Advocacy in action blog

The Centers for Medicare & Medicaid Services (CMS) introduced new regulations in the Notice of Benefit and Payment Parameters for Plan Year 2024 that all agents, brokers, and web-brokers must follow before helping consumers complete and submit their Marketplace application. To ensure that agents and brokers understand the specific guidelines of these new regulations, CMS recently published several frequently asked questions (FAQs) that answer common questions about these new requirements.

Short-term limited duration insurance (STLDI) is very important to many American families and individuals looking to fill gaps in their health insurance coverage and unable to access the individual health insurance marketplace. A current proposal by the administration would reduce the maximum allowable STLDI coverage period from 12 months to three months with a possible one-month renewal. People would be able to purchase a new STLDI policy from a different carrier, but would not be allowed to "stack" a new policy from the same carrier on an expiring policy.

The Centers for Medicare and Medicaid Services (CMS) has published its final marketing rule for Medicare Advantage (MA) and Medicare Part D (Part D) plans. Below you can read about key changes that will most impact NAIFA members, as well as some of NAIFA’s concerns that were addressed by CMS.

The National Association of Insurance Commissioners has approved a newly revised Suitability in Annuity Transactions Model Regulation that would require financial professionals to act in the best interests of consumers when recommending annuity products.

American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors (NAIFA)-Alaska Vice President of Advocacy, Lanet Spence, issued the following joint statement on the best interest annuity rule adopted recently by the Alaska Division of Insurance:

NAIFA CEO Kevin Mayeux is a contributing author of an article in the publication Real Clear Policy arguing in favor of federal legislation allowing remote online notarization (RON). NAIFA has been a strong proponent of RON and urged passage of the SECURE Notarization Act because it would set a national standard and be a great benefit to NAIFA members and their clients who routinely complete financial transactions that require notarized documents.

American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors (NAIFA) North Carolina Government Relations Committee Chair Fred Joyner issued the following joint statement on the best interest annuity rule adopted recently by the North Carolina Department of Insurance:

“The new rule adopted by the North Carolina Department of Insurance and under the leadership of Commissioner Mike Causey gives people in the Tar Heel State confidence that the financial professionals they are working with are acting in consumers’ best interest.

“The department’s action adds to the nationwide, bipartisan momentum behind enhanced protections for people seeking lifetime income in retirement through annuities. North Carolina is the 26th state to adopt a measure that aligns with the ‘best interest of consumer enhancements’ in the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation. They also harmonize with the SEC’s Regulation Best Interest.

“Unlike a fiduciary-only approach, these measures ensure that all savers, particularly financially vulnerable middle-income Americans, can access information about different choices for long-term security throughout retirement. A new survey finds that middle-income retirement savers would be very concerned about a regulation keeping them from accessing the professional financial guidance they want and need.

“The U.S. Congress reaffirmed the importance of lifetime income when it passed legislation in 2019 that made it easier for employers to include annuities in workplace retirement plans. These protections safeguard consumers while also ensuring that middle- and working-class families retain access to annuities.

“We look forward to seeing additional states add to this momentum for enhanced protections so that more consumers can benefit from a best interest standard of care.”

On June 7, the Centers for Medicare and Medicaid Services (CMS) released a list of Frequently Asked Questions (FAQs) regarding compensation paid by issuers to agents and brokers who assist customers with enrollment during a Special Enrollment Period (SEP) or during Open Enrollment Periods (OEPs).

NAIFA strongly encourages states to adopt the NAIC's model regulation on annuity transactions, and our state chapters have made promoting adoption of the model an advocacy priority over the past two years. Our efforts, the work of members like you at the grassroots level, and our ability to work with other industry organizations – including the American Council of Life Insurers – have paid off.

NAIFA has joined with industry partners in a letter to House sponsors of the Securing and Enabling Commerce Using Remote and Electronic Notarization Act urging support for the legislation. The bipartisan legislation (H.R. 3962) was introduced by Representatives Madeleine Dean (D-PA) and Kelly Armstrong (R-ND).