Advocacy in action blog

Washington, D.C.—The American Council of Life Insurers (ACLI), National Association of Insurance and Financial Advisors (NAIFA), Finseca, Insured Retirement Institute (IRI) and National Association for Fixed Annuities (NAFA) issued the following statement on legislation passed by the U.S. House Appropriations Committee and the Education and the Workforce Committee to protect retirement savers from the Labor Department’s fiduciary-only regulation:
 
“The actions taken by the U.S. House Appropriations Committee and the Education and the Workforce Committee send a clear message that the Labor Department’s fiduciary-only regulation does not align with Congress’s efforts to expand retirement security for all Americans through the increased availability of lifetime income options. 
 
“In 2019 and 2022, Congress reaffirmed the importance of lifetime income when it passed legislation making it easier for employers to include annuities in workplace retirement plans. The fiduciary-only regulation is at odds with this progress. It restricts consumer access to professional financial guidance and options for protected lifetime income that annuities offer.

The U.S. District Court for the Northern District of Texas has issued a stay preventing the Centers for Medicare and Medicaid Services (CMS) from implementing a new rule changing compensation rules for professionals providing products and services related to Medicare Advantage and Medicare Part D programs. NAIFA is not a party to the lawsuits, Americans for Beneficiary Choice et al. v. the U.S. Department of Health and Human Services et al. and The Council for Medicare Choice et al. v. HHS et al., but has been an outspoken critic of the rule since it was first proposed.

So-called 529 plans are effective financial planning tools that help many families prepare for education-related costs. They allow tax-free withdrawals to pay “qualified education expenses.” Proposed legislation known as the “Education and Workforce Freedom Act,” which NAIFA supports, would significantly expand approved uses for 529 plan withdrawals and has been passed by the House Ways & Means Committee.

Washington, D.C.—The American Council of Life Insurers (ACLI), National Association of Insurance and Financial Advisors (NAIFA), Finseca, Insured Retirement Institute (IRI) and National Association for Fixed Annuities (NAFA) issued the following statement on legislation advanced today by the U.S. House Appropriations Subcommittee on Labor, HHS, Education, and Related Agencies that would block funding for the Labor Department’s fiduciary-only regulation:

It's been nine-and-a-half years since the National Association of Registered Agents & Brokers (NARAB) Reform Act was enacted, yet the NARAB Board of Directors has still not been established. The Obama administration submitted nominees but the Senate Banking Committee failed to act on the nominations. Since then, the Trump and Biden administrations have not submitted nominations to the Senate for approval.

Major federal tax legislation is all but certain to be coming from Washington, D.C., in 2025. Many provisions from the 2017 Tax Cuts and Jobs Act (TCJA) are set to expire at the end of next year and Congress will need to address the situation. This NAIFA advocacy webinar, originally produced June 13 but now available on demand, gives you a better understanding of what is being dubbed the "Super Bowl of Tax" and provides insights into some of the proposals likely to shape the debate. It provides analysis of how the political landscape and upcoming election will shape the tax reform issue.

NAIFA has joined forces with 70 organizations, employers, unions, patient and disease advocacy groups, and other health care stakeholders to emphasize the importance of maintaining the tax-free status of employer-provided health care coverage. In a united front, these organizations reminded Congress of the critical role this coverage plays in ensuring the health and financial security of nearly 180 million Americans.

NAIFA members are invited to the Q3 State of NAIFA webinar at 12 pm Eastern, June 27, 2024. Hear updates on NAIFA's advocacy efforts, professional development programs and other membership activities designed to enhance your professional growth.

Nine insurance trade associations filed a lawsuit today against the U.S. Department of Labor (DOL) to overturn a regulation limiting consumers' choice of financial professional and their access to retirement products that deliver protected lifetime income.

The American Council of Life Insurers (ACLI), National Association of Insurance and Financial Advisors (NAIFA), NAIFA-Texas, NAIFA-Dallas, NAIFA-Fort Worth, NAIFA-POET, Finseca, Insured Retirement Institute (IRI), and National Association for Fixed Annuities (NAFA) issued the following comments on their challenge to the DOL's harmful intervention in the retirement savings marketplace and its one-size-fits-all fiduciary standard obligation on effectively every financial professional who sells retirement products:

NAIFA is hosting the 11^th annual Congressional Conference May 20-21 at the JW Marriott in Washington, D.C. The event will feature targeted advocacy training with briefings on legislative issues that affect members’ businesses, clients, and communities. Washington insiders will offer best practices for conducting Congressional meetings and tips for developing impactful long-term relationships with legislators.