Advocacy in action blog

Passage of the Registered Index-Linked Annuities (RILA) Act and the SECURE Act 2.0 as part of the 2023 Omnibus Appropriations bill greatly benefits consumers as well as the insurance financial professionals who help them prepare for retirement and achieve financial security. The National Association of Insurance and Financial Advisors (NAIFA) has strongly advocated on behalf of both pieces of legislation.

“With this bipartisan legislation, Congress makes it easier for Americans to prepare for retirement and gives them greater access to innovative annuity products that guarantee lifetime income while offering some protections from market volatility,” said NAIFA President Lawrence Holzberg, LUTCF, LACP. “SECURE 2.0 will also make it easier for more companies to offer retirement plans for their employees. Preparing for a secure retirement is a vital part of any financial plan and receiving a guaranteed lifetime income can be an important part of that plan for many consumers. It’s great to see strong advocacy efforts by NAIFA, our members, and our advocacy partners pay off with a great win for consumers.”

A comment letter submitted by NAIFA President Lawrence Holzberg, LUTCF, LACP, on behalf of the association to the U.S. Department of Labor urges the department to provide an exemption or carve-out for financial professionals in a proposed rule on employee or independent contractor classification under the Fair Labor Standards Act.

On November 30, 2022, NAIFA joined with the U.S. Chamber of Commerce and other industry partners in a letter asking the Internal Revenue Service (IRS) to make permanent the temporary relief from the physical presence requirement for spousal consent that the IRS has provided. As reflected in the attached letter, plans have been using this relief for nearly two years, and NAIFA believes that its use and effectiveness warrant that it be made permanent. If the IRS feels it cannot make this relief permanent before it expires after December 31, 2022, NAIFA urged the IRS to provide at least an additional 12-month extension while the IRS either provides permanent relief on its own or through notice and comment. By doing so, the IRS will avoid disrupting a valued tool many have come to rely on.

On December 5, 2022, NAIFA filed comments on the National Labor Relations Board’s (NLRB) proposed rule that would expand the joint-employer definition under the National Labor Relations Act. The rule would extend liability to employers that have indirect and reserved control over one or more employees’ essential terms and conditions of employment.

NAIFA members attending the National Leadership Conference in Washington, D.C., held more than 150 meetings with their Senators, Representatives, and congressional staffers. NAIFA's grassroots advocacy is second-to-none in the insurance and financial services industry. Our members' message resonates loudly with Congress because NAIFA members represent the interests of their Main Street clients from across the country.

NAIFA members, in Washington, D.C., for NAIFA’s National Leadership Conference, went to Capitol Hill to participate in more than 150 in-person meetings with members of Congress and their staff.

Josh O'Gara, CLU, ChFC, CFP, loyal member since 2011, spoke on behalf of NAIFA during a virtual roundtable discussion on Department of Labor’s proposed rule on Independent Contractor Classification Under the Fair Labor Standards Act. The event was held by the U.S. Small Business Administration’s Office of Advocacy to gather input from people and businesses potentially affected by the proposed rule. NAIFA strongly supports an exemption for insurance and financial professionals under any legislation or DOL regulation that would reclassify independent contractors as employees.

It's Election Day! NAIFA encourages everyone to get out and vote (if you haven't voted already). The results of this election is likely to have profound implications for your business and clients.

In May, the Centers for Medicare and Medicaid Services (CMS) issued a Final Rule which revises the Medicare Advantage (Part C) program and the Medicare Prescription Drug Benefit (Part D) program regulations to implement changes related to marketing and communications, past performance, Star Ratings, network adequacy, medical loss ratio reporting, special requirements during disasters or public emergencies, and pharmacy price concessions.

NAIFA Senior Vice President for Government Relations Diane Boyle appeared with other industry thought leaders on the National & Federal Insurance Perspective Panel at the Life Insurance Council of New York (LICONY) Annual Meeting and Planning Conference in Albany. She discussed with other panelists the top issues facing the insurance and financial services industry, the promotion of diversity and inclusion in the insurance sector, issues caused by the COVID-19 pandemic, and NAIFA’s work with the American Council of Life Insurance (ACLI) to remove unnecessary barriers to recruiting new insurance professionals.