Advocacy in action blog

NAIFA CEO Kevin Mayeux, CAE, is among the industry leaders who signed a letter to Sens. Tim Scott (R-SC) and Elizabeth Warren (D-MA) of the Senate Committee on Banking, Housing, & Urban Affairs strongly supporting legislation to modernize federal securities regulation of 403(b) retirement plan investments by providing parity with 401(k) plans and other retirement savings arrangements.

NAIFA is part of a coalition of organizations that expressed support for the bipartisan ABLE Tomorrow Act in a letter to the act’s cosponsors, Sens. Jerry Moran (R-KS) and Chris Van Hollen (D-MD). The legislation would expand and strengthen the ABLE program, a tax-advantaged saving and investment program for eligible individuals with disabilities. ABLE Accounts provide many people with disabilities to save for qualified disability-related expenses without losing their eligibility for other federal programs.

The National Association of Insurance and Financial Advisors (NAIFA) applauds the unanimous approval of H.R. 7187, the Clarity for Compensation Act, by the U.S. House Committee on Financial Services. The bipartisan legislation, sponsored by Reps. Zach Nunn (R-Iowa) and Greg Meeks (D-N.Y.), passed the committee by a vote of 51-0 on June 30 and now advances to the full House of Representatives.

The U.S. House of Representatives passed a bipartisan financial services bill today which would strengthen protections preventing the financial exploitation of seniors and other vulnerable adults by granting investment firms and financial institutions the legal authority to temporarily pause suspicious transactions.

On June 10, the House Energy and Commerce Health Subcommittee held a hearing entitled “Lowering Health Care Costs for All Americans: Examining Policies Increasing Health Care Transparency.” While NAIFA strongly supports the Committee's goal of greater transparency and lower health care costs for all, the hearing's discussion of so-called "kickbacks" in Medicare Advantage marketing painted the entire agent and broker community with an unfairly broad brush.

NAIFA's Medicare Collective welcomes the Centers for Medicare & Medicaid Services' guidance regarding agent and broker compensation for Contract Year 2027.

The Planning for Long-term Aging Needs (PLAN) Act, sponsored by Reps. Tom Suozzi (D-NY) and Aaron Bean (R-FL), would direct the Department of Health and Human Services to create a public education initiative to encourage Americans to plan for their potential long-term care needs.

For decades, insurance and financial professionals have operated under an independent contractor model that allows advisors to serve clients with flexibility, objectivity, and independence. But according to NAIFA New Jersey, the state’s newly adopted worker classification rule does not provide sufficient protections to guarantee insurance and financial advisors can continue operating independently without risk of being reclassified as full-time employees. As a result, NAIFA New Jersey supports legislation introduced by Sen. Gordon M. Johnson that would exempt insurance and financial professionals from the rule and provide the clarity the industry believes is necessary.

The Omaha-based financial professional will be recognized for his exemplary political advocacy and participation in NAIFA’s political action committees as the sixth recipient of NAIFA’s award named after industry legend and fellow Nebraskan Terry Headley.

The GUARD Financial Data Act, introduced by Rep. Bill Huizenga, Vice Chair of the House Committee on Financial Services, would create a modern data privacy framework for financial services companies to protect consumers’ personal information. NAIFA has joined the American Council of Life Insurers, American Property Casualty Insurance Association, Council of Insurance Agents and Brokers, Independent Insurance Agents and Brokers of America, and National Association of Mutual Insurance Companies to send a letter to Rep. Huizenga in support of the legislation.

Consumers trust the insurance and financial services industry to safeguard a variety of sensitive personal financial information, and the industry has responded by appropriately managing this data for decades. However, federal laws have not kept up with the evolution of data collection and usage. In many cases, states have stepped in to create a confusing patchwork of laws and regulations. 

The GUARD Act in harmony with the SECURE Data Privacy Act would “replace this patchwork with consistent, nationwide rules that provide equal protections for the confidentiality and security of consumers’ personal information,” NAIFA and our coalition partners write. The legislation would also ensure that companies and firms do not face undue barriers that would hinder their ability to serve clients. By not including a private right of action, the legislation will discourage bad-faith lawsuits and offer a consistent consumer understanding and application of privacy rights.