access to insurance, investment and retirement security solutions. Collectively, the coalition represent more than 100,000 individual small business owners, broker-dealers and insurance companies providing financial services to more than 112 million American families.

NAIFA is an active participant in interstate advocacy efforts, including working with groups like the National Council of Insurance Legislators (NCOIL) to create policies and model regulations that protect the interests of consumers and preserve the ability of producers to provide products, services, and advice that help Main Street Americans achieve financial security. 

NAIFA has suggested ways for the Financial Industry Regulatory Authority (FINRA) to promote diversity, equity, and inclusion (DEI), and the association’s ideas have gained notice.

In an article this week, the influential industry publication ThinkAdvisor has highlighted suggestions made by NAIFA Senior Vice President for Government Relations Diane Boyle and Policy Director Maeghan Gale. Among the NAIFA ideas called out by ThinkAdvisor are:

NAIFA Policy Director Maeghan Gale will represent insurance and financial advisors and NAIFA on the Board of Directors of the National Insurance Producer Registry (NIPR).

NIPR is a not-for-profit technology company with the goal of streamlining the producer licensing process. Governed by a Board of Directors representing state insurance regulators and members of the insurance industry, NIPR is an affiliate of the National Association of Insurance Commissioners (NAIC). Gale joins the board immediately.

NAIFA Trustee Win Havir, CPCU, CLF, LUTCF, FSS, AIC, LACP, a founding member of NAIFA’s Diversity, Equity, and Inclusion (DEI) Council, testified on behalf of NAIFA before the National Association of Insurance Commissioners (NAIC) Committee on Race and Insurance.

Alabama, Maine, and Virginia have the joined 12 other states in adopting consumer-protection regulations or legislation based on the National Association of Insurance Commissioners’ (NAIC’s) Suitability in Annuity Transactions Model. The NAIC model requires financial professionals to work in the best interests of their clients during annuities transactions and aligns with the federal Securities and Exchange Commission’s Regulation Best Interest. It also preserves the ability of consumers to work with agents and advisors offering a variety of successful business models and avoids restrictions that would likely make it impossible for financial professionals to work with Main Street investors and retirement savers.

The Financial Industry Regulatory Authority (FINRA) issued a request for comments as part of its efforts to support dialogue for greater diversity and inclusion within the financial industry. NAIFA submitted comments to Regulatory Notice 21-17 that highlighted our commitment to Diversity, Equity, and Inclusion (DEI) as part of the NAIFA 2025 strategic plan, the mission of our DEI Council, and the importance of cooperation among the industry to drive change.

As the leading advocacy association for insurance and financial services professionals, NAIFA continues to work with policymakers at the federal and state levels on efforts to bolster American businesses. Most recently, NAIFA is one of only three insurance-related associations (along with the Independent Insurance Agents and Brokers of America and the National Association of Professional Insurance Agents) to sign onto a letter sent to key members of the Senate and House of Representatives urging Congress to maintain the 20% deduction for qualified business income under Section 199A of the federal tax code.