Advocacy in action blog

NAIFA has joined a coalition of professional associations urging Tennessee policymakers to phase out and ultimately repeal the state’s Professional Privilege Tax (PPT). In a joint letter sent to Governor Bill Lee, the coalition called on state leaders to prioritize a phase-out of this outdated tax in the FY 2026–2027 budget, emphasizing that Tennessee should not fund government through a tax on the “privilege” of working. The PPT currently imposes a $400 annual tax on certain licensed professionals, including financial advisors, despite their significant contributions to the state’s economy .

The House Ways & Means Committee issued a press release on tax reform measures for small businesses that highlights the recent NAIFA webinar, “The One Big Beautiful Bill: Several Big Beautiful(?) Tax Law Changes,” featuring Robert Kirkland, founding member of Kirkland Hochstetler law firm. The tax and spending bill known as the One Big Beautiful Bill (OBBB)” passed earlier this year stabilizes estate tax laws making legacy planning less challenging, Kirkland explained. InsuranceNewsNet magazine’s Advisor News also reported on the NAIFA webinar.

The bipartisan INVEST Act has passed the House of Representatives in a 302-123 vote. NAIFA supports the legislation to expand retirement-planning options for teachers, employees of nonprofit organizations, and others.

"NAIFA is pleased to see the House take bipartisan action to bolster the ability of more Americans to better prepare for retirement," said NAIFA CEO Kevin Mayeux, CAE. "The INVEST Act would give teachers, hospital workers, nonprofit employees, and others who have 403(b) plans access to expanded investment options, including annuity-linked products that provide guaranteed lifetime income. It would also take steps toward addressing elder financial exploitation and would remove unfair impediments that prevent expert investors who don't meet net-worth thresholds from taking advantage of some sophisticated investments."

Four sections of the bill are particularly noteworthy to financial professionals and their clients.

NAIFA President-Elect Christopher Gandy spoke before the Senior Issues (B) Task Force during the National Association of Insurance Commissioners’ 2025 Fall National Meeting in Hollywood, Fla. Gandy discussed hybrid life insurance policies with long-term care, extended care, and critical care riders, providing his perspective as an agent to the Task Force. Gandy provided insight on what he’s seeing in the market and offered suggestions to regulators to ensure the products remain accessible and easily understandable to consumers.

NAIFA supports the bipartisan Retirement Simplification and Clarity Act reintroduced by Reps. Jimmy Panetta (D-Calif.) and Darin LaHood (R-Ill.), which would require the IRS to rewrite documentation that employers must provide exiting employees who request distributions from their 401(k) plans. The new notice would use “clear, straightforward language” to explain various options for 401(k) distributions and rollovers along with their tax implications. The bill would also allow people aged 50 and over to roll over employer-sponsored 401(k) accounts into annuities.

NAIFA CEO Kevin Mayeux, CAE, issued the following statement on the bipartisan INVEST Act:

The Department of Labor’s fiduciary-only rule will not go into effect. NAIFA has strongly opposed the misguided regulation, which would have restricted consumer choice and access to retirement advice. NAIFA was similarly instrumental in defeating an earlier version of the rule in 2016.

Across the country, licensed financial professionals are stepping up on behalf of the seniors they serve and their efforts are making a difference. Following the regulatory alert issued by NAIFA, hundreds of advisors from all 50 states reached out to their state insurance regulators demanding action to curb carriers’ practices that undermine consumer choice and steer vulnerable Medicare beneficiaries into restricted or biased product lines.

Representatives of NAIFA’s Medicare Collective, an initiative of the Lifetime Healthcare Center, met with officials from the Centers for Medicare and Medicaid Services (CMS) to discuss the role of brokers and agents in providing vital guidance, services, and protections to consumers in the Medicare space. They presented the Collective’s plan to work with CMS and insurance carriers to ensure Medicare beneficiaries receive the best possible coverage and care in these challenging times. They also addressed rising concerns that the failure to adequately compensate agents for their work would harm consumers by leaving them vulnerable to misinformation or without competent, personalized assistance as they navigate complex coverage options, plans, and regulations.

UPDATE: New Hampshire, Oklahoma,  North Dakota, Montana, North Carolina, Mississippi, South Carolina and Colorado join Idaho and Delaware in addressing unfair trade practices.

In a powerful display of grassroots advocacy, hundreds of NAIFA members representing all 50 states have written to their state insurance commissioners urging immediate action against unfair trade practices harming Medicare beneficiaries and the licensed professionals who serve them. These letters, sent following NAIFA’s nationwide regulatory alert, underscore the profession’s determination to protect seniors during a particularly challenging enrollment period.