June 2019
Following are 16 NAIFA news and media hits featuring NAIFA during June 2019. Of these, nine are industry trade press publications, three are national mainstream media outlets, three are local or regional newspapers, and one is a specialized business publication.
InsuranceNewsNet, June 2019, by Barjes Angulo: “NAIFA Insights: The Little Things That Lead To Business Success.” http://www.insurancenewsnetmagazine.com/article/the-little-things-that-lead-to-business-success-3688#.XSS3J48pCUk
ThinkAdvisor, June 28, 2019, by Allison Bell: “Maryland ACA Exchange to Get Leads From State Tax Returns.” https://www.thinkadvisor.com/2019/06/28/maryland-aca-exchange-to-get-leads-from-state-tax-returns/
Analysts at the National Association of Insurance and Financial Advisors of Maryland reported in a 2019 legislative summary that the new law will require the exchange to establish an advisory workgroup.” Included in the workgroup will be insurance brokers and agents,” according to the NAIFA Maryland analysis.
Producer groups have a constructive working relationship with Maryland Health Connection’s managers, according to the NAIFA Maryland analysis.
401(k) Specialist, June 28, 2019, by Brian Anderson: “Retirement Industry Groups Urge Senate to Pass SECURE Act.” https://401kspecialistmag.com/retirement-annuity-industry-groups-urge-senate-to-pass-secure-act/
Paul Richman, chief government and political affairs officer at IRI, told CNBC recently that the organization is talking to all Senators about trying to advance the legislation while the National Association of Insurance and Financial Advisors (NAIFA), another one of the signers on the letter, has recently set up a grassroots effort in Texas to try to sway Cruz to let the bill come up for a vote.
“There isn’t really a process right now for the Senate to pick up their whole package and do some sort of reconciliation,” said Judi Carsrud, NAIFA’s assistant vice president of government relations. “So I think it is the SECURE bill, the way it has passed the House, or nothing.”
CNBC Online, June 21, 2019, by Lorie Konish: “Why Ted Cruz may be holding up major retirement legislation in the Senate.” https://www.cnbc.com/2019/06/21/why-ted-cruz-may-be-blocking-major-retirement-reform-in-the-senate.html
The National Association of Insurance and Financial Advisors, one of the signers on the letter sent to the Senate this week, has recently set up a grassroots effort in Texas to try to sway Cruz to let the bill come up for a vote.
“There isn’t really a process right now for the Senate to pick up their whole package and do some sort of reconciliation,” said Judi Carsrud, the association’s assistant vice president of government relations. “So I think it is the Secure bill, the way it has passed the House, or nothing.”
Yahoo! Finance, June 21, 2019, by Lorie Konish: “Why Ted Cruz may be holding up major retirement legislation in the Senate.” https://sg.finance.yahoo.com/news/why-ted-cruz-may-holding-132642833.html
[Same article as the CNBC piece above.]
MSN.com, June 21, 2019, by Lorie Konish: “Why Ted Cruz may be holding up major retirement legislation in the Senate.” https://www.msn.com/en-us/news/money/why-ted-cruz-may-be-holding-up-major-retirement-legislation-in-the-senate/ar-AADdZzc
[Same article as the CNBC piece above.]
The Entrepreneur Fund, June 21, 2019, by Virgie Powell: “Why Ted Cruz may be blocking major retirement reform in the Senate.”
[Article based on the CNBC piece above and citing the same quote by Judi Carsrud.]
Marshall News Messenger, June 16, 2019: “Marshall insurance agent visits Capitol Hill with fellow professionals.” https://www.marshallnewsmessenger.com/business/marshall-insurance-agent-visits-capitol-hill-with-fellow-professionals/article_23b65f24-8d48-11e9-8279-1f04358d24aa.html
Debbie Gary of Texas Farm Bureau Insurance in Marshall joined more than 500 other professional insurance and financial advisors, agents, brokers and employee benefit specialists from across the country to meet with U.S. Senate and U.S. House members and staff as part of the National Association of Insurance and Financial Advisors (NAIFA) Congressional Conference May 14-15.
Gary has been a member of NAIFA since 2005. She joined NAIFA leaders including NAIFA President Jill Judd, NAIFA CEO Kevin Mayeux, CAE, and other members of NAIFA’S Board of Trustees for the two-day event.
Traders Magazine, June 13, 2019, by John D’Antona Jr.: “Reactions Mixed to Reg BI Passage.” http://e.tradersmagazine.com/news/regulation/reactions-mixed-to-reg-bi-passage-119619-1.html
“The new best interest standard addresses perceived shortcomings in consumer protection without placing undue barriers between insurance and financial professionals and their clients,” said Kevin Mayeux, CEO of the National Association of Insurance and Financial Advisors. “The higher standard of care preserves the ability of Main Street investors to receive needed products, services, and advice by not favoring one business model over another. It allows them to choose financial professionals who best fulfill their needs and to compensate those professionals in a way that works best for them, whether through commissions or fees.”
NAIFA has long supported the SEC adopting a regulation requiring financial professionals to work in the best interests of their clients. As a key party in the lawsuit that struck down a Department of Labor rule that would have imposed a fiduciary duty on professionals providing retirement services and advice, the group has argued that the SEC has the necessary expertise and is the proper authority to regulate financial professionals and establish rules governing their relationships with clients.
Civil Beat (Honolulu), June 10, 2019, by Blaze Lovell: “Spending Big On Lobbying Didn’t Guarantee Success At Legislature.” https://www.civilbeat.org/2019/06/big-spenders-on-lobbying-came-out-on-losing-end-at-legislature/
[The Hawaii Retirement Savings Program] was opposed by the American Council of Life Insurers and NAIFA Hawaii, an organization representing life insurers and financial advisers. The two organizations reported payments to lobbyists of $19,350 and $5,250 respectively.
The Town-Crier (Palm Beach County, Fla.), June 7, 2019, “Stas Politis Joins Delegation Of Insurance Advisors In D.C.” https://gotowncrier.com/2019/06/stas-politis-joins-delegation-of-insurance-advisors-in-d-c/
Wellington’s Stas Politis of National Planning Corporation joined more than 500 other professional insurance and financial advisors, agents, brokers and employee benefit specialists from across the country to meet with U.S. Senate and U.S. House members and staff as part of the National Association of Insurance and Financial Advisors (NAIFA) Congressional Conference May 14-15.
Politis has been a board member of NAIFA since 2011. Politis joined NAIFA leaders, including NAIFA President Jill Judd, NAIFA CEO Kevin Mayeux and other members of NAIFA’s board, for the two-day event. The life insurance industry pays out $1.7 billion each day and supports 2.6 million jobs. …
ThinkAdvisor, June 6, 2019, by Allison Bell: “Life and Annuity Groups Give SEC's Final Best-Interest Standard Mixed Reviews.” https://www.thinkadvisor.com/2019/06/06/life-and-annuity-groups-give-secs-new-best-interest-mixed-reviews/
NAIFA Chief Executive Officer Kevin Mayeux said in a statement that the new best interest standard “addresses perceived shortcomings in consumer protection without placing undue barriers between insurance and financial professionals and their clients.”
Reg BI “preserves the ability of Main Street investors to receive needed products, services, and advice by not favoring one business model over another,” Mayeux said.
Insurance Forums, June 6, 2019: “SEC Adopts Regulation BI in 3-1 Vote.” https://insurance-forums.com/life-insurance/retirement-planning/sec-adopts-regulation-bi-in-3-1-vote/
The National Association of Insurance and Financial Advisors (NAIFA) has supported the SEC adopting a regulation requiring financial professionals to work in the best interests of their clients.
As a key party in the lawsuit that struck down a Department of Labor rule that would have imposed a fiduciary duty on professionals providing retirement services and advice, NAIFA has argued that the SEC has the necessary expertise and is the proper authority to regulate financial professionals and establish rules governing their relationships with clients.
“The new best interest standard addresses perceived shortcomings in consumer protection without placing undue barriers between insurance and financial professionals and their clients,” said Kevin Mayeux, CEO of the National Association of Insurance and Financial Advisors. “The higher standard of care preserves the ability of Main Street investors to receive needed products, services, and advice by not favoring one business model over another. It allows them to choose financial professionals who best fulfill their needs and to compensate those professionals in a way that works best for them, whether through commissions or fees.”
AdvisorNews, June 5, 2019, by Cassie Miller: “Love It Or Hate It, Reg BI Is Here.” https://advisornews.com/innarticle/love-it-or-hate-it-reg-bi-is-here#.XSSmeo8pCUk
In a statement from CEO Kevin Mayeux, NAIFA expressed its continuing support for Reg BI.
“The new best interest standard addresses perceived shortcomings in consumer protection without placing undue barriers between insurance and financial professionals and their clients,” said Mayeux. “The higher standard of care preserves the ability of Main Street investors to receive needed products, services, and advice by not favoring one business model over another. It allows them to choose financial professionals who best fulfill their needs and to compensate those professionals in a way that works best for them, whether through commissions or fees.”
Previously, NAIFA has said that it objected to the title reform proposal included in Reg BI, but “fully supports a best-interest standard.”
NAIFA got their wish. Although the proposed rule would have restricted broker-dealers from using the term adviser/advisor, the SEC said it was not necessary and therefore not included in a final rule.
ThinkAdvisor, June 4, 2019, by Melanie Waddell: “Industry Officials Forecast DOL Fiduciary Rule's Future.” https://www.thinkadvisor.com/2019/05/28/industry-officials-forecast-dol-fiduciary-rules-future/
Meanwhile, the National Association of Insurance and Financial Advisors for New York State is awaiting a decision in its case challenging the New York Department of Financial Services’ Regulation 187, which requires insurance agents, brokers, and insurers “to establish standards and procedures” so that any transaction of such products are in the “best interest of the consumer.”
In its lawsuit, NAIFA-NY argues that promulgating “unprecedented fiduciary obligations across all participants industry wide, DFS exceeded any statutory grant of rulemaking authority.”
Insurance Forums, June 4, 2019, “Industry advocates take victory lap after House passes SECURE Act.” https://insurance-forums.com/annuities/industry-advocates-take-victory-lap-after-house-passes-secure-act/
“The SECURE Act, which passed the House [May 23] with overwhelming bipartisan support, would give millions of Americans better opportunities to prepare for retirement. It would provide employers more incentives and make it easier for them to offer retirement plans for employees.
“[Recently], nearly 600 NAIFA members met with more than 90% of congressional offices during NAIFA’s Congressional Conference and urged lawmakers to vote for the bill. It’s always satisfying to see results from our grassroots advocacy be realized so quickly. We look forward to this momentum carrying over to the Senate, where the bill is known as the Retirement Enhancement and Savings Act, and hope the legislation will soon be signed into law.”
– NAIFA CEO Kevin Mayeux
