Advocacy in action blog

NAIFA-Texas has been hard at work ensuring that the Texas legislature adopts the National Association of Insurance Commissioners (NAIC) model for a “Best Interest” standard for annuity products this legislative session. Partnering with Texas Association of Life and Health Insurers (TAHLI), we have met with multiple offices and other stakeholders to ensure clarity and support from those within the Texas Capitol. State Rep. Tom Oliverson, M.D. (R-Cypress), chair of the Texas House Insurance Committee is the bill's author.

On March 23, 2021, Jason Talley, NAIFA-Texas Past President, represented NAIFA-Texas by testifying in support of HB 1777 before the Texas House Insurance Committee. This bill passed unanimously out of committee and passed in the Texas House 144-1. Once it reached the Texas Senate, it was referred to the Senate Committee on Business & Commerce. Due to a time constraint before the first bill filing deadline of the session in early March, there was no Senate companion bill nor a Senate author. NAIFA-Texas and TALHI were able to get Chairman Kelly Hancock (R-Fort Worth) to carry this bill in his own committee. On May 13, 2021, this bill was heard in a formal hearing where NAIFA-Texas submitted written testimony in support. There was no opposition.

Legislation signed into law today by Nebraska Governor Pete Ricketts provides citizens throughout the Cornhusker state with enhanced consumer protections when buying annuities. Strongly supported by Nebraska Director of Insurance Bruce Ramge and championed in the Nebraska Legislature by State Senator Matt Williams, the new law closely tracks the ‘best interest of consumer enhancements’ in the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation. It also aligns with the SEC’s Regulation Best Interest.

In 2018, North Dakota Governor Doug Burgum unveiled the state’s new brand: Be Legendary.

Idaho Governor Brad Little has signed a NAIFA-promoted best interest bill into law. The bill, HR 79, is based on the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transaction Model Regulation.

NAIFA-ND President Lyle Kraft testified at the State Senate Industry, Business and Labor Committee on March 9, on the importance of passing an important new best interest standard.

NAIFA-Idaho member EmmaLee Robinson testified before a hearing of the Idaho Legislature on the Annuity Consumer Protections Act (HB 79) and encouraged lawmakers to adopt legislation based on the National Association of Insurance Commissioners’ updated Suitability in Annuity Transactions Model. The NAIC model requires financial professionals to work in the best interests of consumers on annuity transactions.

The Ohio Department of Insurance has finalized a rule based on the National Association of Insurance Commissioners’ updated Suitability in Annuity Transactions Model that requires financial professionals to work in the best interests of consumers on annuity transactions. The new rule goes into effect in Ohio on Feb. 14.

The Delaware Department of Insurance has published a final regulation based on the National Association of Insurance Commissioners’ updated Suitability in Annuity Transactions Model that requires financial professionals to work in the best interests of consumers on annuity transactions.

As the Nebraska Legislature considers LB 22, legislation that would establish an enhanced standard of care for financial professionals offering annuity products, NAIFA-NE Past-President Dave Skutnik submitted testimony in support of the bill on behalf of NAIFA’s Nebraska chapter.

This week the North Dakota House Industry, Business and Labor Committee unanimously approved H.B. 1160, a bill that tracks with the “best interest of consumer enhancements” in the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation.