Advocacy in action blog

NAIFA’s Alabama chapter (NAIFA-AL) held a recent state Legislative Day in Montgomery. The event featured a welcome from NAIFA-AL President Booker Joseph and NAIFA-AL Grassroots Chair Matthew Wilson, followed by afternoon meetings with state legislators at the Capitol. Senator J.T. “Jabo” Waggoner recognized NAIFA-Alabama in the gallery during the Senate proceedings that day.

The National Council of Insurance Legislators (NCOIL) unanimously approved a "Resolution Supporting Independent Contractor Status for Insurance Agents and Other Licensed Financial Professionals" at its Spring Meeting in Las Vegas. The resolution, sponsored by NCOIL President and California Assemblyman Ken Cooley states that "NCOIL will encourage states and federal entities that are debating worker classification policies and that are considering adopting a strict ABC Test and or other similarly worker classification laws to continue issuing exemptions for, or exempting out, licensed insurance agents and other financial professionals."

American Council of Life Insurers (ACLI) President and CEO Susan Neely and NAIFA-SD President Jennifer Soma issued the following joint statement on the best interest annuity law recently signed by South Dakota Governor Kristi Noem:

NAIFA-WI is celebrating their most recent legislative win – both chambers of the Wisconsin Legislature passed the National Association of Insurance Commissioners (NAIC) Model Regulation for Annuities.

The Wisconsin Assembly concurred on Senate Bill 644, the annuity best interest model bill, on February 23, 2022, during what is likely its final week of session in the house for the year. The state Senate passed it on January 25.

American Council of Life Insurers (ACLI) President and CEO Susan Neely and NAIFA-NM Vice President of Advocacy Kenneth Bottari issued the following joint statement on the best interest annuity rule adopted recently by the New Mexico Office of the Superintendent of Insurance:

NAIFA has partnered with the American Council of Life Insurers (ACLI) and other organizations to encourage states to adopt consumer-protection legislation or regulations based on a model created by the National Association of Insurance Commissioners (NAIC), which requires advisors to work in their client's best interests on annuity transactions. NAIFA also supports the Securities and Exchange Commission's Regulation Best Interest. 

NAIFA's Iowa chapter held a state Legislative Day in Des Moines last week. The event featured a morning advocacy training session and afternoon meetings with state legislators at the Capitol. NAIFA-IA also hosted an ice cream social with lawmakers. 

Dean L. Cameron, Director of the Idaho Department of Insurance, is the 2022 President of the National Association of Insurance Commissioners (NAIC). Cameron is a third-generation insurance professional with more than 32 years of experience. Prior to entering state politics, he was a NAIFA member who served two terms as the President of NAIFA’s Idaho chapter.

On February 17, 2022, NAIFA joined with coalition members to send a letter to Steve Richetti, Counselor to President Biden, offering the support of the insurance agent and broker community for the administration to nominate members of the Board of Directors to establish the National Association of Registered Agents and Brokers Reform Act (NARAB).

NAIFA strongly supports consumer protections provided by the Securities and Exchange Commission’s (SEC’s) Regulation Best Interest and the National Association of Insurance Commissioners’ (NAIC’s) revised annuity model regulation (adopted by 19 states and counting). Both of these provisions require financial professionals to work in their clients’ best interests and preserve the ability of consumers to choose who they work with and how they compensate advisors. Reg BI and the NAIC model also avoid problems with other proposals that would have made it very difficult for producers to continue working with Main Street investors.