Advocacy in action blog

The following statement and press release was published today on ACLI's site. NAIFA is proud to be part of the coalition of trade associations and works within the coalition to as the association representing agents and advisors.

A coalition of trade associations told Congressional leaders today that the Protecting the Right to Organize (PRO) Act “would cause significant disruption” that would affect consumers’ access to insurance, investment and retirement security solutions. Collectively, the coalition represent more than 100,000 individual small business owners, broker-dealers and insurance companies providing financial services to more than 112 million American families.

NAIFA is an active participant in interstate advocacy efforts, including working with groups like the National Council of Insurance Legislators (NCOIL) to create policies and model regulations that protect the interests of consumers and preserve the ability of producers to provide products, services, and advice that help Main Street Americans achieve financial security. 

NAIFA has suggested ways for the Financial Industry Regulatory Authority (FINRA) to promote diversity, equity, and inclusion (DEI), and the association’s ideas have gained notice.

In an article this week, the influential industry publication ThinkAdvisor has highlighted suggestions made by NAIFA Senior Vice President for Government Relations Diane Boyle and Policy Director Maeghan Gale. Among the NAIFA ideas called out by ThinkAdvisor are:

NAIFA Policy Director Maeghan Gale will represent insurance and financial advisors and NAIFA on the Board of Directors of the National Insurance Producer Registry (NIPR).

NIPR is a not-for-profit technology company with the goal of streamlining the producer licensing process. Governed by a Board of Directors representing state insurance regulators and members of the insurance industry, NIPR is an affiliate of the National Association of Insurance Commissioners (NAIC). Gale joins the board immediately.

NAIFA Trustee Win Havir, CPCU, CLF, LUTCF, FSS, AIC, LACP, a founding member of NAIFA’s Diversity, Equity, and Inclusion (DEI) Council, testified on behalf of NAIFA before the National Association of Insurance Commissioners (NAIC) Committee on Race and Insurance.

Alabama, Maine, and Virginia have joined 12 other states in adopting consumer-protection regulations or legislation based on the National Association of Insurance Commissioners’ (NAIC’s) Suitability in Annuity Transactions Model. The NAIC model requires financial professionals to work in the best interests of their clients during annuities transactions and aligns with the federal Securities and Exchange Commission’s Regulation Best Interest. It also preserves the ability of consumers to work with agents and advisors offering a variety of successful business models and avoids restrictions that would likely make it impossible for financial professionals to work with Main Street investors and retirement savers.

The Financial Industry Regulatory Authority (FINRA) issued a request for comments as part of its efforts to support dialogue for greater diversity and inclusion within the financial industry. NAIFA submitted comments to Regulatory Notice 21-17 that highlighted our commitment to Diversity, Equity, and Inclusion (DEI) as part of the NAIFA 2025 strategic plan, the mission of our DEI Council, and the importance of cooperation among the industry to drive change.

As the leading advocacy association for insurance and financial services professionals, NAIFA continues to work with policymakers at the federal and state levels on efforts to bolster American businesses. Most recently, NAIFA is one of only three insurance-related associations (along with the Independent Insurance Agents and Brokers of America and the National Association of Professional Insurance Agents) to sign onto a letter sent to key members of the Senate and House of Representatives urging Congress to maintain the 20% deduction for qualified business income under Section 199A of the federal tax code.

Louisiana Gov. John Bel Edwards recently signed a NAIFA-supported misclassification of workers bill into law. The bill, SB 244, outlines a 12-point definition for “independent contractor” developed by the Louisiana Association of Business and Industry which classifies an independent contractor as anyone who can meet seven of the 12 points. According to the new law, independent contractors could include workers who can’t set their hours, are not allowed to work for other businesses, and are directly managed or supervised by the contracting party.

A new report by the Congressional Budget Office provides a guide to understanding federal estate and gift taxes. These taxes affect only a small number of taxpayers (of 2.7 million Americans who died in 2016 only 5,500 left taxable estates, and in 2018 only 2,000 people paid gift taxes), but they may consider in planning for financial professionals working with affluent families or business owners. In 2021, estate values above an $11.7 million exemption are taxed at a 40% rate. “The same threshold and tax rate apply to gift taxes,” the report says.