Alabama, Maine, and Virginia have joined 12 other states in adopting consumer-protection regulations or legislation based on the National Association of Insurance Commissioners’ (NAIC’s) Suitability in Annuity Transactions Model. The NAIC model requires financial professionals to work in the best interests of their clients during annuities transactions and aligns with the federal Securities and Exchange Commission’s Regulation Best Interest. It also preserves the ability of consumers to work with agents and advisors offering a variety of successful business models and avoids restrictions that would likely make it impossible for financial professionals to work with Main Street investors and retirement savers.
Recent posts by NAIFA
1 min read
Three More States Enact Consumer-Protection Rules Based on the NAIC’s Annuity Transactions Model
Topics: Life Insurance & Annuities Legislation & Regulations State Advocacy Standard of Care & Consumer Protection Interstate Advocacy Alabama Annuity Best Interest Maine Virginia
2 min read
NAIFA Works to Preserve Tax Deduction for Pass-Through Businesses
As the leading advocacy association for insurance and financial services professionals, NAIFA continues to work with policymakers at the federal and state levels on efforts to bolster American businesses. Most recently, NAIFA is one of only three insurance-related associations (along with the Independent Insurance Agents and Brokers of America and the National Association of Professional Insurance Agents) to sign onto a letter sent to key members of the Senate and House of Representatives urging Congress to maintain the 20% deduction for qualified business income under Section 199A of the federal tax code.
Topics: Retirement Planning Federal Advocacy Congress Tax Reform
1 min read
New CBO Report Offers Insights on Estate and Gift Taxes
A new report by the Congressional Budget Office provides a guide to understanding federal estate and gift taxes. These taxes affect only a small number of taxpayers (of 2.7 million Americans who died in 2016 only 5,500 left taxable estates, and in 2018 only 2,000 people paid gift taxes), but they may consider in planning for financial professionals working with affluent families or business owners. In 2021, estate values above an $11.7 million exemption are taxed at a 40% rate. “The same threshold and tax rate apply to gift taxes,” the report says.
Topics: Retirement Planning Federal Advocacy Advocacy Resources Tax Reform
4 min read
NAIFA-CO Shows Advocacy Influence Throughout an Intense Legislative Session
The First Regular Session of Colorado’s 73rd General Assembly ended Tuesday, June 8, 2021. The legislature introduced 627 pieces of legislation and 80% of those introduced bills passed and will be up for action by the Governor.
NAIFA-CO was very busy this session beginning with hosting a virtual Lobby Day for legislators featuring Securities Commissioner Tung Chang and the Division of Insurance, Deputy Director Kate Harris. NAIFA-CO finished out the legislative session testifying and advocating on numerous bills. In total, NAIFA monitored and actively worked on 24 pieces of legislation.
Topics: State Advocacy Colorado Grassroots
1 min read
NAIFA Submits Comments to Senate Finance Committee Leadership on Unemployment Insurance
Senators Ron Wyden (D-OR) and Michael Bennet (D-CO) have developed a proposal that they say would update and expand unemployment insurance so that the program is ready to respond to the next recession and meet the needs of the modern workforce.
NAIFA joined industry partners in a letter to Senate Finance Committee leadership to express strong concerns with a provision in the committee’s current discussion draft of the Unemployment Insurance Modernization Act.
Topics: Group & Employee Benefits Federal Advocacy Congress
2 min read
NAIFA SVP Boyle Signs Diversity in Government Relations Pledge
NAIFA, along with NAIFA Senior Vice President for Government Relations Diane Boyle, has signed on to the Diversity in Government Relations (DGR) Coalition, a group of professionals and organizations in the government relations field working to actively champion diversity, equity, and inclusion in local, state, and federal policymaking.
Topics: Federal Advocacy
2 min read
New Texas Law Enhances Protections for Annuity Consumers
Legislation signed recently by Governor Greg Abbott enhances protections for Texas consumers seeking lifetime income through annuities. Championed by House Insurance Committee Chairman Dr. Tom Oliverson and Senate Business & Commerce Chairman Kelly Hancock, the new law enhances the standards financial professionals must follow while preserving consumers’ ability to access the tools they need for a secure retirement.
Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Insurance & Financial Advisor Regulation Texas
3 min read
NAIFA Attends NAIC and NCOIL Spring 2021 Annual Meetings
Understandably, 2020 was a slow year for the National Association of Insurance Commissioners (NAIC) and National Council of Insurance Legislators (NCOIL) – with the obvious exception of COVID-19 matters. Many Working Groups, Task Forces, and Committees delayed projects and meeting altogether. Although there still are discussions on COVID-19 topics, the recent spring meetings of both groups generally focused on getting regular work streams back up and running.
Topics: Interstate Advocacy NAIC NCOIL
3 min read
Members of Congress Praise NAIFA Advocates at Virtual Congressional Conference
NAIFA’s Virtual Congressional Conference, May 25-26, was an overwhelming success, with more than 1,300 registered participants. These insurance and financial advisors received advocacy training, benefited from policy briefings, and heard words of encouragement from Sen. Tim Scott (R-SC) and Reps. Stephanie Murphy (D-FL) and Darin LaHood (R-IL), as well as NAIFA CEO Kevin Mayeux and American Council of Life Insurers President and CEO Susan Neely.
Topics: Federal Advocacy Grassroots Congressional Conference
NAIFA President Michel: It's Not Too Late to Register for Congressional Conference
NAIFA President Tom Michel, LACP, is a political advocacy rock star! He's met with more than 100 legislators in his career and had an impact on policy decisions vital to his business, the insurance and financial services industry, and the consumers who depend on financial professionals. He understands the power of the Congressional Conference, his favorite NAIFA event of the year, and extends his personal invitation for all insurance and financial advisors to attend this year's virtual event.
