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3 min read

NAIFA Advocacy Helped Shape DOL Rule on Independent Contractors

By Mike Hedge on Jan 6, 2021 1:20:41 PM

The U.S. Department of Labor (DOL) announced today a final rule clarifying the standard for employee- versus independent contractor-status under the Fair Labor Standards Act (FLSA). NAIFA has worked closely with DOL to ensure an equitable rule that considers the needs of the insurance industry. NAIFA submitted comments on DOL’s rulemaking on October 26, 2020.

Topics: Advocacy Legislative & Regulatory
1 min read

Repeal of Health Insurers' Antitrust Exemption Likely to Harm Consumers

By NAIFA on Dec 23, 2020 11:13:00 AM

On December 22, the Senate voted to repeal the McCarran-Ferguson antitrust exemption for health insurance companies by passing HR 1418, the Competitive Health Insurance Reform Act. The House passed the bill on Sept. 21. President Donald J. Trump is expected to sign the bill into law later this week.

Topics: Advocacy Health Care
4 min read

A Deeper Dive Look at Amendments to the Paycheck Protection Program

By NAIFA on Dec 22, 2020 11:55:07 AM

As we posted earlier, agreement has come together at the final hour on the much-anticipated COVID-19 relief and government-funding legislation. The 5,593-page legislation is expected to be signed by President Trump today.

Topics: Advocacy COVID-19
4 min read

NAIFA-Supported Surprise Medical Billing Provision Is Part of Year-End Legislation

By NAIFA on Dec 22, 2020 9:09:46 AM

Congress has passed the final COVID-19 relief package of 2020 to support the economy and provide further relief during the continuing pandemic. Included within the 5,593-page bill is a provision to end surprise medical billing. The surprise medical billing language provides no government rate setting. The inclusion of this provision is arguably the most important patient-protection inclusion since the creation of Medicare Part D. NAIFA worked with congressional leaders in both the Senate and House, advising legislators of the importance of including surprise medical billing in the final bill.

Topics: Advocacy Health Care
1 min read

Congress Expands Paycheck Protection Program in $900 Billion Relief Bill

By NAIFA on Dec 22, 2020 8:42:45 AM

Congress has agreed to a $900 billion COVID-19 stimulus package to assist American individuals and businesses impacted by the pandemic. The legislation includes stimulus checks of up to $600 per person, including children. The amount diminishes for individuals with incomes reported above $75,000 in 2019, while those who earned more than $87,000 are not eligible. The package would also extend federal unemployment benefits by up to $300 per week through the middle of March.

Topics: Advocacy COVID-19
1 min read

New DOL Rule on Retirement Advice Aligns with the SEC's Reg BI

By NAIFA on Dec 15, 2020 6:24:52 PM

The U.S. Department of Labor (DOL) has finalized its new prohibited transaction exemption (PTE) for financial professionals who provide retirement plan advice. The PTE requires advisors to work in the best interests of their clients, receive reasonable compensation, and make no “materially misleading statements.” The PTE is effective 60 days after publication in the Federal Register.

The DOL exemption aligns with the Securities and Exchange Commission’s Regulation Best Interest, and preserves opportunities and choices for workers and retirees seeking high-quality, personalized advice.

“NAIFA thinks the Department of Labor proposal – with the modifications in today’s final rule – will benefit retirement investors by preserving access to a wide variety investment advice professionals, products, and compensation arrangements,” said NAIFA CEO Kevin Mayeux. “The Department has struck the right balance between crafting a PTE with robust compliance obligations that serve the interests of investors, while avoiding an overly prescriptive approach or penalizing certain market segments or arrangements versus others.”

The DOL under the Obama administration initially issued a rule that would have imposed a restrictive fiduciary duty on financial professionals and hindered access of middle-market investors to retirement services and advice. NAIFA was among the organizations that filed a lawsuit resulting in the U.S. Court of Appeals for the Fifth Circuit vacating the rule in 2018.

Topics: Advocacy Retirement Legislative & Regulatory Reg BI
3 min read

NAIFA Supports COVID-19 Liability Shields

By NAIFA on Dec 2, 2020 7:31:02 PM

State lawmakers across the country are grappling with different solutions to quell business owners’ fears of legal liability as the pandemic threatens to loom for many months yet to come. NAIFA is encouraging lawmakers to pass bills that would enact liability immunity for businesses to protect them from a barrage of civil lawsuits related to the exposure to COVID-19.

Topics: Advocacy State Advocacy COVID-19
1 min read

NAIFA Joins Groups Urging Congress to Reduce Health Care Costs

By NAIFA on Nov 23, 2020 2:12:33 PM

NAIFA has joined with other groups and employers who sponsor health insurance benefits for tens of millions of Americans to send a letter to congressional leadership urging Congress to enact legislation to reduce health care costs.

Topics: Advocacy Health Care Legislative & Regulatory
3 min read

As Election Results Become Clearer, NAIFA Builds Advocacy Connections

By NAIFA on Nov 4, 2020 4:55:28 PM

Although the results of a number of races remain undetermined, we are beginning to get a better picture of how yesterday’s election will reshape Congress in the coming year. Nearly 50 races decided yesterday, or in the process of being decided, will result in changes to the composition of congressional committees that have jurisdiction over issues important to NAIFA’s advocacy efforts, the interests of insurance and financial professionals, and the financial security of Main Street Americans.

Topics: Advocacy
1 min read

Bipartisan Legislation Would Encourage Retirement Saving and Give Greater Flexibility

By NAIFA on Oct 28, 2020 11:20:00 AM

NAIFA supports the Securing a Strong Retirement Act of 2020, bipartisan legislation introduced by Ways and Means Committee Chairman Richard E. Neal (D-MA) and Ranking Member Kevin Brady (R-TX) that would help Americans prepare for a secure retirement. Among other provisions, the legislation would create new financial incentives for small employers to offer retirement plans, give people over the age of 60 greater flexibility when contributing to retirement plans, and raise the required minimum distribution age to 75.

Topics: Advocacy Retirement Planning Retirement Legislative & Regulatory

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