Advocacy in action blog

When Colorado legislators on June 8 introduced changes to the state’s tax laws that would impact insurance companies, consumers, and retirement savers, NAIFA’s state advocacy team sprang to action. The original version of the “Adjust Tax Expenditures For State Education Fund Act” (HB20-1420) would have expanded the state’s tax on some insurance premiums to include a broader range of annuity products. It also would have removed a credit applied to existing premium taxes for insurance companies that maintain home offices in Colorado.

Registered index-linked annuity (RILA) products offer a good option for some consumers who want to benefit from market growth while reducing their exposure to market losses. These are long-term, tax-deferred investments that are often well-suited for investors who are preparing for retirement, especially those who are retired or are nearing retirement and wish to reduce the impact of market downturns.

NAIFA-WI teamed up with other trade associations representing the insurance and financial services industry to push back on a potential regulatory proposal that would complicate existing data privacy and security laws. 

Colorado’s Implementation of Colorado Secure Savings Program bill, SB 200, is on a trajectory to pass. NAIFA, along with the American Council of Life Insurers, Insured Retirement Institute, and National Federation of Independent Business, worked diligently to counter the measure. There was limited time for debate. Also, the proposal is an initiative of the House Speaker. These factors make it all but impossible to defeat.

The U.S. Senate has passed the Paycheck Protection Program Flexibility Act that would increase the program’s loan period for borrowers seeking forgiveness from eight weeks to six months. The legislation would also expand the ability of small businesses to use PPP funds to pay rent, mortgages, utilities, and other essential business costs. The bill keeps the obligations requiring recipients seeking loan forgiveness to avoid layoffs and provide worker protections. The House of Representatives had previously passed the bill, and the president is expected to sign it into law.

Sen. Tim Scott (R-SC) had some interesting things to say on the Politico "Morning Money" program about the economic recovery and the potential for future COVID-19 legislation. As a former financial professional and NAIFA member in the days before he entered politics, Scott shows a strong understanding of the issues important to agents and advisors and their Main Street clients.

The life insurance community grieves with the nation over the racial injustice, brutality and bigotry that took the life of George Floyd and the lives of so many others. Too often, the justice system has failed, bringing devastating consequences such as destroyed hope, fear and division. 

Julie Harrison, NAIFA's Director of State Chapter Government Relations, has been named to the National Insurance Producer Registry (NIPR) Board of Directors.

Politico, the influential political publication, noted some of the prominent contributors to NAIFA Advocacy in Action Day in its "Influence" column: Reps. Tom Reed (R-N.Y.), Tom Suozzi (D-N.Y.), Patrick McHenry (R-N.C.), Jackie Walorski (R-Ind.), Tom Emmer (R-Minn.), Judy Chu (D-Calif.), Barry Loudermilk (R-Ga.), Jim Himes (D-Conn.), David Schweikert (R-Ariz.), Bryan Steil (R-Wis.), Roger Williams (R-Texas), Adrian Smith (R-Neb.), Phil Roe (R-Tenn.), Alex Mooney (R-W.Va.), Trey Hollingsworth (R-Ind.) and Mark Walker (R-N.C.); Susan Neely and Joyce Meyer of the American Council of Life Insurers; Julie Herwig of New York Life; and Laura Haines of Guardian Life.

The U.S Department of Labor has finalized a rule permitting electronic delivery of required retirement plan disclosures and documents to plan participants.