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Julie Harrison

Recent posts by Julie Harrison

2 min read

Idaho Enacts Enhanced Protections for Annuity Consumers

By Julie Harrison on 3/17/21 2:15 PM

Idaho Governor Brad Little has signed a NAIFA-promoted best interest bill into law. The bill, HR 79, is based on the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transaction Model Regulation.

Topics: State Advocacy
1 min read

NAIFA-MT Promotes Favorable Auto Insurance Ratemaking Bill

By Julie Harrison on 3/17/21 1:58 PM

The Montana State Legislature is considering a bill that would end the state’s practice of treating all people, regardless of gender, the same by insurance companies when setting rates and product offerings.

Topics: State Advocacy
1 min read

NAIFA-MN Testifies Against Problematic Paid Family Medical Leave Bill

By Julie Harrison on 3/15/21 2:45 PM

NAIFA-MN opposes a bill that would create a state-wide paid and family medical leave insurance program in Minnesota, HF 1200, which is under consideration in the state House.

Topics: State Advocacy
1 min read

NAIFA-ND Tells Lawmakers Their Clients Come First

By Julie Harrison on 3/9/21 3:35 PM

NAIFA-ND President Lyle Kraft testified at the State Senate Industry, Business and Labor Committee on March 9, on the importance of passing an important new best interest standard.

Topics: Annuities Legislative & Regulatory State Advocacy NAIC Model Regulation
1 min read

NAIFA-TN Urges End of Professional Tax on Advisors and Broker-Dealers

By Julie Harrison on 3/2/21 3:55 PM

NAIFA-TN is using its advocacy muscle to convince state legislators to eradicate its professional privilege tax. The tax was used to balance budgets in 1992 and in 2002 and Tennessee is one of only six states with such a tax. Until two years ago, the tax applied to 22 different professions, including dentists, physicians, and real estate principal brokers. In 2019, Tennessee removed the discriminatory tax on 15 of the professions yet continues to require attorneys, securities agents, broker-dealers, investment advisers, lobbyists, osteopathic physicians, and physicians to pay the annual $400 tax.

Topics: State Advocacy
1 min read

NAIFA-WI Objects to Proposed Layers of Data Privacy Regulations

By Julie Harrison on 3/1/21 2:42 PM

NAIFA-WI joined other trade associations representing the insurance and financial services industry to push back on a potential regulatory proposal that would complicate existing data privacy and security laws.

Topics: State Advocacy
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NAIFA-NJ Pushes Back on Senate Bad Faith Bill

By Julie Harrison on 1/28/21 3:13 PM

NAIFA-NJ recently put out a call to action to its members, asking them to contact their state senators to vote "No" on S-1559. The bill, the New Jersey Insurance Fair Conduct Act, would establish a private cause of action for first-party claimants against an auto insurer for an unreasonable delay or denial of a claim or for violating statutes prohibiting unfair or deceptive acts or practices. 

Topics: Legislative & Regulatory State Advocacy
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NAIFA-ND Activates Grassroots to Counter LTC Proposal

By Julie Harrison on 1/26/21 5:33 PM

North Dakota lawmakers are considering a bill that would impose a three-year ban on the sale of long-term care insurance policies. The bill, SB 2253, has four sponsors seeking to use the three-year moratorium to study the market and premium increases.

Topics: Long Term Care State Advocacy
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NAIFA Backs Ohio’s Suitability in Annuity Trans-actions Proposal Albeit Minor Edits

By Julie Harrison on 6/23/20 5:41 PM

Ohio’s Department of Insurance recently proposed updates to its “3901-6-13 Suitability Annuity Transactions” rule.  The state’s Director of Insurance, Jillian Froment, chaired the National Association of Insurance Commissioner’s Annuity Suitability Working Group while the working group crafted revisions to the NAIC’s “Suitability In Annuity Transactions Model Regulation (#275).”  As expected, the Ohio proposal is similar to the model. It establishes a new standard of conduct that goes beyond the rule’s current suitability standard, but it is not a fiduciary standard. 

Topics: NAIC Model Regulation
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Arizona Annuity Sales Standards Bill Signed Into Law

By Julie Harrison on 6/9/20 2:55 PM

Arizona Governor Doug Ducey signed into law SB 1557 on Friday June 5, 2020. The measure will amend the state’s requirements governing annuity recommendations and sales by requiring producers and insurers to act in the best interest of annuity purchasers and to not put their own financial interests ahead of the consumers’ interest. These revisions track amendments made earlier this year by the National Association of Insurance Commissioners to the NAIC Suitability in Annuity Transactions Model Regulation, which aligns well with the SEC’s Regulation Best Interest and will raise the standard of care required of financial professionals while preserving consumers’ access to valuable financial advice, services and products.

Topics: Annuities