Advocacy in action blog

Tennessee House Bill 1173 would have permitted funeral directors in some cases to obtain life insurance information – including the names of beneficiaries and policy benefits amounts – from insurance companies or agents. However, thanks to quick action by NAIFA-TN's grassroots and advocacy team, the House Insurance Subcommittee defeated the bill.

NAIFA's California chapter is holding its annual Legislative Day in Sacramento on March 29. The event will feature visits with lawmakers by NAIFA-CA members, during which they will discuss SB 263, a legislative proposal that in its current form would harm the ability of insurance agents and brokers to serve the public. 

Congress, with strong bipartisan support, passed the National Association of Registered Agents and Brokers Reform Act more than eight years ago. The law would significantly streamline the process for insurance agents and brokers to be licensed in more than one state. This would obviously benefit producers by reducing red tape and regulatory costs, but it would also be a boon to consumers by promoting choice and fostering economic growth.

On February 27, the U.S. House of Representatives passed the NAIFA supported SECURE Notarization Act of 2023 by a voice vote. The bipartisan legislation was introduced earlier this month by U.S. Reps. Kelly Armstrong (R-N.D.) and Madeleine Dean (D-Pa.).

NAIFA joined in a letter of support to the House Financial Services Committee for efforts in introducing the Data Privacy Act of 2023. The Data Privacy Act would modernize the Gramm-Leach-Bliley Act (GLBA), a working data privacy framework for insurance consistent with consumer expectations.

American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors (NAIFA)-Georgia President Joe Schreck issued the following joint statement on the best interest annuity rule adopted recently by Georgia’s Insurance Department:

“A new rule adopted by Georgia’s Insurance Department and Commissioner John King strengthens protections for Peach State consumers seeking lifetime income from annuities.

A new rule adopted recently by the Illinois Department of Insurance provides greater safeguards for consumers seeking lifetime income from annuities. Illinois is the 32^nd state to adopt a measure that implements the “best interest of consumer enhancements” in the National Association of Insurance Commissioners (NAIC)  Suitability in Annuity Transactions Model Regulation.  The new laws and regulations also align with the SEC’s Regulation Best Interest.

NAIFA is the only association for insurance and financial professionals with a strong political advocacy presence in Washington, D.C., and every state capital. Around the country, 32 NAIFA state chapters are holding Legislative Days during the first quarter of 2023.

NAIFA Policy Director Maeghan Gale testified to Washington state lawmakers that ample private-sector options are available for employers who want to set up retirement plans for their workers or for employees who want to prepare for retirement on their own. Washington lawmakers are considering a feasibility study for a potential state-facilitated Auto-IRA program.

NAIFA's "State of Advocacy" report details NAIFA's federal, state, and interstate advocacy efforts in 2022 in facts and figures. It also runs down the major policy issues impacting agents and advisors as well as the Main Street consumers they serve.

NAIFA's "State of Advocacy" provides a snapshot of how NAIFA and NAIFA members are making a difference and influencing the decisions that affect Americans' financial security. 

NAIFA-CO leaders and members came together February 15 to meet with lawmakers on the chapter's annual Legislative Day. Members shared their insights with legislators and officials, including Securities Commissioner Tung Chan and Insurance Commissioner Michael Conway. Central among the topics discussed was HB23-1174, which would create guaranteed replacement cost coverage in homeowner's insurance, and its implications for Coloradoans.

Members of NAIFA-VA gathered in Richmond in early February for the chapter's Legislative Day. Attendees met with state lawmakers to discuss the many ways insurance and financial professionals help Virginians achieve their financial goals. They also received debriefings from the NAIFA state lobbyist and fellow members.

A NAIFA comment letter to the Centers for Medicare & Medicaid Services (CMS) submitted comments suggesting changes to the CMS proposed rule titled ”2024 Notice of Benefits and Payment Parameters,” published in the Federal Register on December 21, 2022.  

This proposed rule includes proposed payment parameters and provisions related to the HHS-operated risk adjustment and risk adjustment data validation programs, as well as proposed 2024 user fee rates for issuers offering qualified health plans (QHPs) through Federally-facilitated Exchanges (FFEs) and State-based Exchanges on the Federal platform (SBE-FPs).

There are many reasons to love NAIFA’s advocacy work – how about protecting your business and clients from harmful legislative and regulatory proposals, for starters? And there are just as many ways to get involved and make a difference.

The U.S. House of Representatives passed H.R.500, the Financial Exploitation Prevention Act of 2023, by a bipartisan vote of 419-0 on January 30. H.R. 500 was introduced by Rep. Ann Wagner, (R-MO), Chairwoman of the House Financial Services subcommittee on Capital Markets. 

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.”

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.

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.

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.

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.”

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.

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.

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.

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.

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.

On November 30, 2022, NAIFA joined with the U.S. Chamber of Commerce and other industry partners in a letter asking the Internal Revenue Service (IRS) to make permanent the temporary relief from the physical presence requirement for spousal consent that the IRS has provided. As reflected in the attached letter, plans have been using this relief for nearly two years, and NAIFA believes that its use and effectiveness warrant that it be made permanent. If the IRS feels it cannot make this relief permanent before it expires after December 31, 2022, NAIFA urged the IRS to provide at least an additional 12-month extension while the IRS either provides permanent relief on its own or through notice and comment. By doing so, the IRS will avoid disrupting a valued tool many have come to rely on.

On December 5, 2022, NAIFA filed comments on the National Labor Relations Board’s (NLRB) proposed rule that would expand the joint-employer definition under the National Labor Relations Act. The rule would extend liability to employers that have indirect and reserved control over one or more employees’ essential terms and conditions of employment.

Last week, NAIFA-New Mexico testified before the Senate Economic Development and Policy Committee in support of having financial literacy be a graduation requirement for New Mexico public high schools. NAIFA-New Mexico President, Chad Cooper, who also serves as the Vice Chairman of the African American Greater Albuquerque Chamber of Commerce and serves his clients as a financial advisor for Gateway Financial Advisors, Inc. and Mike McCaffrey, Vice President of Advocacy for NAIFA-New Mexico and agent with New York Life, provided oral comments to the committee. 

The National Association of Insurance Commissioners has approved a newly revised Suitability in Annuity Transactions Model Regulation that would require financial professionals to act in the best interests of consumers when recommending annuity products.

NAIFA members attending the National Leadership Conference in Washington, D.C., held more than 150 meetings with their Senators, Representatives, and congressional staffers. NAIFA's grassroots advocacy is second-to-none in the insurance and financial services industry. Our members' message resonates loudly with Congress because NAIFA members represent the interests of their Main Street clients from across the country.

NAIFA members, in Washington, D.C., for NAIFA’s National Leadership Conference, went to Capitol Hill to participate in more than 150 in-person meetings with members of Congress and their staff.

Josh O'Gara, CLU, ChFC, CFP, loyal member since 2011, spoke on behalf of NAIFA during a virtual roundtable discussion on Department of Labor’s proposed rule on Independent Contractor Classification Under the Fair Labor Standards Act. The event was held by the U.S. Small Business Administration’s Office of Advocacy to gather input from people and businesses potentially affected by the proposed rule. NAIFA strongly supports an exemption for insurance and financial professionals under any legislation or DOL regulation that would reclassify independent contractors as employees.

It's Election Day! NAIFA encourages everyone to get out and vote (if you haven't voted already). The results of this election is likely to have profound implications for your business and clients.

American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors (NAIFA)-Alaska Vice President of Advocacy, Lanet Spence, issued the following joint statement on the best interest annuity rule adopted recently by the Alaska Division of Insurance:

In May, the Centers for Medicare and Medicaid Services (CMS) issued a Final Rule which revises the Medicare Advantage (Part C) program and the Medicare Prescription Drug Benefit (Part D) program regulations to implement changes related to marketing and communications, past performance, Star Ratings, network adequacy, medical loss ratio reporting, special requirements during disasters or public emergencies, and pharmacy price concessions.

Members of NAIFA’s New York chapter (NAIFA-NY) held a virtual meeting with officials from the state Department of Financial Services (DFS). State President Gary Cappon, CLU, LUTCF, RICP, FSCP, CLTC, provided introductions and a brief rundown of NAIFA’s advocacy work and support for the agent and advisor community and the consumers they serve. He also discussed challenges with financial product availability in the state. President-Elect Vinny Dallo, ChFC, CLU, CLTC, LUTCF, and Vice President of Advocacy Paul Sciacca presented “A Day in the Life of a Financial Professional,” highlighting how NAIFA members serve families and businesses in the state.

NAIFA is proud to announce that Robert A. Miller, M.S., M.A., Partner at Miller-Pomerantz Insurance and Financial Services in New York City, is the recipient of NAIFA’s Terry Headley Lifetime Defender Award.

Miller, a loyal member since 1983, was NAIFA’s national President for the 2011-2012 term. He had previously served as President of the NAIFA-New York state chapter and NAIFA-New York City. He was elected to the NAIFA Board of Trustees in 2005 and has served as trustee liaison to the CEO Outreach Program, the Young Advisor Team, and the Corporate Partnerships Program. He also served as chair of the NAIFA Governance Committee and was a member of the NAIFA Finance Committee.

NAIFA Senior Vice President for Government Relations Diane Boyle appeared with other industry thought leaders on the National & Federal Insurance Perspective Panel at the Life Insurance Council of New York (LICONY) Annual Meeting and Planning Conference in Albany. She discussed with other panelists the top issues facing the insurance and financial services industry, the promotion of diversity and inclusion in the insurance sector, issues caused by the COVID-19 pandemic, and NAIFA’s work with the American Council of Life Insurance (ACLI) to remove unnecessary barriers to recruiting new insurance professionals.

On Tuesday, October 11, 2022, the Department of Labor (DOL) released a proposed rule that would replace the existing 2021 test under the Fair Labor Standards Act used to determine worker classification as either an independent contractor or an employee.

NAIFA congratulates Lisa Gomez on her confirmation as Assistant Secretary of Labor for the Employee Benefits Security Administration (EBSA).  

NAIFA is excited to partner with BIPAC to support Employee Voter Registration Week.

NAIFA Trustee Christopher Gandy, LACP, loyal member since 2003 and Founder of Midwest Legacy Group, said during a “Diversity, Equity, and Inclusion in Producer Licensing,” panel discussion at the National Association of Insurance Commissioners (NAIC) 2022 Insurance Summit that he faced many challenges as an African American breaking into the insurance and financial services industry.

A NAIFA Action Alert asks agents and advisors to contact their members of Congress and express concerns over a new Medicare marketing rule and request that lawmakers ask the Department of Health and Human Services for a delay of six to twelve months, during which the Centers for Medicare & Medicaid Services can work with stakeholders to improve the rule.

NAIFA Trustee Christopher Gandy, LACP, loyal member since 2003 and Founder of Midwest Legacy Group, is participating in a panel discussion at the National Association of Insurance Commissioners (NAIC) 2022 Insurance Summit. The session, “Diversity, Equity, and Inclusion in Producer Licensing,” is exploring how regulators and the insurance industry are addressing DEI issues in the distribution of insurance through pre-licensing and licensing exam procedures.

The Massachusetts Division of Insurance announced earlier this year that the state insurance licensing exam will now be offered in Spanish. NAIFA's Massachusetts chapter has been working with the Division of Insurance on this initiative and advocated for its adoption.

NAIFA’s Advocacy Accelerator Couse for women and Hispanic members taught during NAIFA's recent Apex sales summit in Phoenix adds over 30 new Financial Security Advocates. NAIFA's integrated advocacy program that includes state, interstate, and federal advocacy is the largest and most comprehensive advocacy program in the industry. The critical element in NAIFA's 130+ year advocacy track record of success remains, and will always be, our members' participation—otherwise known as grassroots engagement. Several hundred members have participated in online and in-person training courses to gain skills and confidence in the advocacy process and earned the coveted Financial Security Advocate badge.

NAIFA CEO Kevin Mayeux is a contributing author of an article in the publication Real Clear Policy arguing in favor of federal legislation allowing remote online notarization (RON). NAIFA has been a strong proponent of RON and urged passage of the SECURE Notarization Act because it would set a national standard and be a great benefit to NAIFA members and their clients who routinely complete financial transactions that require notarized documents.

NAIFA-UT recently took advantage of the August Congressional recess to hold a very successful Legislative Day. More than 50 NAIFA members were in attendance along with Representatives Burgess Owens, Chris Stewart, and Blake Moore. Also attending was a staff member from Senator Mike Lee’s office. Representative John Curtis had a prior commitment but addressed the audience via video.

In May, the Centers for Medicare and Medicaid Services (CMS) issued a Final Rule which revises the Medicare Advantage (Part C) program and the Medicare Prescription Drug Benefit (Part D) program regulations to implement changes related to marketing and communications, past performance, Star Ratings, network adequacy, medical loss ratio reporting, special requirements during disasters or public emergencies, and pharmacy price concessions.

When Congress is in recess, like it is right now, NAIFA's grassroots advocacy actually picks up. NAIFA members across the country are meeting with their Representatives and Senators in their home districts this August.

NAIFA's yearlong grassroots strategy encourages multiple in-person connections with lawmakers, including at NAIFA's May Congressional Conference, in-person meetings during the August recess, a day on the Hill during NAIFA's fall/winter National Leadership Conference, and at community and fundraising events throughout the year.

NAIFA-MA is celebrating a major advocacy win after a very close call. During the last three days of the legislative session which concluded July 31, the General Court introduced H. 5123 which would have implemented a two-year pilot program to extend eligibility for premium assistance payments on point of service cost-sharing subsidies for certain health insurance applicants. In short, this legislation would have implemented a pilot single-payer health coverage program, thus having a catastrophic impact on employer-sponsored health plans.

John D. Richardson, RICP, LACP, loyal NAIFA member since 2003, was recently elected to serve on the Tennessee Republican Party State Executive Committee for Senate District 21.

Richardson's leadership and professional success have been noteworthy throughout his tenure as a NAIFA member. After graduating from the University of Tennessee-Knoxville with a B.A. in Political Science and a Minor in Spanish, he began his career as an advisor in 2005. Today he is a Financial Planner and Partner with Boundbrook Advisors (MassMutual), a firm he co-founded in Brentwood, TN. 

ACLI President and CEO Susan Neely and NAIFA-CO Political Action Committee Chair and Government Relations Committee member Brent Jones issued the following joint statement on the best interest annuity rule adopted recently by the Colorado Division of Insurance:

On July 28, the House Financial Services Committee voted to advance a bipartisan bill requiring the Securities and Exchange Commission to create a new form for registering index-linked annuities, which allows investors to save for retirement in a more streamlined process.

On July 27, the House of Representatives passed H.R.3962 the Securing and Enabling Commerce Using Remote and Electronic Notarization Act (the SECURE Notarization Act). The bill authorizes a notary public to notarize electronic records related to interstate commerce remotely, subject to specified procedures. 

In May, the Centers for Medicare and Medicaid Services (CMS) issued a Final Rule which revises the Medicare Advantage (Part C) program and the Medicare Prescription Drug Benefit (Part D) program regulations to implement changes related to marketing and communications, past performance, Star Ratings, network adequacy, medical loss ratio reporting, special requirements during disasters or public emergencies, and pharmacy price concessions.  

On March 1, 2022, NAIFA-Nebraska hosted their successful Legislative Day event in Lincoln. NAIFA-NE members in attendance received briefings from:

NAIFA and other trade associations have sent a letter to influential members of the House Energy and Commerce Committee expressing concerns with the discussion draft of the American Data Privacy and Protection Act, which is a national uniform privacy law proposal.

NAIFA supports federal laws and regulations protecting the confidentiality of personal information and believes policy at the federal level will help avoid problems a variety of confusing and potentially contradictory state laws would cause. NAIFA members provide financial products, services, and advice to Main Street American families and businesses. Their clients entrust them with sensitive personal information, so it is among the highest priorities for our industry that we keep that information secure.

Whether you're new to political advocacy or a grassroots leader, NAIFA's Get Out the Vote is a great resource for everything you need to know about NAIFA's political advocacy. Find information on polling dates and locations, ballot measures, and your elected officials. Brush up on Government 101 or find the text of individual bills—this site has useful information for everyone.

The NAIFA-supported SECURE Notarization Act was filed with Rules as an amendment (AMDT #543) to the National Defense Authorization Act (NDAA) on July 8 by Rep. Madeleine Dean (D-PA), Rep. Kelly Armstrong (R-ND), Rep. Ed Perlmutter (D-CO), Rep. Guy Reschenthaler (R-PA), and Rep. Veronica Escobar (D-TX).

NAIFA joined with industry partners in a letter to express strong support for NDAA amendment #543. The text of the amendment is taken from H.R. 3962, the SECURE Notarization Act, which has the strong, bipartisan support of 113 cosponsors. 

NAIFA Invites Women and Hispanic Agents and Advisors to Two New Programs in August

The National Association of Insurance and Financial Advisors (NAIFA) has announced the addition of two programs that will run on Tuesday, August 16^th pre-conference to its upcoming Apex event being held in Phoenix, Arizona. The sessions focus on raising awareness for state, interstate, and federal advocacy and stress the importance of financial advisors to get involved, starting with voting, in the political process.

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.

American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors (NAIFA) South Carolina President Johnny Craven issued the following joint statement on the best interest annuity rule adopted recently by Acting Director Michael Wise and the South Carolina Department of Insurance:

Selected advocates from NAIFA-CA’s grassroots network have reached out to influential members of the California Senate Appropriations Committee to urge the defeat of SB927 in the committee. The legislation would require insurance professionals and companies to provide confusing and costly disclosures that have no practical benefit for consumers. It would also result in increased litigation and higher costs for California consumers. Previously, NAIFA and coalition partners including the American Council of Life Insurers (ACLI) and the Association of California Life and Health Insurance Companies (ACLHIC) offered amendments that would address many of the bill’s unworkable provisions.

NAIFA Trustee Aprilyn Chavez Geissler, LACP, loyal member since 2005, says that insurance and financial professionals offer an important perspective on how legislative decisions affect Main Street Americans and their communities. NAIFA's Congressional Conference, May 23-24 in Washington, D.C., is a great opportunity for agents and advisors to talk with lawmakers about issues important to their clients and communities.

NAIFA-TN is celebrating the recent signing of HB 2225 into law. Sponsored by Representative Dennis Powers and NAIFA-Tennessee member Senator Mark Pody, this bill limits the lookback of misdemeanors or Class E felonies to 10 years for insurance agent applicants. Class E felonies are often associated with low-quantity marijuana possession charges. In recent years, as many states have taken steps toward legalization, there are efforts to expunge or reconsider these types of crimes, which were disproportionately charged against minorities and people of color. HB 2225 is a step towards removing this barrier of entry into the insurance industry.

NAIFA-Greater Washington, D.C., member and Young Advisor Team Leader of the Year Brian Haney, CLTC, CFS, CFBS, CIS, LACP, CAE, provides his insights on NAIFA's Congressional Conference and how you don't have to be an experienced advocate to make difference. While Haney grew up in the D.C. area, our elected officials are interested in hearing the Main Street stories of insurance and financial professionals from around the country. Lend your voice by joining us May 23-24 at NAIFA's Congressional Conference.

The advocacy work of NAIFA-KY was highly influential in the late revision of tax reform legislation in the state that would have placed a 6% tax on financial planning and investment management services. This tax would have impacted many investors in Kentucky and the financial professionals they rely on for advice and services. NAIFA Trustee Brian Wilson offers his perspective on why this advocacy win and all of NAIFA's state advocacy efforts are so important.

Legislation signed into law by Wisconsin Governor Tony Evers greatly enhances protections for consumers seeking lifetime income from annuities. The law was proposed by Senator Rob Stafsholt (R-New Richmond) and Representative Kevin Petersen (R-Waupaca). Wisconsin is the 23rd state that as part of a nationwide, bipartisan effort has adopted measures implementing the "best interest of consumer enhancements" in the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation.  The new laws and regulations also align with the SEC’s Regulation Best Interest.

American Council of Life Insurers (ACLI) President and CEO Susan Neely, National Association of Insurance and Financial Advisors’ (NAIFA) former president and NAIFA-MD member Paul Dougherty, and The League of Life and Health Insurers of Maryland Executive Director Matthew Celentano issued the following joint statement on the best interest annuity rule adopted recently by the Maryland Insurance Administration:

NAIFA’s annual Congressional Conference is crucial to our grassroots advocacy strategy. The event brings NAIFA members together as a critical mass to advocate on behalf of their businesses, clients, consumers, and the insurance and financial services industry. It provides targeted advocacy training with briefings on specific legislative issues, best practices for conducting congressional meetings, and tips for developing impactful long-term relationships with legislators.

Bryon Holz, NAIFA President-Elect, urges every producer in financial services and insurance to attend this year's Congressional Conference to be an advocate for your Main Street USA clients.

Don't miss this opportunity to make your voice heard!

Don't miss NAIFA Senior Vice President of Government Relations Diane Boyle on InsuranceNewsNet's webinar "Busting Through the Gridlock: A D.C. Legislative Preview" on April 13, 2022, at 1:00 pm eastern.

In a time of uncertainty leading into the 2022 midterms and 2024 presidential election, insurance and financial professionals may be able to break through the gridlock in Washington, D.C. 

In the webinar, Boyle will outline the legislation affecting insurance and financial professionals and the Main Street Americans they represent.

The Centers for Medicare and Medicaid Services (CMS) is asking for NAIFA members who work with the seniors or Medicare markets to provide feedback on the draft of their Medicare & You Handbook for 2023.

If you would like to submit comments on this draft, please do so using the spreadsheet linked below. Comments must be submitted by Wednesday, April 13, by the end of the day to Cody Schoonover (cschoonover@naifa.org).

The Illinois General Assembly on March 30 passed HB 4324 by Representative Bob Morgan and Senator Julie Morrison, which will make Illinois the 13th state to offer licensed insurance producers the opportunity to gain continuing education (CE) credits based on their active participation in a state or national professional insurance association. Producers may receive up to four hours of CE on a biennial basis by providing detailed records of attendance and involvement to the Department of Insurance. The bill is now on its way to Governor J.B. Priztker’s desk for signature.  

On March 28, President Biden sent Congress a Fiscal Year (FY) 2023 budget that calls for $1.58 trillion in discretionary spending (a 7.4 percent increase over last year) and over $1 trillion in new taxes. The budget, the Administration says, would reduce the federal deficit by $1 trillion over ten years.

Most of the new taxes would come from the proposal to hike the corporate tax rate from the current 21 percent to 28 percent (starting in 2023) and from a new 20 percent tax on a combination of income and capital wealth held by households with $100 million or more in income from earnings and increases in the value of their capital assets. The budget also proposes raising the top individual tax rate to 39.6 percent.

The Kentucky Legislature has passed a comprehensive tax reform package, and thanks to advocacy work by NAIFA's Kentucky chapter financial planners and investment advisors narrowly avoided a 6% sales tax on their services.

NAIFA commends the House of Representatives on passing the SECURE 2.0 (H.R.2954) retirement planning legislation in a 414-5 vote. The popular legislation simplifies the process and creates incentives for employers to create and enroll employees in workplace retirement plans. It also creates greater flexibility for workers who contribute to the plans.

Senator Tim Scott (R-SC) knows the importance of the insurance and financial services industry and the role of agents and advisors in the wellbeing of Main Street Americans. He gained much of this understanding in his pre-political career as an insurance professional and NAIFA member.

Being politically engaged is part of being a good NAIFA citizen. Understanding and working to influence public policy to promote financial security benefits NAIFA members' businesses, colleagues, clients, and communities, as well as all consumers. This election year, at least seven NAIFA members are taking their advocacy to the next level by running for statewide office.

The Partnership for America’s Health Care Future recently published results from a nationwide poll showing that the push for transforming the American health care system through a public option, Medicare-for-All or other government interventions in the market is losing traction with American voters.

NAIFA’s Georgia chapter (NAIFA-GA) held its annual Legislative Day in Atlanta earlier this year. Speakers at the event included:

NAIFA’s Get Out the Vote (GOTV) resources are now available to NAIFA members and the general public online at gotv4financialsecurity.org. The website provides educational materials to help NAIFA members and the consumers who they help achieve financial security understand how the election process works and make informed decisions at the polls.

Over the past few weeks, NAIFA has encouraged Congressional leadership to expand access to the US Capitol campus. Numerous reports confirm Congressional leadership is working on a bicameral reopening plan for the entire Capitol grounds.  With the 2022 Congressional Conference merely two months away, we are happy to hear that leadership is working on a phased reopening plan.  By reopening the Capitol, we will be able to get back to our in-person visits which allow us to discuss issues relating to the financial services industry and explain the impact that certain policies have on your clients and businesses.

NAIFA’s Alabama chapter (NAIFA-AL) held a recent state Legislative Day in Montgomery. The event featured a welcome from NAIFA-AL President Booker Joseph and NAIFA-AL Grassroots Chair Matthew Wilson, followed by afternoon meetings with state legislators at the Capitol. Senator J.T. “Jabo” Waggoner recognized NAIFA-Alabama in the gallery during the Senate proceedings that day.

The National Council of Insurance Legislators (NCOIL) unanimously approved a "Resolution Supporting Independent Contractor Status for Insurance Agents and Other Licensed Financial Professionals" at its Spring Meeting in Las Vegas. The resolution, sponsored by NCOIL President and California Assemblyman Ken Cooley states that "NCOIL will encourage states and federal entities that are debating worker classification policies and that are considering adopting a strict ABC Test and or other similarly worker classification laws to continue issuing exemptions for, or exempting out, licensed insurance agents and other financial professionals."

American Council of Life Insurers (ACLI) President and CEO Susan Neely and NAIFA-SD President Jennifer Soma issued the following joint statement on the best interest annuity law recently signed by South Dakota Governor Kristi Noem:

NAIFA-WI is celebrating their most recent legislative win – both chambers of the Wisconsin Legislature passed the National Association of Insurance Commissioners (NAIC) Model Regulation for Annuities.

The Wisconsin Assembly concurred on Senate Bill 644, the annuity best interest model bill, on February 23, 2022, during what is likely its final week of session in the house for the year. The state Senate passed it on January 25.

American Council of Life Insurers (ACLI) President and CEO Susan Neely and NAIFA-NM Vice President of Advocacy Kenneth Bottari issued the following joint statement on the best interest annuity rule adopted recently by the New Mexico Office of the Superintendent of Insurance:

NAIFA has partnered with the American Council of Life Insurers (ACLI) and other organizations to encourage states to adopt consumer-protection legislation or regulations based on a model created by the National Association of Insurance Commissioners (NAIC), which requires advisors to work in their client's best interests on annuity transactions. NAIFA also supports the Securities and Exchange Commission's Regulation Best Interest. 

NAIFA's Iowa chapter held a state Legislative Day in Des Moines last week. The event featured a morning advocacy training session and afternoon meetings with state legislators at the Capitol. NAIFA-IA also hosted an ice cream social with lawmakers. 

Dean L. Cameron, Director of the Idaho Department of Insurance, is the 2022 President of the National Association of Insurance Commissioners (NAIC). Cameron is a third-generation insurance professional with more than 32 years of experience. Prior to entering state politics, he was a NAIFA member who served two terms as the President of NAIFA’s Idaho chapter.

On February 17, 2022, NAIFA joined with coalition members to send a letter to Steve Richetti, Counselor to President Biden, offering the support of the insurance agent and broker community for the administration to nominate members of the Board of Directors to establish the National Association of Registered Agents and Brokers Reform Act (NARAB).

NAIFA strongly supports consumer protections provided by the Securities and Exchange Commission’s (SEC’s) Regulation Best Interest and the National Association of Insurance Commissioners’ (NAIC’s) revised annuity model regulation (adopted by 19 states and counting). Both of these provisions require financial professionals to work in their clients’ best interests and preserve the ability of consumers to choose who they work with and how they compensate advisors. Reg BI and the NAIC model also avoid problems with other proposals that would have made it very difficult for producers to continue working with Main Street investors.

Hyatt Erstad, a loyal NAIFA member since 1980 and President of Erstad & Company in Boise, ID, has been reappointed by Governor Brad Little as Secretary and a member of the Board of Directors of Your Health Idaho. His confirmation hearing before the Idaho Senate Commerce Committee was February 8. While at the hearing, Erstad spoke with Idaho Insurance Director and National Association of Insurance Commissioners Chair Dean Cameron (see photo above).

Members of NAIFA-WI gathered in Madison Feb. 1-2 for the chapter's 2022 Legislative Day. They received professional development and advocacy updates, including briefings on state issues by NAIFA-WI lobbyist Bill McClenahan and federal issues by NAIFA Assistant Vice President for Government Relations Judi Carsrud. State Representatives Dave Steffen (R-Green Bay) and Kevin Petersen (R-Waupaca) delivered remarks. NAIFA members took their grassroots message to the capitol, meeting with their elected officials to discuss the importance of policies that promote financial security for everyone.

NAIFA Trustee Wes Booker, LUTCF, CEO of the Wes Booker Agency, The Horace Mann Companies, in Maumelle, AR, has announced that he is a candidate for the Arkansas State House of Representatives. He is running for the seat serving House District 71.

Washington Governor Jay Inslee on January 27 signed two bills passed by the Legislature that delay and make some improvements to the Washington Cares Fund, a state-run long-term care insurance program.

NAIFA's New Jersey chapter (NAIFA-NJ) has been hard at work on the advocacy front and has recent wins to show for its efforts.

U.S. Senators Chris Van Hollen (D-Md.), Tim Scott (R-S.C.), Raphael Warnock (D-Ga.), and Cynthia Lummis (R-Wyo.) introduced the Empowering States to Protect Seniors from Bad Actors Act, a bipartisan bill that would create a Securities and Exchange Commission program to work with state regulators to protect senior investors.

Innovation in insurance producer licensing in the U.S. has accelerated in the last few decades, and the National Insurance Producer Registry (NIPR) has led the way.

Celebrating its 25th anniversary, today’s NIPR is a vital technology company grounded in teamwork, service and innovation—with unsurpassed expertise in the state-based system of insurance producer licensing.

It’s hard to imagine that insurance producer licensing was once accomplished with paper applications and a long process of research and validation. Multi-state producers had distinct application processes, timelines, and fees for each state in which they did business.

To improve this approach, NIPR was formed in 1996 as a unique public-private partnership between the National Association of Insurance Commissioners (NAIC) and the insurance industry. NIPR was founded on the concept that insurance producers and compliance professionals should have access to a “one-stop-shop” for cost-effective, streamlined and uniform licensing across all states and jurisdictions.

Today, NIPR’s Producer Database (PDB) is the single source of comprehensive insurance producer data from all fifty states, the District of Columbia, Guam, Puerto Rico, and the United States Virgin Islands. In 2021, the insurance industry used NIPR to process more than 42 million credentialing transactions and move $1.1 billion in fees to state insurance departments.

NIPR’s business is led by a board of directors made up of state commissioners, insurance industry representatives, and NAIC executive leadership—an ideal mix of professionals for coordinated and effective solutions.

Karen Stakem Hornig, CEO of NIPR said, “Through the past 25 years, NIPR has adapted to meet evolving industry and producer needs, harnessed the power of emerging technology and responded purposefully to change. These efforts have allowed us to humanize our technological offerings, ultimately building trust and a collaborative culture, which has been key to our success.”

Producers can access their own license information, apply for and renew their licenses at NIPR.com and use NIPR’s free mobile app to help with the compliance process. Insurance agencies and carriers use NIPR to manage the licensing and appointment process. Growing from a concept to a high-functioning organization emphasizing teamwork, service, and innovation, NIPR has supported the industry in its efforts to become more and more efficient and effective.

NIPR’s 25th anniversary commemorative booklet, Celebrating Our Journey, is online.

About 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). To learn more, visit NIPR.com.

A new report by the U.S. Senate Special Committee on Aging prominently features comments submitted by NAIFA that highlight the important ongoing role advisors play in retirement planning.

NAIFA’s Washington state chapter strongly supports proposed legislation, HB 1732, that would delay the implementation of the Washington Cares long-term care insurance program. NAIFA-WA President Chris Wertenberger, loyal NAIFA member since 2002, asked legislators to fast-track the bill during a hearing before the Washington House of Representatives Appropriations Committee on January 11.

NAIFA has announced that it will hold its 2022 Congressional Congress in-person May 23-24 in Washington, D.C. The event will feature targeted advocacy training with briefings on legislative issues that affect members’ businesses and the clients they serve. Expert presenters will offer best practices for conducting Congressional meetings and tips for developing impactful long-term relationships with legislators.

Beginning on December 27, 2021, brokers and consultants will be held to new compensation  transparency obligations under the Consolidated Appropriations Act (CAA). The CAA is a spending  and coronavirus relief package that was signed into law on December 27, 2020 and expands ERISA’s existing disclosure requirements. It broadened the definition of a “covered plan” to include group health plans (previously it only included retirement plans).

NAIFA Senior Vice President for Government Relations Diane Boyle on June 22 submitted comments to FINRA in response to Regulatory Notice 21-17, Supporting Diversity & Inclusion in the Broker-Dealer Industry. Among several recommendations, NAIFA requested the U5 filing time limit be extended from two years to five years. Given the subject matter difficulty and extensive time commitment to earning FINRA Series Registrations, the extension would allow for a broader group of advisors to maintain their credentials despite taking leaves from the industry.  

NAIFA Policy Director Maeghan Gale and Director of Government Relations Michael Hedge made a presentation on senior financial protection at the annual meeting of the National Council of Insurance Legislators (NCOIL) in Scottsdale, AZ.

Gale and Hedge discussed the important role of insurance and financial professionals in providing guidance for retired individuals. When a person retires, their need for financial services doesn’t end. NAIFA members help senior clients with budgeting and estimating their expenses, developing effective retirement plan disbursement strategies, obtaining coverage for healthcare, finding limited and extended care solutions, and creating financial legacies to leave loved ones or charities. NAIFA members have expertise in retirement planning, long-term care, estate planning, Social Security, Medicare, Medicare supplements, and other topics important to the financial security of seniors.

American Council of Life Insurers (ACLI) President and CEO Susan Neely and George B. Pickett, J.D. CLU, AEP, LACP, of the NAIFA Government Relations Committee, issued the following joint statement on the best interest annuity rule adopted recently by the Mississippi Insurance Department:
 
“Retirement savers seeking lifetime income from annuities should work with financial professionals who act in consumers’ best interest. The rule adopted by the Mississippi Insurance Department makes certain that they will.

The House passed H.R. 5376, the Build Back Better Act. Rep. Jaren Golden (D-ME) was the sole Democrat to vote against the bill. No Republicans voted for the bill. Now, on to the Senate, where significant changes are expected. Senate leadership wants to finish this before year-end, but given the other must pass agenda items (government funding, debt limit, defense authorization), that timing seems unlikely.  

American Council of Life Insurers (ACLI) President and CEO Susan Neely, National Association of Insurance and Financial Advisors (NAIFA) CEO Kevin Mayeux and NAIFA-Kentucky Immediate Past President Brian Wilson issued the following joint statement on the annuity best interest rule recently adopted by the Kentucky Department of Insurance:

NAIFA Trustee, Wes Booker, LUTCF, loyal member since 2004 can be spotted all across SEC country when he is not serving his clients out of Maumalle, AR. Booker is an NCAA Football referee for the Southeastern Conference. Recently, he had the honor of serving as an official during the 12th Annual Congressional Football Game.

The House of Representatives passed the bipartisan infrastructure bill by a vote of 228-206 with 13 Republicans voting in favor and six Democrats opposing. The vote came after an agreement amongst Democrats that the social spending bill, the Build Back Better Act, would come to the House floor the week of November 15 with no further changes (other than technical corrections). Then the BBB legislation would go to the Senate, where is will likely undergo several changes before coming back to the House for a second vote. 

NAIFA calls on Congress to reject tax hikes on Main Street businesses as the House of Representative sends the latest text of the Build Back Better Act to the Rules Committee. In a letter with other associations and business groups, NAIFA urges congressional leaders to reject the Build Back Better framework's tax increases on individual- and family-owned businesses.

The Build Back Better reconciliation bill is at a boiling point. Some Washington insiders are saying the House could vote on it this week. Others are skeptical that a final bill could come together that quickly. Either way, it will take considerably longer for the Senate to vote. The rules of reconciliation allow for time-eating “vote-a-rama” amendments as well as up to 50 hours of debate, and it is highly likely opponents of the measure in the Senate will take all that time. But things are hot and getting hotter. Here’s the state of play currently.

NAIFA submitted comments to the U.S. Senate Special Committee on Aging regarding an inquiry by Chairman Bob Casey (D-PA) and Ranking Member Tim Scott (R-SC). Both committee leaders are working together in a bipartisan way to examine issues that are of importance to the health, economic security, and well-being of older Americans and their families.

Thursday morning President Biden released a Build Back Better framework and fact sheet outlining his social spending plan. The situation is still very fluid and it’s unknown if the centrists who have opposed previous spending and tax plans will support this version.

NAIFA, along with 100 business and trade associations, sent a letter to President Joe Biden expressing “strong opposition to the new tax information reporting regime proposed by the Department of Treasury and under consideration by Congress as part of the proposed reconciliation spending package.”

The reconciliation package now being considered by Congress includes dramatic changes to grantor trusts which are of significant concern to many NAIFA members and their clients, especially proposed changes to Irrevocable Life Insurance Trusts and the weak, ineffective “grandfather” provisions included in the reconciliation proposal. ILITs have been used for decades to help families of all sizes – not just the rich – address the expenses, income taxes, estate taxes, and gift taxes due at death. Life insurance policies inside these trusts provide the necessary liquidity to family heirs without the death proceeds themselves being included in the deceased’s taxable estate.

NAIFA has joined more than 100 organizations expressing privacy and cost concerns with a Biden administration proposal that would require financial services providers to track and submit to the IRS information on every account with deposits or withdrawals totaling $600 or more annually.

NAIFA-CA members, including National President Tom Michel, LACP, and Past President John Davidson, LUTCF, FSS, attended a meeting earlier this week with California state and federal lawmakers. During the event, NAIFA members were able to connect with several state officials.

NAIFA strongly supports the Securities and Exchange Commission’s (SEC's) Regulation Best Interest (REG BI) to protect investors and preserve the ability of financial advisors to serve the needs of Main Street USA consumers. The rule is in harmony with the National Association of Insurance Commissioners’ (NAIC's) revised Annuity Suitability Model, which requires producers to work in the best interests of consumers during annuity transactions, providing enhanced investor protections at the federal and state levels and discouraging a mishmash of confusing and potentially contradictory laws and regulations.

The monthly newsletter of the National Council of Insurance Legislators (NCOIL) features a front-page article contributed by NAIFA State Chapters Director Julie Harrison on the best interest standard incorporated into the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transaction Model Regulation. 

On September 21, 2021, Reps. Mike Thompson (D-CA) and Adrian Smith (R-NE) introduced H.R. 5318. This bipartisan bill will provide much-needed relief for employers seeking to comply with the reporting requirements under Section 6055 and 6056 for enforcement of the ACA's individual and employer mandates. NAIFA believes the passage of this legislation would greatly assist in addressing new challenges employers face under the health-reform law.

The inaugural Terry Headley Lifetime Defender Award will recognize a current NAIFA member who shows exemplary service to their profession, colleagues, and clients through their political advocacy and contributions to IFAPAC.

The deadline to nominate a NAIFA member for the award is Sept. 30.

NAIFA joined with industry partners in a letter to express strong support for National Defense Authorization Act (NDAA) amendment #445 offered by Representative Dean (D-PA), with the support of Representatives Armstrong (R-ND), Turner (R-OH), Perlmutter (D-CO), and Reschenthaler (R-PA).

NAIFA is pleased to welcome Kim Durcho as a Grassroots Director. Durcho joins NAIFA’s Government Relations team and reports to Senior Vice President for Government Relations Diane Boyle.

As Grassroots Director, Durcho will develop and execute a comprehensive advocacy program to foster member participation in grassroots efforts at the national and state level.

In advance of the Ways and Means Committee mark-up, NAIFA signed a letter with more than 100 other organizations representing Main Street employers asking Congress to reject proposed tax increases that would harm these businesses and the consumers they serve.

NAIFA has signed on as an official partner for Employee Voter Registration Week, which will take place from September 27 to October 1. During this week, NAIFA along with other companies and trade associations will be active on social media encouraging stakeholders and employees across the country to get registered to vote in the upcoming elections.

NAIFA’s Dallas chapter recently held its annual legislative luncheon. During the event, NAIFA members met with federal and state legislators and their staff and shared key NAIFA advocacy messages. NAIFA-TX lobbyist Elizabeth Hadley and NAIFA’s national Government Relations Director Mike Hedge joined the event and gave a legislative update via Zoom.

Today, the Centers for Medicare and Medicaid Services (CMS) announced that registration and training for Plan Year 2022 is now available for returning agents/brokers who completed training and registration for Plan Year 2021. Registration and full training for new agents and brokers will be made available later this year.

NAIFA members are our association's advocacy strength. We are influential with lawmakers at state and federal levels because we have members from every congressional district in the United States who serve Main Street Americans. Policymakers want to hear NAIFA members' stories and respect our expertise because we represent the communities, families, and small businesses important to elected officials.

Politically active members of NAIFA's Wisconsin chapter have maintained NAIFA's grassroots advocacy push throughout June, July, and August. According to NAIFA Senior Vice President for Government Relations Diane Boyle, NAIFA-WI leads all NAIFA's state chapters in in-district meetings with lawmakers and their staff this summer.

Connecticut has become the 16th state to adopt 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.

Congress is out of session for its annual August recess, which means that NAIFA members across the country are taking advantage of the opportunity to meet hold in-district meetings with lawmakers and their staff. NAIFA is the leading grassroots organization for insurance and financial professionals with members in every congressional district. Every year, NAIFA encourages members to meet with their Representatives and Senators during the August recess to reinforce the advocacy message shared at NAIFA’s May Congressional Conference.

A bipartisan bill to direct the Securities and Exchange Commission to issue a new form for annuity issuers to use when filing registered index-linked annuities has been reintroduced in the House. 

NAIFA has announced the inaugural Terry Headley Lifetime Defender Award, which will recognize a current NAIFA member who shows exemplary service to their profession, colleagues, and clients through their political advocacy and contributions to IFAPAC.

Agents and advisors are an important resource for consumers seeking affordable health care plans that suit their individual needs. These professionals have expertise and experience to help individuals and families navigate the complicated health care system and compare plan options. Consumers looking for an advisor can use NAIFA's "Find an Advisor" tool.

NAIFA Senior Vice President for Government Relations Diane Boyle reported that NAIFA’s virtual Congressional Conference in late May, held completely online, had a substantial impact. Nearly 1,350 registered participants representing every state participated in advocacy training, received policy briefings, and held 100 virtual meetings with Senators or members of their office staff.

On Monday, July 26, NAIFA and our industry partners, The Council of Insurance Agents & Brokers and the Independent Insurance Agents & Brokers of America, sent a letter to the U.S. Department of Labor requesting an initial non-enforcement period for Section 202 of the No Surprises Act.

NAIFA submitted comments July 31 to Rep. Frank Pallone (D-NJ) and Sen. Patty Murray (D-WA) in response to a request by the lawmakers for information on potential legislation to develop a public health insurance option. NAIFA shares the goal of expanding access to affordable and quality healthcare to all Americans. NAIFA firmly believes in the integrity of the employer-sponsored insurance (ESI) system and ability of employers to select coverage options that fit the unique needs of their employees. 

Over the last two years, NAIFA-CT worked diligently with state legislators supporting legislation to provide Connecticut residents unlimited protection from creditors of the cash value of life insurance. The bill ran unopposed through a public hearing in June. It then passed the House and Senate and on July 12, and Gov. Ned Lamont signed it into law.

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 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.

Louisiana Gov. John Bel Edwards recently signed a NAIFA-supported misclassification of workers bill into law. The bill, SB 244, outlines a 12-point definition for “independent contractor” developed by the Louisiana Association of Business and Industry which classifies an independent contractor as anyone who can meet seven of the 12 points. According to the new law, independent contractors could include workers who can’t set their hours, are not allowed to work for other businesses, and are directly managed or supervised by the contracting party.

A new report by the Congressional Budget Office provides a guide to understanding federal estate and gift taxes. These taxes affect only a small number of taxpayers (of 2.7 million Americans who died in 2016 only 5,500 left taxable estates, and in 2018 only 2,000 people paid gift taxes), but they may consider in planning for financial professionals working with affluent families or business owners. In 2021, estate values above an $11.7 million exemption are taxed at a 40% rate. “The same threshold and tax rate apply to gift taxes,” the report says.

The First Regular Session of Colorado’s 73rd General Assembly ended Tuesday, June 8, 2021. The legislature introduced 627 pieces of legislation and 80% of those introduced bills passed and will be up for action by the Governor.

NAIFA-CO was very busy this session beginning with hosting a virtual Lobby Day for legislators featuring Securities Commissioner Tung Chang and the Division of Insurance, Deputy Director Kate Harris. NAIFA-CO finished out the legislative session testifying and advocating on numerous bills. In total, NAIFA monitored and actively worked on 24 pieces of legislation.

Senators Ron Wyden (D-OR) and Michael Bennet (D-CO) have developed a proposal that they say would update and expand unemployment insurance so that the program is ready to respond to the next recession and meet the needs of the modern workforce.

NAIFA joined industry partners in a letter to Senate Finance Committee leadership to express strong concerns with a provision in the committee’s current discussion draft of the Unemployment Insurance Modernization Act.

NAIFA, along with NAIFA Senior Vice President for Government Relations Diane Boyle, has signed on to the Diversity in Government Relations (DGR) Coalition, a group of professionals and organizations in the government relations field working to actively champion diversity, equity, and inclusion in local, state, and federal policymaking.

NAIFA joined with industry partners in a letter to House sponsors of the SECURE Remote Online Notarization Act urging support for the importance of the legislation. Bipartisan legislation (S. 5355, H.R. 6364) was introduced by Sens. Kevin Cramer (R-ND) and Mark Warner (D-VA), and Reps. Guy Reschenthaler (R-PA) and Madeleine Dean (D-PA). 

Legislation signed recently by Governor Mike Parsons "allows an insurance producer to receive up to four hours of continuing education credit per biennial reporting period for participation as an individual member or employee of a business entity producer member of a local, regional, state, or national professional insurance association with approval by the Director of the Department of Commerce and Insurance."

NAIFA-MO worked on securing the adoption of the bill (HB 604) for several years.

“Our State Government Relations Committee found a good sponsor in Rep. Kurtis Gregory, and we are very proud of this accomplishment for NAIFA members,” said Ed Anderson, NAIFA-MO’s National Committeeperson.

Over the past several years, many NAIFA state chapters have been advocating for legislation to allow financial advisors to receive CE credit for their membership and active participation in a professional agent association. Due to NAIFA’s advocacy, at least 11 states allow advisors to be eligible for CE credit for their association membership: Arkansas, Georgia, Louisiana, Missouri, Nebraska, North Carolina, Ohio, Oklahoma, Texas, Utah, and West Virginia. Depending on the state and the approval of the respective state insurance commissioner, advisors may receive from one to six CE credit hours for this purpose.

As NAIFA has argued in state legislatures and before the National Association of Insurance Commissioners, professional insurance associations promote high standards of ethical conduct and provide educational programs and professional development opportunities to association members. NAIFA believes advisors who are active members of an agent association should be eligible for continuing education credit for such membership.

“We believe that permitting advisors to receive CE credit for association membership both encourages advisors to become members of nationally recognized professional insurance associations and benefits consumers by ensuring them access to better qualified advisors,” said Anderson.

New data security standards for the insurance industry passed the Wisconsin State Senate on June 9, 2021, on a voice vote. 

Legislation signed recently by Governor Greg Abbott enhances protections for Texas consumers seeking lifetime income through annuities. Championed by House Insurance Committee Chairman Dr. Tom Oliverson and Senate Business & Commerce Chairman Kelly Hancock, the new law enhances the standards financial professionals must follow while preserving consumers’ ability to access the tools they need for a secure retirement.

NAIFA’s Policy Director Maeghan Gale joined LTCI Partners Managing Director, Tom Riekse, and Director Steve Cain for a panel discussion about recent Long Term Care Insurance legislation.  For many years, Long-Term Care Insurance took a backseat as it relates to legislative action on the state and federal level. However, 2021 has brought a wave of activity as lawmakers consider the best way to support their growing aging populations.

Understandably, 2020 was a slow year for the National Association of Insurance Commissioners (NAIC) and National Council of Insurance Legislators (NCOIL) – with the obvious exception of COVID-19 matters. Many Working Groups, Task Forces, and Committees delayed projects and meeting altogether. Although there still are discussions on COVID-19 topics, the recent spring meetings of both groups generally focused on getting regular work streams back up and running.

NAIFA’s Virtual Congressional Conference, May 25-26, was an overwhelming success, with more than 1,300 registered participants. These insurance and financial advisors received advocacy training, benefited from policy briefings, and heard words of encouragement from Sen. Tim Scott (R-SC) and Reps. Stephanie Murphy (D-FL) and Darin LaHood (R-IL), as well as NAIFA CEO Kevin Mayeux and American Council of Life Insurers President and CEO Susan Neely.

NAIFA's state-level advocacy work is second-to-none, with state chapters and members providing expertise and influence to shape legislation and regulations impacting NAIFA members' businesses and clients across the country.

NAIFA President Tom Michel, LACP, is a political advocacy rock star! He's met with more than 100 legislators in his career and had an impact on policy decisions vital to his business, the insurance and financial services industry, and the consumers who depend on financial professionals. He understands the power of the Congressional Conference, his favorite NAIFA event of the year, and extends his personal invitation for all insurance and financial advisors to attend this year's virtual event.

NAIFA CEO Kevin Mayeux has thanked Sens. Ben Cardin (D-MD) and Rob Portman (R-OH) for introducing the Retirement Security and Savings Act of 2021. The Securing a Strong Retirement Act of 2021 is working its way through the House and three Senators earlier this week introduced the Improving Access to Retirement Savings Act.

NAIFA-Texas has been hard at work ensuring that the Texas legislature adopts the National Association of Insurance Commissioners (NAIC) model for a “Best Interest” standard for annuity products this legislative session. Partnering with Texas Association of Life and Health Insurers (TAHLI), we have met with multiple offices and other stakeholders to ensure clarity and support from those within the Texas Capitol. State Rep. Tom Oliverson, M.D. (R-Cypress), chair of the Texas House Insurance Committee is the bill's author.

On March 23, 2021, Jason Talley, NAIFA-Texas Past President, represented NAIFA-Texas by testifying in support of HB 1777 before the Texas House Insurance Committee. This bill passed unanimously out of committee and passed in the Texas House 144-1. Once it reached the Texas Senate, it was referred to the Senate Committee on Business & Commerce. Due to a time constraint before the first bill filing deadline of the session in early March, there was no Senate companion bill nor a Senate author. NAIFA-Texas and TALHI were able to get Chairman Kelly Hancock (R-Fort Worth) to carry this bill in his own committee. On May 13, 2021, this bill was heard in a formal hearing where NAIFA-Texas submitted written testimony in support. There was no opposition.

NAIFA CEO Kevin Mayeux, CAE, has sent a letter to three members of the U.S. Senate Finance Committee, Sen. Chuck Grassley (R-IA), Sen. Maggie Hassan (D-NH), and Sen. James Lankford (R-OK), thanking them for introducing the Improving Access to Retirement Savings Act of 2021, which contains some provisions found in a bill that has passed the House and is commonly known as the SECURE Act 2.0.

NAIFA's Virtual Congressional Conference, May 25-26, is a great opportunity for NAIFA members to tell their Senators how being reclassified as "employees" rather than "independent contractors" by the PRO Act would hurt their businesses and ability to serve the best interests of their clients. NAIFA President Elect Lawrence Holzberg gives his take on why it's important to attend.

NAIFA joined with coalition partners to submit a letter to U.S. Senate co-sponsors of the Securing and Enabling Commerce Using Remote and Electronic Notarization Act (SECURE Notarization Act), signaling support for the legislative initiative moving forward. The Act increases access to remote transactions for consumers.

NAIFA’s Oregon chapter has not missed a beat when it comes to fulfilling its political advocacy mission. NAIFA-OR’s most recent legislative update was a 100% virtual event attended by approximately 20% of NAIFA members in the state. It also attracted the attention of policymakers. State Rep. Christine Drazan (R-Canby) was among those who participated in the event.

The U.S. Department of Labor (DOL) has announced the withdrawal of the “Independent Contractor Rule," effective May 6, 2021.

Policy experts from industry associations, including NAIFA Assistant Vice President for Government Relations Judi Carsrud, provided congressional staff with a briefing on the defined contribution retirement system and how Congress can improve it. They explained some common challenges faced by employers providing plans and employees anxious about covering present-day expenses while saving for retirement.

House Ways and Means Committee Chairman Richard E. Neal (D-MA) and Ranking Member Kevin Brady (R-TX) have introduced the Securing a Strong Retirement Act of 2021, also known as the SECURE Act 2.0, and Neal has scheduled a markup session in the committee for Wednesday.

The New York Supreme Court, Appellate Division, has ruled that state Insurance Regulation 187, “Suitability and Best Interests in Life Insurance and Annuity Transactions,” is unconstitutional. A 2018 amendment to Regulation 187 imposed a complicated new standard of care on annuity recommendations and broadened the scope of the regulation to include life insurance as well as annuity products.

NAIFA’s North Carolina chapter (NAIFA-NC) held a virtual Advocacy Day, Monday, April 26. Insurance and financial professionals who attended benefited from an update on state legislative and regulatory activity by NAIFA-NC lobbyists Michelle Frazier and David Ferrell.

The SECURE Act, enacted in December 2019, changes the rules for certain inherited retirement accounts whose original owners died after Dec. 31, 2019. Under the new rule, many heirs to IRAs and 401(k) accounts will have to fully distribute the funds from their inherited accounts (and pay income tax on the distributions) within 10 years of the original owner’s death. The rule does not apply to surviving spouses, minor children, heirs who are disabled or chronically ill, and heirs who are within 10 years of the age of the decedent.

More than 90% of NAIFA members have income reported to the government on IRS Form 1099, and very few of them show any appetite for giving up their status as independent contractors, according to a recent survey.

NAIFA’s advocacy educates and informs policymakers so they understand the important work insurance and financial professionals do to help American families and businesses achieve their financial goals and attain financial security. Well-informed officials make better decisions to serve NAIFA members and their clients as well as all Americans who seek financially secure futures.

Montana Governor Greg Gianforte has signed legislation that revises state non-discrimination laws to allow insurers to consider insured individuals’ gender and marital status when setting rates for insurance premiums. NAIFA’s Montana chapter worked with state Commissioner of Securities and Insurance Troy Downing to craft and promote the legislation. NAIFA-MT members testified on its behalf at hearings in the state. The commissioner cited research by NAIFA-MT in his press release on the legislation.

NAIFA CEO Kevin Mayeux issued the following statement following a House Ways and Means Committee hearing on paid family medical leave:

NAIFA CEO Kevin Mayeux, CAE, issued the following statement on the confirmation of Gary Gensler as chair of the SEC:

NAIFA’s Congressional Congress, May 25-26, will be a virtual event featuring targeted advocacy training with briefings on legislative issues that affect members’ businesses, best practices for conducting congressional meetings, and tips for developing impactful long-term relationships with legislators.

NAIFA has joined with industry partners to submit a comment letter to the Department of Labor (DOL) on the proposed withdrawal of the Independent Contractor Status rule under the Fair Labor Standards Act (FLSA). The rule was published on January 7, 2021.

In March, Congress passed the American Rescue Plan (ARP) Act, which included provisions that provide 100% COBRA subsidies from April 1 through September 30 of 2021.

Legislation signed into law today by Nebraska Governor Pete Ricketts provides citizens throughout the Cornhusker state with enhanced consumer protections when buying annuities. Strongly supported by Nebraska Director of Insurance Bruce Ramge and championed in the Nebraska Legislature by State Senator Matt Williams, the new law closely tracks the ‘best interest of consumer enhancements’ in the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation. It also aligns with the SEC’s Regulation Best Interest.

NAIFA-California held their annual Day on the Hill as a virtual event over several days in late March. Attendees received legislative and regulatory updates and heard from speakers who shared insights about building relationships with lawmakers and being an effective political advocate.

NAIFA Senior Vice President Diane Boyle and Government Relations Director Michael Hedge spend part of their week keeping insurance and financial professionals up-to-date with the latest information on the PRO Act, where it stands, and how it could impact advisors.

State advocacy is among part of NAIFA's critical mission to ensure policymakers in every state capital understand the important role of insurance and financial professionals in providing financial security and prosperity to families and small business in communities across the United States. 

NAIFA’s Congressional Congress, May 25-26, will be a virtual event featuring targeted advocacy training with briefings on legislative issues that affect members’ businesses, best practices for conducting congressional meetings, and tips for developing impactful long-term relationships with legislators.

In 2018, North Dakota Governor Doug Burgum unveiled the state’s new brand: Be Legendary.

On March 25, the Senate passed 92-7 legislation to extend the deadline for Paycheck Protection Program (PPP) loan applications to May 31. The program has issued 7.5 million loans totaling $687 billion to small businesses during the last year, according to the Small Business Administration (SBA). The bill would also allow the agency an extra month to process applications after the program closes.