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.
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NAIFA CEO Represents Advisors and Consumers in Meeting With Administration on DOL’s Fiduciary Proposal
By NAIFA on 10/10/23 11:18 AM
Topics: Press Release Federal Advocacy Annuity Best Interest DOL Regulation Best Interest White House Fiduciary
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NAIFA Is Well-Prepared to Oppose DOL's Fiduciary 2nd Act
By NAIFA on 9/11/23 4:52 PM
NAIFA has not been sitting idle as the Department of Labor made moves to propose a new fiduciary rule. In anticipation of the rulemaking, NAIFA helped the National Conference of Insurance Legislators (NCOIL) draft a resolution that opposes the DOL's new fiduciary rule as unnecessary and likely harmful to consumers. The resolution, which NCOIL adopted in July after NAIFA testified at the Conference's 2023 Summer Meeting, states: "NCOIL urges the DOL to refrain from further rulemaking that would revive all or parts of the 2016 Fiduciary Rule" and "...urges state legislators and other interested stakeholders to join in opposition to any further rulemaking by DOL reviving the 2016 Fiduciary Rule."
Topics: Legislation & Regulations Federal Advocacy DOL Regulation Best Interest Fiduciary
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NCOIL Adopts NAIFA-Backed Resolution Opposing Potential Fiduciary Rulemaking by the DOL
By NAIFA Government Relations Team on 7/21/23 5:49 PM
This afternoon, the National Conference of Insurance Legislators (NCOIL) adopted a NAIFA-backed resolution that opposes potential fiduciary rulemaking by the Department of Labor (DOL).
Topics: NAIC Model Regulation DOL NCOIL Regulation Best Interest Fiduciary
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NAIFA-NJ Celebrates Legislative Victories
By Bianca Alonso Weiss on 1/27/22 9:19 AM
NAIFA's New Jersey chapter (NAIFA-NJ) has been hard at work on the advocacy front and has recent wins to show for its efforts.
Topics: State Advocacy Standard of Care & Consumer Protection New Jersey Grassroots Insurance & Financial Advisor Regulation Fiduciary
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Industry Groups Testify at Hearing on DOL Proposal
By NAIFA on 9/3/20 6:11 PM
Bradford Campbell, a partner with the law firm Faegre, Drinker, Biddle & Reath, testified today on behalf of NAIFA and several other industry organizations at the U.S. Department of Labor’s Administrative Hearing on the Proposed Class Exemption Regulation “Improving Investment Advice for Workers & Retirees.”
Topics: Standard of Care & Consumer Protection Federal Advocacy DOL Fiduciary
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NAIFA Sees DOL Proposal as a Step in the Right Direction, But Offers Improvements
By NAIFA on 8/11/20 10:29 AM
NAIFA President Cammie Scott submitted a comment letter on behalf of NAIFA that generally supports the Department of Labor’s proposed class exemption for investment advice fiduciaries under ERISA and the Internal Revenue Code and makes several suggestions to improve the proposal.
Topics: Standard of Care & Consumer Protection Federal Advocacy DOL Insurance & Financial Advisor Regulation Fiduciary
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DOL Proposes New Rule to Replace Fiduciary Rule NAIFA Helped Defeat
By NAIFA on 6/30/20 10:26 AM
The U.S. Department of Labor has proposed a new rule to govern the standard of care for producers providing consumers with retirement guidance and products. NAIFA was a part of the lawsuit, along with the American Council of Life Insurers and other groups, that resulted in the DOL’s original fiduciary rule being struck down by the Fifth Circuit Court of Appeals in 2018. The new proposal would create a “best interest” prohibited transaction exemption (PTE) for ERISA- and Internal Revenue Code-covered investment advice fiduciaries.
Topics: Standard of Care & Consumer Protection Federal Advocacy DOL Insurance & Financial Advisor Regulation Fiduciary
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Federal Appeals Court Rejects Challenge to Reg BI
By NAIFA on 6/29/20 10:45 AM
In an opinion published last Friday, the Second Circuit Court of Appeals upheld the validity of the SEC’s Regulation Best Interest and rejected the challenge to the rule which had been filed last fall by a group of state attorneys general and several private financial firms. The court did not agree with the plaintiffs’ claim that the Dodd Frank Act required the SEC, if it chose to act, to adopt a standard of conduct for broker-dealers that paralleled the fiduciary standard applicable to investment advisers under the Investment Advisers Act.