Advocacy in action blog

NAIFA CEO Kevin Mayeux issued the following statement following a House Ways and Means Committee hearing on paid family medical leave:

NAIFA Senior Vice President Diane Boyle and Government Relations Director Michael Hedge spend part of their week keeping insurance and financial professionals up-to-date with the latest information on the PRO Act, where it stands, and how it could impact advisors.

On March 25, the Senate passed 92-7 legislation to extend the deadline for Paycheck Protection Program (PPP) loan applications to May 31. The program has issued 7.5 million loans totaling $687 billion to small businesses during the last year, according to the Small Business Administration (SBA). The bill would also allow the agency an extra month to process applications after the program closes.

Tuesday, March 23, at 11 am eastern

NAIFA Director of Government Relations Mike Hedge recently spoke with David Duford of Duford Insurance Group about the potential implications of the PRO Act for insurance and financial professionals. Hedge discusses how the PRO Act could disrupt the business relationships between producers and companies and harm the ability of agents and advisors to serve consumers. He also talks about the work NAIFA is doing to head off provisions of the PRO Act that would “revolutionize the industry for the wrong reasons.” The interview is featured on Duford’s popular YouTube channel.

The House of Representatives passed the Protecting the Right to Organize (PRO) Act (H.R. 842), a sweeping piece of labor legislation. Among its provisions, the PRO Act as passed by the House would reclassify many insurance and financial professionals as “employees” rather than “independent contractors” under federal labor law. NAIFA argues that such a reclassification will disrupt insurance and financial services business models and limit consumer access to diverse offerings of products, services, and advice.

NAIFA CEO Kevin Mayeux and the CEOs of 13 other insurance and financial services trade associations sent a letter to House Speaker Nancy Pelosi and Minority Leader Kevin McCarthy urging Congress to address concerns with the Protecting the Right to Organize (PRO) Act (H.R. 842).

The U.S. House of Representatives is currently considering introduction of the Protecting the Right to Organize Act (PRO Act) along mostly party lines, likely in April 2021. This wide-reaching bill seeks to reform current labor law in a variety of areas. Impacting the insurance industry, the bill amends the National Labor Relations Act (29 U.S.C. 152(3)) by adding language that expands the definition of “independent contractor” by adopting an “ABC” test to define who is an “employee.”

NAIFA is hopeful that the 117^th Congress will reintroduce and enact the Securing a Strong Retirement Act of 2020 (SSRA), bipartisan legislation with many provisions to make it easier for employers to offer plans and to encourage higher participation rates by employees.

As part of the COVID relief package passed by Congress, NAIFA-backed Flexible Spending Account (FSA) relief was included to relieve some of the financial burden consumers face regarding healthcare costs and health spending account allocations. Known as the Consolidated Appropriations Act, 2021, (CAA) it includes provisions extending FSA benefits to those enrolled in such plans.