Advocacy in action blog

Politico, the influential political publication, noted some of the prominent contributors to NAIFA Advocacy in Action Day in its "Influence" column: Reps. Tom Reed (R-N.Y.), Tom Suozzi (D-N.Y.), Patrick McHenry (R-N.C.), Jackie Walorski (R-Ind.), Tom Emmer (R-Minn.), Judy Chu (D-Calif.), Barry Loudermilk (R-Ga.), Jim Himes (D-Conn.), David Schweikert (R-Ariz.), Bryan Steil (R-Wis.), Roger Williams (R-Texas), Adrian Smith (R-Neb.), Phil Roe (R-Tenn.), Alex Mooney (R-W.Va.), Trey Hollingsworth (R-Ind.) and Mark Walker (R-N.C.); Susan Neely and Joyce Meyer of the American Council of Life Insurers; Julie Herwig of New York Life; and Laura Haines of Guardian Life.

The U.S Department of Labor has finalized a rule permitting electronic delivery of required retirement plan disclosures and documents to plan participants.

Susan Neely, president and CEO of the American Council of Life Insurers, provided an inspiring and laudatory message to attendees of NAIFA’s Advocacy in Action Day. She spoke of how the life insurance and financial services industry and agents and advisors are “meeting the moment” during the COVID-19 crisis.

Reps. Tom Reed (R – NY) and Tom Souzzi (D – NY) share a strong appreciation for the insurance and financial services industry and the importance of the products and services that agents and advisors provide. The y spoke about their work and the Problem Solvers Caucus during NAIFA’s Advocacy in Action Day.

Moderator: Diane Boyle

Tracy Jones – Moderator

On May 15, the SBA released a standardized PPP loan forgiveness application with instructions.  The SBA still intends to publish additional rules and guidance on the program’s forgiveness provisions, but highlights from the release – and answers to a few outstanding questions – include:

On May 11 Iowa insurance regulators adopted revisions to the state’s regulations on annuity recommendations and sales to require producers and insurers to act in the best interests of annuity purchasers. Under the revised rules, producers must not put their own financial interests ahead of consumers’ interests. These revisions track amendments made earlier this year by the National Association of Insurance Commissioners (NAIC) to the NAIC Suitability in Annuity Transactions Model Regulation, which aligns well with the SEC’s Regulation Best Interest and will raise the standard of care required of financial professionals while preserving consumers’ access to valuable financial advice, services, and products.

NAIFA’s Online CEO Panel
Tuesday, May 12 at 1 PM EDT
Free to all financial professionals

NAIFA is bringing together CEOs from the insurance and financial services industry’s top associations to discuss our collaborative efforts during the COVlD-19 crisis to address financial security on Main Street USA. NAIFA CEO Kevin Mayeux will moderate a panel consisting of:

All eyes were on the Washington, D.C., Council on Tuesday morning. Included in its “Coronavirus Omnibus Emergency Amendment Act of 2020” was a proposal to essentially rewrite business income insurance policies and require the industry to pay for losses that were not covered. The Council ultimately agreed to withdraw the language before passing the omnibus bill. The business interruption insurance measure could have threatened the financial solvency of the District's insurance industry, so having it removed was a major win for insurers.