Advocacy in action blog

A message to NAIFA Members:

Throughout September, it has been truly inspiring to witness NAIFA members actively participating in Life Insurance Awareness Month by shining a much-needed spotlight on the tremendous value of life insurance. Your commitment to highlighting the importance of this product while educating millions of consumers on the broader issues of financial literacy helps ensure that Americans understand the many tools available to secure their financial futures.

The National Association of Insurance and Financial Advisors is pleased to present NAIFA’s Defender of Financial Freedom Award to Susan Neely, president and CEO of the American Council of Life Insurers (ACLI).

American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors (NAIFA)—Louisiana Chapter President Blake Gillies issued the following joint statement on the best interest annuity rule adopted by the Louisiana Department of Insurance:

NAIFA members are invited to the Q4 State of NAIFA webinar at 12 pm Eastern, October 16, 2024. Hear updates on NAIFA's advocacy efforts, professional development programs and other membership activities designed to enhance your professional growth.

NAIFA has submitted a letter by NAIFA CEO Kevin Mayeux, CAE, to the Centers for Medicare and Medicaid Services regarding a decision by certain health insurance companies to discontinue Medicare prescription drug (Part D) compensation for health insurance agents. The changes will have a detrimental impact on American consumers who will potentially lose access to the personalized guidance that agents provide. Agents also will be restricted from receiving compensation for both new business and renewals when assisting clients with prescription drug plan enrollment.

In the letter, Mayeux said Medicare Part D plans “are sophisticated products that can be difficult for many Medicare beneficiaries to fully understand. NAIFA members spend a considerable amount of time each year, especially during the Annual Enrollment Period, matching beneficiaries to the prescription drug plan that best fits their specific needs.” Mayeux also makes the following points:

• Because Medicare can be much more complex than commercial insurance, many consumers need assistance throughout the year as they move through the various phases of coverage, cost determinations, and new prescriptions, all of which are services that agents provide on a continual basis.
• Eliminating agent compensation for these plans creates a risky precedent that may lead to consumers being left without personalized assistance as the agent cannot help with any issues that may arise. 
• Without professional agent assistance, consumers will be confused and left to contact calls centers unfamiliar with their unique situations. Frustrated consumers are more likely to submit their complaints and concerns directly to Medicare, placing added stress on CMS’s ability to deal with calls and inquiries in a timely fashion.  

Mayeux added that NAIFA plans to continue the conversation with the Centers for Medicare and Medicaid Services to communicate the impact this decision will have on protecting our most vulnerable citizens. 

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:

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.

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.

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.

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: