NAIFA strongly encourages states to adopt the NAIC's model regulation on annuity transactions, and our state chapters have made promoting adoption of the model an advocacy priority over the past two years. Our efforts, the work of members like you at the grassroots level, and our ability to work with other industry organizations – including the American Council of Life Insurers – have paid off.
Minnesota has become the 25th state to adopt the NAIC model, and we are halfway to our ultimate goal of adoption by all 50 states!
This is great news for a number of reasons:
- The NAIC model enhances consumer protections, but also protects the ability of financial services professionals to continue serving clients under a variety of business models.
- The NAIC model works hand-in-hand with the SEC's Regulation Best Interest.
- Adoption of the NAIC model by the states discourages them from creating a patchwork of confusing and potentially contradicting laws and regulations.
NAIFA is the leading advocacy association for insurance and financial advisors in the United States, protecting the interests of agents and advisors and their Main Street clients while promoting financial security for all. NAIFA's influence extends to policymakers at three levels of government:
- Federal – See the success of our recent Congressional Conference, which featured meetings with more than 325 congressional offices.
- Interstate – We work with groups including the NAIC and NCOIL to help them develop workable model laws and regulations for the states.
- State – NAIFA is the only producer association with influence and grassroots networks active in all 50 state capitals.
Political advocacy is an important way NAIFA members work in their clients' best interests. If you would like to take your NAIFA membership to the next level and be more politically involved, visit our Advocacy Action Center to learn how.