Advocacy in action blog

NAIFA Policy Director Maeghan Gale and Director of Government Relations Michael Hedge made a presentation on senior financial protection at the annual meeting of the National Council of Insurance Legislators (NCOIL) in Scottsdale, AZ.

Gale and Hedge discussed the important role of insurance and financial professionals in providing guidance for retired individuals. When a person retires, their need for financial services doesn’t end. NAIFA members help senior clients with budgeting and estimating their expenses, developing effective retirement plan disbursement strategies, obtaining coverage for healthcare, finding limited and extended care solutions, and creating financial legacies to leave loved ones or charities. NAIFA members have expertise in retirement planning, long-term care, estate planning, Social Security, Medicare, Medicare supplements, and other topics important to the financial security of seniors.

American Council of Life Insurers (ACLI) President and CEO Susan Neely and George B. Pickett, J.D. CLU, AEP, LACP, of the NAIFA Government Relations Committee, issued the following joint statement on the best interest annuity rule adopted recently by the Mississippi Insurance Department:
 
“Retirement savers seeking lifetime income from annuities should work with financial professionals who act in consumers’ best interest. The rule adopted by the Mississippi Insurance Department makes certain that they will.

The House passed H.R. 5376, the Build Back Better Act. Rep. Jaren Golden (D-ME) was the sole Democrat to vote against the bill. No Republicans voted for the bill. Now, on to the Senate, where significant changes are expected. Senate leadership wants to finish this before year-end, but given the other must pass agenda items (government funding, debt limit, defense authorization), that timing seems unlikely.  

American Council of Life Insurers (ACLI) President and CEO Susan Neely, National Association of Insurance and Financial Advisors (NAIFA) CEO Kevin Mayeux and NAIFA-Kentucky Immediate Past President Brian Wilson issued the following joint statement on the annuity best interest rule recently adopted by the Kentucky Department of Insurance:

NAIFA Trustee, Wes Booker, LUTCF, loyal member since 2004 can be spotted all across SEC country when he is not serving his clients out of Maumalle, AR. Booker is an NCAA Football referee for the Southeastern Conference. Recently, he had the honor of serving as an official during the 12th Annual Congressional Football Game.

The House of Representatives passed the bipartisan infrastructure bill by a vote of 228-206 with 13 Republicans voting in favor and six Democrats opposing. The vote came after an agreement amongst Democrats that the social spending bill, the Build Back Better Act, would come to the House floor the week of November 15 with no further changes (other than technical corrections). Then the BBB legislation would go to the Senate, where is will likely undergo several changes before coming back to the House for a second vote. 

NAIFA calls on Congress to reject tax hikes on Main Street businesses as the House of Representative sends the latest text of the Build Back Better Act to the Rules Committee. In a letter with other associations and business groups, NAIFA urges congressional leaders to reject the Build Back Better framework's tax increases on individual- and family-owned businesses.

The Build Back Better reconciliation bill is at a boiling point. Some Washington insiders are saying the House could vote on it this week. Others are skeptical that a final bill could come together that quickly. Either way, it will take considerably longer for the Senate to vote. The rules of reconciliation allow for time-eating “vote-a-rama” amendments as well as up to 50 hours of debate, and it is highly likely opponents of the measure in the Senate will take all that time. But things are hot and getting hotter. Here’s the state of play currently.

NAIFA submitted comments to the U.S. Senate Special Committee on Aging regarding an inquiry by Chairman Bob Casey (D-PA) and Ranking Member Tim Scott (R-SC). Both committee leaders are working together in a bipartisan way to examine issues that are of importance to the health, economic security, and well-being of older Americans and their families.

Thursday morning President Biden released a Build Back Better framework and fact sheet outlining his social spending plan. The situation is still very fluid and it’s unknown if the centrists who have opposed previous spending and tax plans will support this version.