Recent estimates suggest that the COVID-19 pandemic has cost more than 9 million Americans employer-provided health insurance, with projections indicating that those numbers will continue to rise. These individuals are generally granted the option to elect continued health coverage through the Consolidated Omnibus Budget Reconciliation Act (COBRA).
1 min read
Department of Labor Releases Information on COBRA Implementation
Topics: Health Care COVID-19 Federal Advocacy COBRA DOL
1 min read
Do Financial Professionals Need to Disclose COVID-19 Relief Loans to Clients?
One part of the COVID 19 federal relief package known as the CARES Act is the Paycheck Protection Program (PPP), which allows individuals and small businesses to obtain loans for the purpose of paying their employees during the crisis. Repayment of these loans may be forgiven if certain terms are met. If a securities firm obtains a PPP loan, must that fact be disclosed/reported to the firm’s clients?
Topics: COVID-19 Federal Advocacy Congress
1 min read
Bills Would Put Insurers on the Hook for Uncovered Business Interruption Losses
As governments look to offset financial business losses resulting from COVID-19, some state legislatures have explored further exploiting the insurance industry by introducing bills addressing business interruption coverage. Business interruption coverage typically applies only to losses resulting from physical damage to property, such as that caused by a natural disaster, and generally inapplicable to losses caused by viral or bacterial pandemics.
Topics: COVID-19 Federal Advocacy Congress
2 min read
NAIFA Advocates Health, Retirement, and Life Insurance Proposals for Next Round of COVID-19 Legislation
The latest federal COVID-19 relief package, signed into law today, provides $484 billion in funding, including $310 billion for the Paycheck Protection Program, $50 billion for Economic Injury Disaster Loans, $75 billion for hospitals, and $25 billion for expanded COVID-19 testing.
Topics: Retirement Planning COVID-19 Federal Advocacy Congress
1 min read
Mayeux Highlights NAIFA's Small Business Ties in COVID-19 Relief Comment
NAIFA CEO Kevin Mayeux issued the following statement on congressional passage of the latest $484 billion COVID-19 relief legislation.
Topics: COVID-19 Federal Advocacy
IRS Webinar to Answer COVID-19 Tax Questions
An Internal Revenue Service (IRS) webinar tomorrow will provide a forum for taxpayers to ask IRS officials questions about relief payments due to taxpayers under the CARES Act and other COVID-19-related tax matters. The webinar is open to everyone and will be of particular interest to small business owners, individuals, veterans, and Social Security recipients.
Topics: COVID-19 Federal Advocacy IRS
2 min read
NAIFA Family Response Fund to Help NAIFA Members With COVID-19 Expenses
NAIFA has announced the creation of the NAIFA Family Response Fund to help NAIFA members with expenses related to the COVID-19 outbreak. The fund will benefit NAIFA members and their legal dependents who face financial hardship due to unexpected out-of-pocket medical or funeral expenses related to the COVID-19 outbreak.
Topics: State Advocacy COVID-19 Federal Advocacy Grassroots
2 min read
The IRS and Social Security Administration Report Increased Fraud Related to COVID-19
The U.S. Treasury Department reports that nearly 16,000 American have been taken in by scams involving criminals falsely claiming to be employees of the Internal Revenue Service (IRS). The scams have resulted in losses of more than $80 million.
Topics: COVID-19 Federal Advocacy IRS
5 min read
COVID-19: Changing how we live, work… and vote
On Sunday, March 29th, President Donald Trump extended his coronavirus guidelines for America, announcing 30 Days to Slow the Spread, effectively extending the minimum time for most Americans to remain at home until April 30th.
Topics: State Advocacy COVID-19 Federal Advocacy Grassroots
COVID-19 Impacts Life Insurance Applications
Some reinsurers and primary insurance companies have announced that they will temporarily stop accepting applications for some life insurance policies. The COVID-19 outbreak has injected a new level of uncertainty into the marketplace and made it difficult for insurers to complete underwriting tasks, such as medical exams. Low interest rates are also having an impact on carriers’ business models.
