National Association of Insurance and Financial Advisors (NAIFA) CEO Kevin Mayeux, CAE, issued the following statement on the decision by some health plans to cease new and renewal commissions for Medicare prescription drug (Part D) plans and terminating existing marketing service agreements:
1 min read
NAIFA Offers Solutions to Protect Consumer Access to Informed Medicare Assistance
By Kevin Mayeux on 8/30/24 9:16 AM
Topics: Medicare Compensation Regulation
1 min read
NAIFA's Lawsuit Aims to Protect Consumers and the Financial Professionals Who Serve Them
By Kevin Mayeux on 8/15/24 4:08 PM
The Wall Street Journal and Washington Post recently published articles casting a negative light on the lawsuit brought by NAIFA, ACLI, and others to stop the Department of Labor’s misguided fiduciary-only rule. These articles mischaracterize what we hope to achieve and largely ignore the arguments laid out in our court filings.
Topics: Legislation & Regulations Standard of Care & Consumer Protection DOL
2 min read
NAIFA Seeks Volunteers to Be Nominated for Federal Advisory Councils
By NAIFA on 8/5/24 4:12 PM
We have an exciting opportunity for you to put your name forward as a nominee to serve on the Department of Labor’s ERISA Advisory Council or the Federal Reserve Board’s Insurance Policy Advisory Committee. Details for each are below. If nominated and selected, you will be able to provide critical input on the important role financial professionals and insurance producers play in securing Americans’ futures.
Topics: Federal Advocacy
2 min read
A Win for NAIFA Is a Win for Insurance and Financial Professionals
By NAIFA on 8/2/24 9:07 AM
NAIFA along with the American Council of Life Insurers and other advocacy partners recently notched a major win in our lawsuit opposing the Department of Labor’s fiduciary-only rule. As we shared with you last week, the U.S. District Court for the Northern District of Texas granted a stay in the lawsuit that prevents the DOL rule from going into effect September 23.
Topics: Webinar Standard of Care & Consumer Protection Federal Advocacy DOL
3 min read
Missouri Enhances Protections for Annuity Consumers
By NAIFA & ACLI on 8/2/24 8:45 AM
American Council of Life Insurers (ACLI) President and CEO Susan Neely and NAIFA-Missouri President Craig Wright, MBA, CFP, ChFC, issued the following joint statement on the best interest annuity rule adopted today by the Missouri Department of Insurance:
Topics: State Advocacy Standard of Care & Consumer Protection Press Release Missouri
1 min read
Update: Court Grants a Stay in NAIFA's Lawsuit Against the DOL
By NAIFA on 7/27/24 10:29 AM
The U.S. District Court for the Northern District of Texas has granted a request by NAIFA, ACLI, several NAIFA chapters, and other advocacy partners to stay the Department of Labor's fiduciary-only rule, stating that our case is "virtually certain to succeed on the merits." The action follows a similar stay issued Thursday by a different federal court in a similar case.
Topics: Standard of Care & Consumer Protection Press Release DOL Fiduciary
3 min read
Federal Court in Texas Halts the DOL's Fiduciary-Only Rule
By NAIFA on 7/26/24 4:15 PM
On July 25, 2024, a federal court in the Eastern District of Texas issued a stay barring the enforcement of the DOL fiduciary-only rule (and amendments to PTE 84-24) while the case in FACC v. DOL is pending. An appeal of the stay to the 5th Circuit is likely.
Meanwhile, NAIFA’s challenge to the fiduciary-only rule, brought with ACLI and other industry groups, is under review in the Northern District of Texas, where we seek a preliminary injunction and stay against enforcement of the fiduciary-only rule and amendments to PTE 84-24 and 2020-02.
Topics: Federal Advocacy DOL Fiduciary
4 min read
NAIFA-Texas Advocacy Standout John Ruckel to Receive NAIFA’s 2024 Terry Headley Award
By NAIFA on 7/22/24 4:00 AM
NAIFA is proud to announce that John M. Ruckel, LUTCF, a Financial Professional with MassMutual and owner of Ruckel Insurance and Financial Group in Nacogdoches, Texas, is the 2024 recipient of NAIFA’s Terry Headley Lifetime Defender Award.
Topics: Advocacy Awards Press Release IFAPAC
NAIFA-CA celebrates passage of financial literacy bill
By NAIFA on 7/14/24 2:04 PM
Congratulations to NAIFA-California for its advocacy work that contributed to the California Legislature passing (and the Governor signing) AB 2927 by Assemblyman McCarty (D-Sacramento). The bill reflects years of efforts to require financial literacy be included in high school curriculum and required for graduation.
The recently agreed-to compromise was supported by NAIFA-California and resulted in the proposed November ballot initiative being pulled by its sponsor NGPF Mission 2030, an affiliate of Next Gen Personal Finance. The Governor and Legislative leaders praised the compromise and expressed their strong support of ensuring students are given the life tools necessary to make sound financial decisions at a young age. Students will begin to see the curriculum in the 2027-28 school year.
NAIFA-California’s advocacy win is NAIFA grassroots at its best.
Topics: Advocacy #NAIFAProud Financial Literacy
1 min read
Two U.S. House Committees Act to Protect Retirement Savers from Labor Department’s Fiduciary-Only Regulation
By NAIFA on 7/11/24 10:10 AM
Washington, D.C.—The American Council of Life Insurers (ACLI), National Association of Insurance and Financial Advisors (NAIFA), Finseca, Insured Retirement Institute (IRI) and National Association for Fixed Annuities (NAFA) issued the following statement on legislation passed by the U.S. House Appropriations Committee and the Education and the Workforce Committee to protect retirement savers from the Labor Department’s fiduciary-only regulation:
“The actions taken by the U.S. House Appropriations Committee and the Education and the Workforce Committee send a clear message that the Labor Department’s fiduciary-only regulation does not align with Congress’s efforts to expand retirement security for all Americans through the increased availability of lifetime income options.
“In 2019 and 2022, Congress reaffirmed the importance of lifetime income when it passed legislation making it easier for employers to include annuities in workplace retirement plans. The fiduciary-only regulation is at odds with this progress. It restricts consumer access to professional financial guidance and options for protected lifetime income that annuities offer.