Advocacy in action blog

Senate Committee on Banking, Housing, and Urban Affairs Ranking Member Tim Scott (R-SC) cited NAIFA's support in a press release announcing legislation designed to protect the state-based regulatory regime of the insurance industry. The bill, known as the Business of Insurance Regulatory Reform Act, would clarify and reinforce sections of the Dodd-Frank Wall Street Reform and Consumer Protection Act to exclude "the business of insurance" from regulation by the federal Consumer Financial Protection Bureau. It would shore up federal laws that give state regulators exclusive authority to regulate insurance.

State-based regulation of insurance has been a bedrock of the industry and effectively protects the interests of consumers. Federal law, including Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, recognizes this fact and explicitly exempts the business of insurance from regulation by federal Bureau of Consumer Financial Protection (BCFP).

NAIFA and a coalition of groups representing a majority of the U.S. companies and agents offering property-casualty, title, and life insurance have asked Congress for additional legislation that would clarify provisions in Dodd-Frank and solidify the state-based system of insurance regulation.

The Department of Labor thinks it knows what's best for Americans preparing for retirement. NAIFA President Bryon Holz, CLU, ChFC, LUTCF, CASL, LACP, and his long-time client Chuck Ross think the DOL is wrong and bring their real-life experience to the argument.

More than 250 NAIFA members took to Capitol Hill today to meet with over 200 Congressional offices to advance the need to protect the worker classification of financial service professionals as independent contractors and to provide consumers a variety of choices in financial service professionals. The Day on the Hill was coupled with NAIFA’s National Leadership Conference which serves to train the leaders of state and local chapters in grassroots advocacy.

The Department of Labor has proposed a fiduciary-only rule that would limit the choices consumers have when seeking investment and retirement-planning advice and could make it difficult for low- and middle-income investors to receive services and advice. 

NAIFA has strong advocacy relationships with interstate organizations like the National Association of Insurance Commissioners (NAIC), National Council of Insurance Legislators (NCOIL), and North American Securities Administrators Association (NASAA). We attend their meetings, provide input through comments and testimony, and work with them on resolutions and model regulations that impact consumers and the insurance and financial services industry. 

NAIFA congratulates the newly elected Speaker of the House of Representatives Mike Johnson and looks forward to working with him on legislative matters that impact the financial security of Americans and the ability of insurance and financial professionals to serve their clients’ best interests.

NAIFA is a strong proponent of the Congressional Financial Literacy and Wealth Creation Caucus and has urged members of Congress to join during the Congressional Conference and In-District Meetings earlier this year. The bipartisan caucus raises issues important to NAIFA members and consumers they serve in the consciousness of lawmakers. Its members are legislators "committed to empowering Americans with the tools needed to build wealth and achieve financial stability."

NAIFA CEO Kevin Mayeux, CAE, told the Biden Administration in a meeting that the Department of Labor’s (DOL’s) current efforts to revive a fiduciary-only regulation for financial professionals is unnecessary and likely to harm low- and middle-income consumers.

NAIFA has submitted a comment letter to SEC Secretary Vanessa Countryman sharing concerns about the SEC’s proposed rule on the use of predictive data analytics by financial professionals. The proposal, which would place new burdensome requirements on broker-dealers and investment advisers using a broad array of investments-related technology, would have a “devastating effect on our members and their primary clients: low- and middle-income savers and investors,” the letter states.