Advocacy in action blog

NAIFA CEO Kevin Mayeux has thanked Sens. Ben Cardin (D-MD) and Rob Portman (R-OH) for introducing the Retirement Security and Savings Act of 2021. The Securing a Strong Retirement Act of 2021 is working its way through the House and three Senators earlier this week introduced the Improving Access to Retirement Savings Act.

NAIFA-Texas has been hard at work ensuring that the Texas legislature adopts the National Association of Insurance Commissioners (NAIC) model for a “Best Interest” standard for annuity products this legislative session. Partnering with Texas Association of Life and Health Insurers (TAHLI), we have met with multiple offices and other stakeholders to ensure clarity and support from those within the Texas Capitol. State Rep. Tom Oliverson, M.D. (R-Cypress), chair of the Texas House Insurance Committee is the bill's author.

On March 23, 2021, Jason Talley, NAIFA-Texas Past President, represented NAIFA-Texas by testifying in support of HB 1777 before the Texas House Insurance Committee. This bill passed unanimously out of committee and passed in the Texas House 144-1. Once it reached the Texas Senate, it was referred to the Senate Committee on Business & Commerce. Due to a time constraint before the first bill filing deadline of the session in early March, there was no Senate companion bill nor a Senate author. NAIFA-Texas and TALHI were able to get Chairman Kelly Hancock (R-Fort Worth) to carry this bill in his own committee. On May 13, 2021, this bill was heard in a formal hearing where NAIFA-Texas submitted written testimony in support. There was no opposition.

NAIFA CEO Kevin Mayeux, CAE, has sent a letter to three members of the U.S. Senate Finance Committee, Sen. Chuck Grassley (R-IA), Sen. Maggie Hassan (D-NH), and Sen. James Lankford (R-OK), thanking them for introducing the Improving Access to Retirement Savings Act of 2021, which contains some provisions found in a bill that has passed the House and is commonly known as the SECURE Act 2.0.

NAIFA's Virtual Congressional Conference, May 25-26, is a great opportunity for NAIFA members to tell their Senators how being reclassified as "employees" rather than "independent contractors" by the PRO Act would hurt their businesses and ability to serve the best interests of their clients. NAIFA President Elect Lawrence Holzberg gives his take on why it's important to attend.

NAIFA’s Oregon chapter has not missed a beat when it comes to fulfilling its political advocacy mission. NAIFA-OR’s most recent legislative update was a 100% virtual event attended by approximately 20% of NAIFA members in the state. It also attracted the attention of policymakers. State Rep. Christine Drazan (R-Canby) was among those who participated in the event.

Policy experts from industry associations, including NAIFA Assistant Vice President for Government Relations Judi Carsrud, provided congressional staff with a briefing on the defined contribution retirement system and how Congress can improve it. They explained some common challenges faced by employers providing plans and employees anxious about covering present-day expenses while saving for retirement.

House Ways and Means Committee Chairman Richard E. Neal (D-MA) and Ranking Member Kevin Brady (R-TX) have introduced the Securing a Strong Retirement Act of 2021, also known as the SECURE Act 2.0, and Neal has scheduled a markup session in the committee for Wednesday.

The New York Supreme Court, Appellate Division, has ruled that state Insurance Regulation 187, “Suitability and Best Interests in Life Insurance and Annuity Transactions,” is unconstitutional. A 2018 amendment to Regulation 187 imposed a complicated new standard of care on annuity recommendations and broadened the scope of the regulation to include life insurance as well as annuity products.

NAIFA’s North Carolina chapter (NAIFA-NC) held a virtual Advocacy Day, Monday, April 26. Insurance and financial professionals who attended benefited from an update on state legislative and regulatory activity by NAIFA-NC lobbyists Michelle Frazier and David Ferrell.

NAIFA’s advocacy educates and informs policymakers so they understand the important work insurance and financial professionals do to help American families and businesses achieve their financial goals and attain financial security. Well-informed officials make better decisions to serve NAIFA members and their clients as well as all Americans who seek financially secure futures.