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.
Providing an overview of its advocacy work, NAIFA has updated the "State of Advocacy: A Year in Review and a Look Forward" report to recap NAIFA's federal and state-level advocacy work in 2023 and outline some of the issues looming in 2024.
State legislation affecting NAIFA members fell in a broad range of categories in 2023. Issues that led the way with the most bills under consideration include those touching on workplace and group benefits, retirement and investments, long-term care, and financial literacy.
The report draws on a survey of NAIFA chapter lobbyists and advocacy and grassroots leaders to project the likelihood that policymakers will introduce bills or regulations in various states that would:
- Impose a fiduciary-only standard of care for financial professionals
- Create a state-run long-term care program
- Create a state-run retirement program
- Alter the independent contractor status of financial professionals
