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NAIFA & ACLI


Recent posts by NAIFA & ACLI

2 min read

Colorado Adopts Stronger Protections for Annuity Consumers

By NAIFA & ACLI on 8/5/22 1:33 PM

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:

Topics: Annuities Legislative & Regulatory State Advocacy Press Release
1 min read

New Law in Hawaii Strengthens Protections for Annuity Consumers

By NAIFA & ACLI on 6/21/22 4:30 PM

ACLI President and CEO Susan Neely and NAIFA-HI Government Relations Chair Cynthia Takenaka issued the following joint statement on legislation signed into law in Hawaii that strengthens protections for annuity consumers:

“The new law approved by the legislature and signed by Governor David Ige strengthens protections for consumers in the Aloha State looking to secure lifetime income through annuities.

“The new law adds to the national momentum behind enhanced protections for annuity consumers. Hawaii becomes the 27th state to implement 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 align with the SEC’s Regulation Best Interest, providing robust consumer protections at the state and federal level.

“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 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 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 more states implement these sensible protections so more consumers working to secure their family’s financial future can benefit from a best interest standard of care, no matter where they live.”

Topics: Annuities Legislative & Regulatory State Advocacy Press Release
1 min read

North Carolina Enhances Protections for Annuity Consumers

By NAIFA & ACLI on 6/14/22 2:38 PM

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.”

Topics: Annuities Legislative & Regulatory State Advocacy Press Release
1 min read

New Rule Strengthens Protections for South Carolina Annuity Consumers

By NAIFA & ACLI on 5/19/22 9:32 AM

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:

Topics: Annuities Legislative & Regulatory State Advocacy Press Release
2 min read

New Wisconsin Law Boosts Protections for Annuity Consumers

By NAIFA & ACLI on 4/18/22 9:58 AM

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.

Topics: Annuities State Advocacy Interstate Advocacy Press Release
1 min read

Maryland Enhances Protections for Annuity Consumers

By NAIFA & ACLI on 4/12/22 9:47 AM

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:

Topics: Annuities State Advocacy Interstate Advocacy Press Release
2 min read

South Dakota Law Strengthens Protections for Consumers Seeking Lifetime Income in Retirement

By NAIFA & ACLI on 3/8/22 4:34 PM

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:

Topics: Legislative & Regulatory State Advocacy Press Release
2 min read

New Mexico Enhances Protections for Annuity Consumers

By NAIFA & ACLI on 3/1/22 2:46 PM

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:

Topics: Annuities Legislative & Regulatory State Advocacy Interstate Advocacy Press Release NAIC Model Regulation

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