NAIFA-New Jersey has been a driving force behind legislation in the state that would exempt U.S. military veterans from initial insurance licensing fees. The state Assembly passed the bill unanimously and it has strong momentum in the Senate.
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NAIFA Sees A Trio Of Advocacy Wins As Congress Adds SECURE Act And Repeal Of Health Care Taxes In Spending Bill
Congressional leaders have included the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 as part of the fiscal 2020 spending bill. The SECURE Act will make it easier for small businesses to offer employee retirement plans. It will also give retirement savers greater flexibility to participate in plans and choose investment options and will encourage adequate savings amounts. The American Council of Life Insurers (ACLI) estimates that SECURE will result in 700,000 additional American workers saving for retirement.
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"Cadillac Tax" Repeal Letter Garners Support Of More Than 1,000 Stakeholders Including NAIFA
NAIFA signed on to a broad stakeholder letter to repeal the “Cadillac Tax.” These signatures represent large corporations and small companies, nonprofits, labor unions, cancer and patient groups, and state/local groups who share the concern that the “Cadillac Tax” is forcing them to increase deductibles and cut health care at rates that hurt workers and their families leaving them vulnerable to untenable health care costs.
NAIC And FINRA To Share Certain Information On Financial Advisors
The National Association of Insurance Commissioners (NAIC) and the Financial Industry Regulatory Authority (FINRA) will soon begin sharing data–including names, dates of birth, licensing statuses, and other information–on registered representatives and insurance producers. NAIC staff indicated during a NAIC Producer Licensing (D) Task Force conference call on October 25, 2019, that the NAIC and FINRA are finalizing a Memorandum of Understanding outlining the information-sharing process.
A NAIFA comment letter to the NAIC generally supports efforts by regulators to improve communications between their respective departments, but urges regulators to refrain from making any final determinations or conclusions or taking any actions against an advisor based solely on notification by another regulator that the individual’s license is no longer active.
