Advocacy in action blog

Confusion over the status of the Corporate Transparency Act (CTA) is causing hardship for businesses across the country. The legislation, passed in 2021, requires an estimated 32.5 million businesses to file paperwork providing sensitive information about ownership with a division of the U.S. Department of Treasury by January 1, 2025. Under the law, companies that fail to comply would face fines of up to $590 per day. A federal court has issued a preliminary injunction that prevents the Treasury from enforcing the reporting requirements, but that decision is under appeal.

This issue is important to NAIFA because many NAIFA members are business owners or provide financial services for small business clients, even if the CTA does exempt securities brokers or dealers, licensed insurance producers, public accounting firms, and several other types of companies. NAIFA has joined a group of trade organizations supporting legislation that would delay enforcement of the reporting requirements by one year even if the court’s preliminary injunction is lifted. In a letter to Congressional leadership, NAIFA and the other organizations strongly urge lawmakers to include language delaying the CTA requirements in a continuing resolution (CR) that would fund the government into the new year. Doing so would remove a great deal of uncertainty for American businesses.

The larger funding CR is currently hung up in Congress due to disputes over issues unrelated to the CTA funding provision. 

NAIFA CEO Kevin Mayeux sat down with Senior Director for Government Relations Michael Hedge to discuss some ways the incoming administration could change the regulatory landscape surrounding Medicare and how this could present opportunities for NAIFA to get involved. Insurance professionals are crucial to helping consumers navigate the complicated Medicare plans and NAIFA is dedicated to keeping agents involved and ensuring they are properly compensated.

NAIFA tells CMS that compensation cuts may ‘run afoul’ of existing federal regulations

American Council of Life Insurers (ACLI) President and CEO David Chavern and National Association of Insurance and Financial Advisors (NAIFA)—Nevada Political Action Committee Chair Jarod Morgan issued the following joint statement on the best interest annuity rule approved recently by the Legislative Review Committee and supported by the Nevada Division of Insurance:

NAIFA Senior Vice President for Government Relations Diane Boyle participated in a legislative panel at OneAmerica's Long-Term Care Summit. The summit featured discussions by industry thought leaders focused on the future of long-term care, covering everything from industry trends and government and regulation considerations to consumer perspectives.

Join us on Tuesday, December 3, 2024, at 3 pm Eastern as NAIFA’s Government Relations team unpacks the results of the 2024 general election and its implications for insurance agents and the broader financial services industry. With a new administration, shifts in the Senate and House, and changes across 11 gubernatorial offices and 85 state legislative chambers, this webinar will provide valuable insights on the challenges and opportunities that lie ahead.

Here we go again! Two more insurance companies, Aetna and Anthem, have informed agents that they will no longer pay commissions on new enrollments to some Medicare Advantage plans. These announcements follow similar ones by insurers earlier this year. The most recent decisions are particularly jarring because they come in the middle of the Medicare Annual Enrollment Period, when many agents are deep into the planning process with clients.

Throughout September, NAIFA and our Life Happens community promoted Life Insurance Awareness Month (LIAM) to educate consumers about the importance of life insurance and empower financial professionals to reach wider communities with LIAM-themed resources and materials. As an important part of the LIAM campaign, NAIFA chapters worked alongside advocacy partner ACLI with elected officials to get proclamations or resolutions recognizing LIAM in at least 19 states.

As we approach the sunset of key provisions in the Tax Cuts and Jobs Act (TCJA) set for 2025, taxpayers and businesses alike are bracing for significant changes. With the potential for major tax legislation on the horizon, now is the time to prepare.

More than 181,000 Americans living with disabilities have benefited from the Achieving a Better Life Experience (ABLE) program, which NAIFA has advocated for since it was first enacted in 2014. The program gives people with disabilities and their families access to tax-free savings accounts without affecting their eligibility for federal programs like Medicaid and Supplemental Security Income. Now that key provisions of the ABLE program are set to expire next year, NAIFA strongly supports the efforts of Senators Bob Casey (D-PA) and Eric Schmitt (R-MO) to extend them.