NAIFA-Greater Washington, D.C., member and Young Advisor Team Leader of the Year Brian Haney, CLTC, CFS, CFBS, CIS, LACP, CAE, provides his insights on NAIFA's Congressional Conference and how you don't have to be an experienced advocate to make difference. While Haney grew up in the D.C. area, our elected officials are interested in hearing the Main Street stories of insurance and financial professionals from around the country. Lend your voice by joining us May 23-24 at NAIFA's Congressional Conference.
1 min read
You Don't Have to Be an Experienced Advocate to Make a Difference at NAIFA's Congressional Conference
Topics: Federal Advocacy Grassroots Congressional Conference
NAIFA-KY and the Importance of State Advocacy: An Update From Brian Wilson
The advocacy work of NAIFA-KY was highly influential in the late revision of tax reform legislation in the state that would have placed a 6% tax on financial planning and investment management services. This tax would have impacted many investors in Kentucky and the financial professionals they rely on for advice and services. NAIFA Trustee Brian Wilson offers his perspective on why this advocacy win and all of NAIFA's state advocacy efforts are so important.
Topics: Retirement Planning State Advocacy Grassroots Kentucky Tax Reform
2 min read
New Wisconsin Law Boosts Protections for Annuity Consumers
Legislation signed into law by Wisconsin Governor Tony Evers greatly enhances protections for consumers seeking lifetime income from annuities. The law was proposed by Senator Rob Stafsholt (R-New Richmond) and Representative Kevin Petersen (R-Waupaca). Wisconsin is the 23rd state that as part of a nationwide, bipartisan effort has adopted measures implementing 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 Standard of Care & Consumer Protection Wisconsin Annuity Best Interest Insurance & Financial Advisor Regulation
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Maryland Enhances Protections for Annuity Consumers
American Council of Life Insurers (ACLI) President and CEO Susan Neely, National Association of Insurance and Financial Advisors’ (NAIFA) former president and NAIFA-MD member Paul Dougherty, and The League of Life and Health Insurers of Maryland Executive Director Matthew Celentano issued the following joint statement on the best interest annuity rule adopted recently by the Maryland Insurance Administration:
Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Insurance & Financial Advisor Regulation Maryland
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Bryon Holz Urges Producers to Attend NAIFA's Congressional Conference
NAIFA’s annual Congressional Conference is crucial to our grassroots advocacy strategy. The event brings NAIFA members together as a critical mass to advocate on behalf of their businesses, clients, consumers, and the insurance and financial services industry. It provides targeted advocacy training with briefings on specific legislative issues, best practices for conducting congressional meetings, and tips for developing impactful long-term relationships with legislators.
Bryon Holz, NAIFA President-Elect, urges every producer in financial services and insurance to attend this year's Congressional Conference to be an advocate for your Main Street USA clients.
Don't miss this opportunity to make your voice heard!
Topics: Federal Advocacy Grassroots Congressional Conference
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Upcoming Webinar: Busting Through The Gridlock with Diane Boyle
Don't miss NAIFA Senior Vice President of Government Relations Diane Boyle on InsuranceNewsNet's webinar "Busting Through the Gridlock: A D.C. Legislative Preview" on April 13, 2022, at 1:00 pm eastern.
In a time of uncertainty leading into the 2022 midterms and 2024 presidential election, insurance and financial professionals may be able to break through the gridlock in Washington, D.C.
In the webinar, Boyle will outline the legislation affecting insurance and financial professionals and the Main Street Americans they represent.
Topics: Webinar Federal Advocacy
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CMS Wants NAIFA Members' Feedback on the 2023 Medicare & You Handbook Draft
The Centers for Medicare and Medicaid Services (CMS) is asking for NAIFA members who work with the seniors or Medicare markets to provide feedback on the draft of their Medicare & You Handbook for 2023.
If you would like to submit comments on this draft, please do so using the spreadsheet linked below. Comments must be submitted by Wednesday, April 13, by the end of the day to Cody Schoonover (cschoonover@naifa.org).
Topics: Federal Advocacy Grassroots CMS Insurance & Financial Advisor Regulation Producer Sales & Marketing
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Illinois Passes Association CE Credit Legislation
The Illinois General Assembly on March 30 passed HB 4324 by Representative Bob Morgan and Senator Julie Morrison, which will make Illinois the 13th state to offer licensed insurance producers the opportunity to gain continuing education (CE) credits based on their active participation in a state or national professional insurance association. Producers may receive up to four hours of CE on a biennial basis by providing detailed records of attendance and involvement to the Department of Insurance. The bill is now on its way to Governor J.B. Priztker’s desk for signature.
Topics: State Advocacy Illinois Insurance & Financial Advisor Regulation Producer Licensing & CE
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Biden FY 2023 Budget Proposes $1 Trillion+ in New Taxes, Mostly on Corporations, Wealthy Individuals
On March 28, President Biden sent Congress a Fiscal Year (FY) 2023 budget that calls for $1.58 trillion in discretionary spending (a 7.4 percent increase over last year) and over $1 trillion in new taxes. The budget, the Administration says, would reduce the federal deficit by $1 trillion over ten years.
Most of the new taxes would come from the proposal to hike the corporate tax rate from the current 21 percent to 28 percent (starting in 2023) and from a new 20 percent tax on a combination of income and capital wealth held by households with $100 million or more in income from earnings and increases in the value of their capital assets. The budget also proposes raising the top individual tax rate to 39.6 percent.
Topics: Retirement Planning Federal Advocacy Congress Tax Reform
2 min read
NAIFA-Kentucky Celebrates Legislative Win
The Kentucky Legislature has passed a comprehensive tax reform package, and thanks to advocacy work by NAIFA's Kentucky chapter financial planners and investment advisors narrowly avoided a 6% sales tax on their services.
