On November 30, 2022, NAIFA joined with the U.S. Chamber of Commerce and other industry partners in a letter asking the Internal Revenue Service (IRS) to make permanent the temporary relief from the physical presence requirement for spousal consent that the IRS has provided. As reflected in the attached letter, plans have been using this relief for nearly two years, and NAIFA believes that its use and effectiveness warrant that it be made permanent. If the IRS feels it cannot make this relief permanent before it expires after December 31, 2022, NAIFA urged the IRS to provide at least an additional 12-month extension while the IRS either provides permanent relief on its own or through notice and comment. By doing so, the IRS will avoid disrupting a valued tool many have come to rely on.
1 min read
NAIFA Asks IRS to Make the Temporary Remote Notarization Rule Permanent
Topics: Advocacy Legislation & Regulations Federal Advocacy IRS
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NAIFA Advises NLRB on Proposed Joint-Employer Rule
On December 5, 2022, NAIFA filed comments on the National Labor Relations Board’s (NLRB) proposed rule that would expand the joint-employer definition under the National Labor Relations Act. The rule would extend liability to employers that have indirect and reserved control over one or more employees’ essential terms and conditions of employment.
Topics: Advocacy Legislation & Regulations Federal Advocacy Opposed Legislation
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NAIFA New Mexico Advocates for Access to Financial Literacy
Last week, NAIFA-New Mexico testified before the Senate Economic Development and Policy Committee in support of having financial literacy be a graduation requirement for New Mexico public high schools. NAIFA-New Mexico President, Chad Cooper, who also serves as the Vice Chairman of the African American Greater Albuquerque Chamber of Commerce and serves his clients as a financial advisor for Gateway Financial Advisors, Inc. and Mike McCaffrey, Vice President of Advocacy for NAIFA-New Mexico and agent with New York Life, provided oral comments to the committee.
Topics: State Advocacy Financial Literacy New Mexico
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NAIFA Applauds the NAIC’s Revised Annuity Best Interest Model
The National Association of Insurance Commissioners has approved a newly revised Suitability in Annuity Transactions Model Regulation that would require financial professionals to act in the best interests of consumers when recommending annuity products.
Topics: Standard of Care & Consumer Protection Interstate Advocacy Annuity Best Interest Insurance & Financial Advisor Regulation NAIC
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Leaders Share NAIFA's Advocacy Message With Congress
NAIFA members attending the National Leadership Conference in Washington, D.C., held more than 150 meetings with their Senators, Representatives, and congressional staffers. NAIFA's grassroots advocacy is second-to-none in the insurance and financial services industry. Our members' message resonates loudly with Congress because NAIFA members represent the interests of their Main Street clients from across the country.
Topics: Federal Advocacy Grassroots
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NAIFA Financial Professionals Meet With Members of Congress
NAIFA members, in Washington, D.C., for NAIFA’s National Leadership Conference, went to Capitol Hill to participate in more than 150 in-person meetings with members of Congress and their staff.
Topics: Retirement Legislation & Regulations Press Release Federal Advocacy
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NAIFA's O'Gara Tells the SBA It's Important for Advisors to Remain Independent Contractors
Josh O'Gara, CLU, ChFC, CFP, loyal member since 2011, spoke on behalf of NAIFA during a virtual roundtable discussion on Department of Labor’s proposed rule on Independent Contractor Classification Under the Fair Labor Standards Act. The event was held by the U.S. Small Business Administration’s Office of Advocacy to gather input from people and businesses potentially affected by the proposed rule. NAIFA strongly supports an exemption for insurance and financial professionals under any legislation or DOL regulation that would reclassify independent contractors as employees.
Topics: Federal Advocacy
It's Election Day
It's Election Day! NAIFA encourages everyone to get out and vote (if you haven't voted already). The results of this election is likely to have profound implications for your business and clients.
Topics: Federal Advocacy
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Alaska Adopts Stronger Safeguards for Annuity Consumers
American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors (NAIFA)-Alaska Vice President of Advocacy, Lanet Spence, issued the following joint statement on the best interest annuity rule adopted recently by the Alaska Division of Insurance:
Topics: State Advocacy Standard of Care & Consumer Protection Insurance & Financial Advisor Regulation
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CMS Issues FAQs to Address the Recording of Calls by Agents and Brokers
In May, the Centers for Medicare and Medicaid Services (CMS) issued a Final Rule which revises the Medicare Advantage (Part C) program and the Medicare Prescription Drug Benefit (Part D) program regulations to implement changes related to marketing and communications, past performance, Star Ratings, network adequacy, medical loss ratio reporting, special requirements during disasters or public emergencies, and pharmacy price concessions.
