Advocacy in action blog

California Governor Gavin Newsom has signed legislation that incorporates the National Association of Insurance Commissioners (NAIC) model for annuity transactions. NAIFA Kevin Mayeux, CAE, released the following statement:

NAIFA wholeheartedly supports a best interest standard for retirement investment professionals, but believes the Department of Labor's proposal to impose a fiduciary-only regulation goes too far, NAIFA Secretary Chris Gandy wrote in letter submitted to be part of the official record of a recent House Subcommittee on Health, Employment, Labor, & Pensions hearing entitled "Protecting American Savers and Retirees from DOL’s Regulatory Overreach.”

NAIFA is the leading advocacy voice for insurance and financial professionals at the federal and state levels. The association boasts members in every Congressional district and has a strong advocacy presence in every state capital. Last year, NAIFA tracked more than 490 state-level bills that had the potential to affect NAIFA members and the consumers they serve. NAIFA members or staff testified at more than 30 state-level hearings, providing real-world accounts of how policy proposals could benefit or harm the financial security of consumers. 

NAIFA's Congressional Conference shines a spotlight on NAIFA's unmatched advocacy influence and provides financial professionals with another way to serve clients' best interests. NAIFA members who meet with their members of Congress this May will not only be advocating for their own businesses but also for their colleagues, clients, and communities. Decisions made in Washinton, D.C., affect families and businesses nationwide that rely on NAIFA members for financial guidance.

NAIFA state legislative days allow insurance and financial professionals to share NAIFA's grassroots message and nurture relationships with state lawmakers. Many of these events occur in the first quarter of the year. So far, NAIFA chapters in Florida, Nebraska, New Mexico, South Dakota, Utah, Virginia, and Washington have held successful 2024 state legislative days. Indiana, Kansas, Kentucky, Maryland, and South Carolina have events coming soon.

Senators Ted Cruz and Bill Hagerty have introduced legislation, the Protecting Innovation in Investments Act, that would prevent the SEC from moving forward with a proposed rule that would deter technological innovation by financial services companies. The SEC's proposal would also stifle financial professionals' use of technology to benefit clients. 

The Senators, in a release entitled "What They're Saying," quoted NAIFA President Tom Cothron, LUTCF, FSCP, on the importance of technology in the financial services industry and NAIFA's opposition to the SEC proposal.

Lawmakers in California, and particularly in the city of Los Angeles, know the importance of life insurance and understand the critical work financial professionals do. NAIFA-Los Angeles has been key to their education. For the past 20 consecutive years, NAIFA-Los Angeles members, including the chapter’s Past President Gilbert Mares, LUTCF,  Grassroots Chair Jose Rodriguez, and President Alvin Parra, have worked with Los Angeles Mayors and members of the City Council to have September proclaimed Life Insurance Awareness Month. They have also been instrumental in getting similar proclamations issued by the state Senate and the County of Los Angeles.

NAIFA strongly supports newly introduced legislation, the Protecting Innovation in Investment Act sponsored by U.S. Senate Commerce Committee Ranking Member Ted Cruz (R-Texas) and U.S. Senator Bill Hagerty (R-Tenn.), that would foster the use of technology and innovation in the financial services industry to benefit consumers. 

NAIFA supports a bill in Maryland that would eliminate a pre-licensing education requirement for people applying to take the state's insurance license exams. The mandated courses are unnecessary and burdensome and they do a disservice to those pursuing an insurance career in Maryland as well as consumers. 

NAIFA members in Washington state and across the country have dedicated their careers to ensuring their clients are well-prepared for retirement. Financial professionals offer a robust variety of products and services, working with employers and employees, alike, to provide retirement security options.