Congress, with strong bipartisan support, passed the National Association of Registered Agents and Brokers Reform Act more than eight years ago. The law would significantly streamline the process for insurance agents and brokers to be licensed in more than one state. This would obviously benefit producers by reducing red tape and regulatory costs, but it would also be a boon to consumers by promoting choice and fostering economic growth.
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NAIFA Urges the Biden Administration to Fully Enact the NARAB Law on Interstate Insurance Licensing
Topics: Life Insurance & Annuities Federal Advocacy Licensing
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House Passes SECURE Notarization Act of 2023
On February 27, the U.S. House of Representatives passed the NAIFA supported SECURE Notarization Act of 2023 by a voice vote. The bipartisan legislation was introduced earlier this month by U.S. Reps. Kelly Armstrong (R-N.D.) and Madeleine Dean (D-Pa.).
Topics: Legislation & Regulations Federal Advocacy Supported Legislation
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NAIFA Joins with Joint-Trades Coalition to Weigh in on Data Privacy Bill
NAIFA joined in a letter of support to the House Financial Services Committee for efforts in introducing the Data Privacy Act of 2023. The Data Privacy Act would modernize the Gramm-Leach-Bliley Act (GLBA), a working data privacy framework for insurance consistent with consumer expectations.
Topics: Federal Advocacy Supported Legislation Data Security
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Georgia Strengthens Protections for Annuity Consumers
American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors (NAIFA)-Georgia President Joe Schreck issued the following joint statement on the best interest annuity rule adopted recently by Georgia’s Insurance Department:
“A new rule adopted by Georgia’s Insurance Department and Commissioner John King strengthens protections for Peach State consumers seeking lifetime income from annuities.
Topics: Life Insurance & Annuities Legislation & Regulations Press Release Georgia Annuity Best Interest NAIC
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Illinois Enhances Protections for Annuity Consumers
A new rule adopted recently by the Illinois Department of Insurance provides greater safeguards for consumers seeking lifetime income from annuities. Illinois is the 32nd state to adopt a measure that implements the “best interest of consumer enhancements” in the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation. The new laws and regulations also align with the SEC’s Regulation Best Interest.
Topics: State Advocacy Press Release NAIC Model Regulation Annuity Best Interest
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No One Does State Advocacy Like NAIFA
NAIFA is the only association for insurance and financial professionals with a strong political advocacy presence in Washington, D.C., and every state capital. Around the country, 32 NAIFA state chapters are holding Legislative Days during the first quarter of 2023.
Topics: State Advocacy Legislative Day
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Retirement Planning Options Offset the Need for a State-Run Plan in Washington State
NAIFA Policy Director Maeghan Gale testified to Washington state lawmakers that ample private-sector options are available for employers who want to set up retirement plans for their workers or for employees who want to prepare for retirement on their own. Washington lawmakers are considering a feasibility study for a potential state-facilitated Auto-IRA program.
Topics: State-Facilitated Retirement Plans State Advocacy Washington
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The State of Advocacy Report Tells the Story of NAIFA's Political Influence
NAIFA's "State of Advocacy" report details NAIFA's federal, state, and interstate advocacy efforts in 2022 in facts and figures. It also runs down the major policy issues impacting agents and advisors as well as the Main Street consumers they serve.
NAIFA's "State of Advocacy" provides a snapshot of how NAIFA and NAIFA members are making a difference and influencing the decisions that affect Americans' financial security.
Topics: State Advocacy Interstate Advocacy Federal Advocacy
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NAIFA-CO Meets With Lawmakers in Denver to Advocate for Main Street USA
NAIFA-CO leaders and members came together February 15 to meet with lawmakers on the chapter's annual Legislative Day. Members shared their insights with legislators and officials, including Securities Commissioner Tung Chan and Insurance Commissioner Michael Conway. Central among the topics discussed was HB23-1174, which would create guaranteed replacement cost coverage in homeowner's insurance, and its implications for Coloradoans.
Topics: Advocacy Legislation & Regulations State Advocacy Legislative Day
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NAIFA-VA Advocates for Their Businesses and Clients at Legislative Day in Richmond
Members of NAIFA-VA gathered in Richmond in early February for the chapter's Legislative Day. Attendees met with state lawmakers to discuss the many ways insurance and financial professionals help Virginians achieve their financial goals. They also received debriefings from the NAIFA state lobbyist and fellow members.
