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Advocacy in action blog

2 min read

New Study Agrees With NAIFA Survey Showing DOL Proposal Would Increase Costs

By NAIFA on 1/23/24 11:50 AM

NAIFA members in a recent survey overwhelmingly said that the Department of Labor’s fiduciary-only proposal for retirement planning services would increase the costs of serving clients. That sentiment is borne out on a macro level by a new Financial Services Institute study conducted by Oxford Economics, which found that the rule would cost financial services firms $2.7 billion in the first year with continuing annual costs of $2.5 billion. These figures are more than six times the upfront costs and nearly 11 times the ongoing costs estimated by the DOL.

Topics: Legislation & Regulations Standard of Care & Consumer Protection Federal Advocacy DOL
2 min read

Press Release on Scott-Manchin Insurance Regulation Bill Cites NAIFA's Advocacy

By NAIFA on 1/17/24 8:21 AM

Senate Committee on Banking, Housing, and Urban Affairs Ranking Member Tim Scott (R-SC) cited NAIFA's support in a press release announcing legislation designed to protect the state-based regulatory regime of the insurance industry. The bill, known as the Business of Insurance Regulatory Reform Act, would clarify and reinforce sections of the Dodd-Frank Wall Street Reform and Consumer Protection Act to exclude "the business of insurance" from regulation by the federal Consumer Financial Protection Bureau. It would shore up federal laws that give state regulators exclusive authority to regulate insurance.

Topics: Legislation & Regulations Federal Advocacy Insurance & Financial Advisor Regulation
2 min read

NAIFA Seeks Legislation to Solidify the State-Based Regulation of Insurance

By NAIFA on 1/11/24 4:08 PM

State-based regulation of insurance has been a bedrock of the industry and effectively protects the interests of consumers. Federal law, including Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, recognizes this fact and explicitly exempts the business of insurance from regulation by federal Bureau of Consumer Financial Protection (BCFP).

NAIFA and a coalition of groups representing a majority of the U.S. companies and agents offering property-casualty, title, and life insurance have asked Congress for additional legislation that would clarify provisions in Dodd-Frank and solidify the state-based system of insurance regulation.

Topics: Federal Advocacy Congress Insurance & Financial Advisor Regulation Supported Legislation
3 min read

NAIFA Thanks Lawmakers Asking DOL to Withdraw Its Fiduciary-Only Proposal

By NAIFA on 1/10/24 4:38 PM

NAIFA appreciates the work of a bipartisan group of federal lawmakers who oppose the Department of Labor’s proposed “Retirement Security” rule that would require a fiduciary-only model for financial services.

Representatives French Hill (R-AR) and David Scott (D-GA) and forty-eight of their colleagues in the House signed a letter to acting DOL Secretary Julie Su and Assistant Secretary Lisa Gomez asking the Department to withdraw its proposal.

Topics: Retirement Planning Legislation & Regulations Standard of Care & Consumer Protection DOL
2 min read

NAIFA Asks CMS to Reconsider Proposal on Medicare Supplement Compensation Rules That Would Harm Consumers

By NAIFA on 1/10/24 3:11 PM

NAIFA strongly urges the Centers for Medicare & Medicaid Services (CMS) to reconsider a proposal that would change the compensation rules for professionals providing products and services related to Medicare Advantage and Medicare Part D programs.

NAIFA members help millions of individuals and employers administer and utilize Medicare plan options as well as other health plans. They are a vital part of the plan-selection process and serve as expert resources for consumers considering their Medicare plan options or looking for specific drugs and services to be covered. Agents and brokers educate clients on how Medicare works, research physician networks and prescription formularies for the plans to ensure a suitable health and drug plan is recommended, and review plan-comparison and enrollment changes annually.

Topics: Health Care Legislation & Regulations Medicare CMS Compensation Regulation
1 min read

NAIFA's CEO Kevin Mayeux Responds to DOL's Final Independent Contractor Rule

By NAIFA on 1/9/24 4:49 PM

ARLINGTON, VA -- The U.S. Department of Labor released its final independent contractor rule today, aimed at defining whether an individual is an employee or an independent contractor under the Fair Labor Standards Act. The rule could threaten the classification of many financial advisors from coast to coast and cause a reduction in the number of advisors serving American consumers.

Topics: Legislation & Regulations Press Release DOL
2 min read

NAIFA Comments Point to Flaws in the DOL’s Fiduciary-Only Proposal

By NAIFA on 1/2/24 1:31 PM

NAIFA members are committed to working in the best interests of the consumers they serve. They follow a Code of Ethics requiring them to put clients’ interests first. Yet, the Department of Labor’s rehashed fiduciary-only proposal is decidedly not in the best interests of the American public who benefit from the ability to choose how and from whom they receive financial guidance.

Topics: Standard of Care & Consumer Protection DOL Regulation Best Interest
2 min read

The Q1 State of NAIFA To be Presented by Cothron, Mayeux, and Boyle

By NAIFA on 12/22/23 2:00 PM

NAIFA members, set a reminder! The Q1 State of NAIFA 2024 webinar is happening on January 25th at 12 pm Eastern. Don't miss this first update of the year, as it's a key part of our commitment to keeping you well-informed about our developments and future goals.

3 min read

NAIFA Survey Shows the DOL’s Fiduciary Proposal Will Increase Costs and Reduce Access to Retirement Planning Services

By NAIFA on 12/19/23 1:55 PM

NAIFA conducted a survey of more than 1,000 members between November 27 and December 1, 2023, to gauge the potential effects of the U.S. Department of Labor’s proposed “Retirement Security Rule: Definition of an Investment Advice Fiduciary” on the consumers who rely on financial professionals for retirement products, services, and advice.

Topics: Retirement Planning Legislation & Regulations Standard of Care & Consumer Protection Press Release DOL
2 min read

Michigan Enacts NAIFA-Supported Law to Protect Consumers From Financial Fraud

By NAIFA on 12/15/23 9:11 AM

Michigan Governor Gretchen Whitmer has signed a bill NAIFA-MI helped shape and strongly advocated for that will help protect vulnerable adults, specifically seniors, from financial fraud and exploitation. The new law allows broker-dealers or investment advisors to delay disbursements or transactions if they suspect a client is being exploited or defrauded.

Topics: State Advocacy Michigan Supported Legislation Senior Financial Protection