NAIFA along with five other organizations has sent a letter to Congress asking legislators to support the Insured Retirement Institute’s (IRI) five-point plan to help retirement savers recover from losses caused by the COVID-19 outbreak. NAIFA has worked with IRI to promote the plan and garner support in Congress.
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NAIFA Advocates for IRI's Retirement Plan Proposals
Topics: COVID-19 Federal Advocacy Advocacy Partnerships Congress Insured Retirement Institute
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Department of Labor Releases Information on COBRA Implementation
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).
Topics: Health Care COVID-19 Federal Advocacy COBRA DOL
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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
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SEC Clarifies Rules on Use of the Term "Advisor"
In recently updated Frequently Asked Questions (FAQs) on its new Regulation Best Interest (Reg BI), the SEC offered some clarification on when it would be permissible for broker-dealers and their registered representatives to use the terms “advisor” and/or “adviser” as part of their name or title once Reg BI goes into effect on June 30, 2020. The SEC, in Reg BI, did not specifically prohibit the use of these terms by broker-dealers and their reps, and the FAQs indicate that a broker-dealer can use these terms when acting as a municipal advisor, a commodity trading advisor or “in a role specifically defined by federal statute”.
Topics: SEC Federal Advocacy Insurance & Financial Advisor Regulation Producer Sales & Marketing
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NAIFA Urges Fast Track for Proposed Electronic Delivery of Retirement Documents
NAIFA supports a rule proposed by the Department of Labor that would expand the ability of retirement plan sponsors to provide participants with required disclosures and notices electronically. In a letter to Russ Vought, acting director of the Office of Management and Budget, NAIFA and partner organizations urge the administration to finalize the rule as quickly as possible.
Topics: SEC Federal Advocacy Insurance & Financial Advisor Regulation Producer Sales & Marketing
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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
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Congressional Action Needed to Ensure Access to Health Plans
NAIFA has joined a group of organizations asking Congress to ensure that 180 million Americans who receive health care coverage through workplace plans are able to continue receiving private health benefits in light of economic difficulties and job losses caused by the COVID-19 outbreak. The groups, including America’s Health Insurance Plans, the National African American Insurance Association, the U.S. Chamber of Commerce, and 28 others, sent a letter to congressional leadership with five specific policy recommendations:
Topics: Health Care Federal Advocacy Congress
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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
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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.
