Josh O'Gara, CLU, ChFC, CFP, loyal member since 2011, spoke on behalf of NAIFA during the U.S. Department of Labor's virtual public forum on the classification of employees and independent contractors under the Fair Labor Standards Act. NAIFA strongly supports an exemption for insurance and financial professionals under any legislation or DOL regulation that would reclassify independent contractors as employees.

American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors (NAIFA) Hawaii Government Relations Chair Cynthia Takenaka issued the following joint statement on legislation signed into law in Hawaii that strengthens protections for annuity consumers:

NAIFA and other interested parties sent a letter of appreciation to the Senate Finance Committee Chairman Wyden (D-OR) and Ranking Member Mike Crapo (R-ID) for their leadership in releasing the Enhancing American Retirement Now (EARN) Act, which would enhance retirement security for many Americans.

NAIFA is proud that Michigan is the 14th state to embrace a personal finance education course requirement. Michigan's legislation requires that all high school students take a half-credit course in personal finance before they graduate. The Michigan House of Representatives passed HB 5190 by a vote of 94-13 and the bill passed the state's Senate in May with a vote of 35-2. Members of NAIFA-Michigan, who first created this concept a decade ago with legislation to create optional courses, celebrate the signature of Governor Whitmer updating Michigan’s high school curriculum to include a financial literacy course.

NAIFA joined other industry organizations in sending a letter to Senators Patty Murray (D-WA) and Richard Burr (R-NC), the Chair and Ranking Member, respectively, of the Senate Committee on Health, Education, Labor and Pensions, thanking them for their bipartisan support for retirement-reform legislation.

American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors (NAIFA) North Carolina Government Relations Committee Chair Fred Joyner issued the following joint statement on the best interest annuity rule adopted recently by the North Carolina Department of Insurance:

“The new rule adopted by the North Carolina Department of Insurance and under the leadership of Commissioner Mike Causey gives people in the Tar Heel State confidence that the financial professionals they are working with are acting in consumers’ best interest.

“The department’s action adds to the nationwide, bipartisan momentum behind enhanced protections for people seeking lifetime income in retirement through annuities. North Carolina is the 26th state to adopt a measure that aligns with the ‘best interest of consumer enhancements’ in the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation. They also harmonize with the SEC’s Regulation Best Interest.

“Unlike a fiduciary-only approach, these measures ensure that all savers, particularly financially vulnerable middle-income Americans, can access information about different choices for long-term security throughout retirement. A new 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 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 retain access to annuities.

“We look forward to seeing additional states add to this momentum for enhanced protections so that more consumers can benefit from a best interest standard of care.”

On June 7, the Centers for Medicare and Medicaid Services (CMS) released a list of Frequently Asked Questions (FAQs) regarding compensation paid by issuers to agents and brokers who assist customers with enrollment during a Special Enrollment Period (SEP) or during Open Enrollment Periods (OEPs).

NAIFA strongly encourages states to adopt the NAIC's model regulation on annuity transactions, and our state chapters have made promoting adoption of the model an advocacy priority over the past two years. Our efforts, the work of members like you at the grassroots level, and our ability to work with other industry organizations – including the American Council of Life Insurers – have paid off.

NAIFA has joined with industry partners in a letter to House sponsors of the Securing and Enabling Commerce Using Remote and Electronic Notarization Act urging support for the legislation. The bipartisan legislation (H.R. 3962) was introduced by Representatives Madeleine Dean (D-PA) and Kelly Armstrong (R-ND).

Insurance and financial advisors from states across the country visited Capitol Hill on May 24 for meetings with more than 325 congressional offices, including lawmakers and senior staff. The day on the Hill is the highlight of Day 2 of NAIFA’s annual Congressional Conference.