Advocacy in action blog

In case you missed it, HealthCare.gov sent a notice that the Department of Health and Human Services has announced a Special Enrollment Period (SEP) for individuals and families for Marketplace coverage in response to the COVID-19 Public Health Emergency the notice says: 

As the Nebraska Legislature considers LB 22, legislation that would establish an enhanced standard of care for financial professionals offering annuity products, NAIFA-NE Past-President Dave Skutnik submitted testimony in support of the bill on behalf of NAIFA’s Nebraska chapter.

NAIFA-IL has sent a call to action to its members to urge Gov. J.B. Pritzker to veto a bill that sets a prejudgment interest at the rate of 9% per year on all tort actions seeking recovery for personal injury or wrongful death.

NAIFA congratulates President Joe Biden and Vice President Kamala Harris on their inauguration and looks forward to working with the Biden administration on policies to promote financial security and access to financial products, services, and advice for all Americans.

NAIFA-FL supports two bills that provide several COVID-19-related liability protections for businesses, educational institutions, government entities, religious organizations, and other entities.

This week the North Dakota House Industry, Business and Labor Committee unanimously approved H.B. 1160, a bill that tracks with the “best interest of consumer enhancements” in the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation.

Virginia House Bill 2174 would establish the VirginiaSaves Program, a state-run automatic enrollment payroll deduction IRA savings program. The program would be optional for employees, but would require employers with five or more employees that do not offer retirement plans to set up a payroll deduction and retirement savings plan through the state-run system.

Elizabeth Pate, a NAIFA-VA Board member and Past President for the state chapter, testified via Zoom before the Virginia House of Delegates Appropriations Compensation and General Government Subcommittee that NAIFA-VA has concerns about the proposed program.

Pate said that NAIFA applauds efforts by the Virginia General Assembly to help Virginians prepare for retirement, but cannot support the legislation as it currently stands. She noted that the federal SECURE Act makes it easier for employers to band together and offer retirement plans in a cost-effective manner. This achieves the goal of encouraging greater retirement preparation by employees without creating a state-run plan to compete with the private sector.

Plans created under the SECURE Act, she noted, would give participants protections afforded by the Employee Retirement Income Security Act of 1974 (ERISA), while it appears VirginiaSaves participants would not benefit from ERISA protections.

Pate also noted that enrollees in the state-run program would lack access to personalized advice from financial professionals that many participants in private-market plans receive.

Several members of the Subcommittee raised questions about potential financial impacts of the VirginiaSaves plan on small businesses and expressed concerns about the mandatory nature of employer participation under the current draft of the legislation. The Subcommittee vote to send HB 2174 to the full committee for further consideration.

NAIFA and NAIFA-VA will remain politically active and engaged on the proposed legislation.

Michigan and Arkansas have become states number four and five to adopt a best interest annuity rule based on the National Association of Insurance Commissioners’ (NAIC’s) revised Suitability in Annuity Transactions Model Regulation. 

On December 22, the Senate voted to repeal the McCarran-Ferguson antitrust exemption for health insurance companies by passing HR 1418, the Competitive Health Insurance Reform Act. The House passed the bill on Sept. 21. President Donald J. Trump is expected to sign the bill into law later this week.

As part of the COVID relief package passed by Congress, NAIFA-backed Flexible Spending Account (FSA) relief was included to relieve some of the financial burden consumers face regarding healthcare costs and health spending account allocations. Known as the Consolidated Appropriations Act, 2021, (CAA) it includes provisions extending FSA benefits to those enrolled in such plans.