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1 min read

ALI Survey Finds Growing Concern Among Workers Planning for Retirement

By NAIFA on Jul 29, 2020 1:26:23 PM

A new survey by the Alliance for Lifetime Income (ALI) finds that 70% of older working Americans with at least $100,000 in assets are more pessimistic about their retirement plans because of the COVID-19 pandemic. One-in-five of these workers, or approximately 3.2 million Americans, now plans to retire later than they had anticipated. ALI notes that the number would likely be much higher had the survey also included older workers with less than $100,000 in assets.

Topics: Annuities Retirement Planning Legislative & Regulatory COVID-19
1 min read

NAIFA-CO Sees Big Win on Proposal to Expand Annuity Taxes

By NAIFA on Jun 16, 2020 11:24:14 AM

When Colorado legislators on June 8 introduced changes to the state’s tax laws that would impact insurance companies, consumers, and retirement savers, NAIFA’s state advocacy team sprang to action. The original version of the “Adjust Tax Expenditures For State Education Fund Act” (HB20-1420) would have expanded the state’s tax on some insurance premiums to include a broader range of annuity products. It also would have removed a credit applied to existing premium taxes for insurance companies that maintain home offices in Colorado.

Topics: Annuities Retirement Tax State Advocacy Colorado
1 min read

NAIFA Supports Legislation to Boost Registered Index-Linked Annuities

By NAIFA on Jun 11, 2020 1:02:34 PM

Registered index-linked annuity (RILA) products offer a good option for some consumers who want to benefit from market growth while reducing their exposure to market losses. These are long-term, tax-deferred investments that are often well-suited for investors who are preparing for retirement, especially those who are retired or are nearing retirement and wish to reduce the impact of market downturns.

Topics: Advocacy Annuities Legislative & Regulatory
1 min read

Arizona Annuity Sales Standards Bill Signed Into Law

By Julie Harrison on Jun 9, 2020 2:55:02 PM

Arizona Governor Doug Ducey signed into law SB 1557 on Friday June 5, 2020. The measure will amend the state’s requirements governing annuity recommendations and sales by requiring producers and insurers to act in the best interest of annuity purchasers and to not put their own financial interests ahead of the consumers’ interest. These revisions track amendments made earlier this year by the National Association of Insurance Commissioners 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.

Topics: Annuities
1 min read

Iowa Enacts Best Interest Standard for Annuity Transactions

By NAIFA on May 12, 2020 2:27:01 PM

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.

Topics: Annuities State Advocacy Interstate Advocacy
1 min read

State Advocacy Impact! NAIFA Helps Reshape Massachusetts Fiduciary Proposal

By NAIFA on Mar 2, 2020 8:39:33 AM

A funny thing happened on the way to the final version of the Massachusetts Securities Division’s fiduciary rule for broker dealers and their registered representatives. NAIFA’s grassroots army made their presence known and helped to reshape what could have been a disastrous regulation for insurance and financial professionals and the Main Street consumers who rely on them for products, services, and guidance.

Topics: Annuities State Advocacy Standard of Care

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