Advocacy in action blog

The life insurance community grieves with the nation over the racial injustice, brutality and bigotry that took the life of George Floyd and the lives of so many others. Too often, the justice system has failed, bringing devastating consequences such as destroyed hope, fear and division. 

Julie Harrison, NAIFA's Director of State Chapter Government Relations, has been named to the National Insurance Producer Registry (NIPR) Board of Directors.

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.