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Advocacy in action blog

2 min read

Alaska Adopts Stronger Safeguards for Annuity Consumers

By American Council of Life Insurers on 10/31/22 11:01 AM

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:

Topics: State Advocacy Standard of Care & Consumer Protection Insurance & Financial Advisor Regulation
1 min read

NAIFA's Mayeux Contributes to Article Supporting Remote Online Notarization Bill

By NAIFA on 8/19/22 11:39 AM

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.

Topics: Federal Advocacy Insurance & Financial Advisor Regulation Remote Notarization
1 min read

North Carolina Enhances Protections for Annuity Consumers

By NAIFA & ACLI on 6/14/22 2:38 PM

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.”

Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Insurance & Financial Advisor Regulation North Carolina
2 min read

CMS Releases New FAQs Regarding Agent/Broker Compensation for Special Enrollment Periods

By NAIFA Government Relations Team on 6/14/22 12:00 AM

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).

Topics: Federal Advocacy CMS Compensation Regulation Insurance & Financial Advisor Regulation
2 min read

NAIFA Celebrates State Advocacy Milestone

By NAIFA on 5/26/22 2:24 PM

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.

Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Insurance & Financial Advisor Regulation
1 min read

Bill on Remote Notorization Would Benefit Consumers and Financial Professionals

By Mike Hedge on 5/26/22 2:18 PM

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).

Topics: Federal Advocacy Congress Insurance & Financial Advisor Regulation Supported Legislation Remote Notarization
1 min read

New Rule Strengthens Protections for South Carolina Annuity Consumers

By NAIFA & ACLI on 5/19/22 9:32 AM

American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors (NAIFA) South Carolina President Johnny Craven issued the following joint statement on the best interest annuity rule adopted recently by Acting Director Michael Wise and the South Carolina Department of Insurance:

Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Insurance & Financial Advisor Regulation South Carolina
1 min read

NAIFA’s State Advocacy Hard at Work in California

By NAIFA on 5/17/22 4:31 PM

Selected advocates from NAIFA-CA’s grassroots network have reached out to influential members of the California Senate Appropriations Committee to urge the defeat of SB927 in the committee. The legislation would require insurance professionals and companies to provide confusing and costly disclosures that have no practical benefit for consumers. It would also result in increased litigation and higher costs for California consumers. Previously, NAIFA and coalition partners including the American Council of Life Insurers (ACLI) and the Association of California Life and Health Insurance Companies (ACLHIC) offered amendments that would address many of the bill’s unworkable provisions.

Topics: State Advocacy Standard of Care & Consumer Protection Grassroots California Insurance & Financial Advisor Regulation
1 min read

Tennessee Modifies Qualifications for Potential Agents

By Bianca Alonso Weiss on 4/28/22 4:41 PM

NAIFA-TN is celebrating the recent signing of HB 2225 into law. Sponsored by Representative Dennis Powers and NAIFA-Tennessee member Senator Mark Pody, this bill limits the lookback of misdemeanors or Class E felonies to 10 years for insurance agent applicants. Class E felonies are often associated with low-quantity marijuana possession charges. In recent years, as many states have taken steps toward legalization, there are efforts to expunge or reconsider these types of crimes, which were disproportionately charged against minorities and people of color. HB 2225 is a step towards removing this barrier of entry into the insurance industry.

Topics: State Advocacy Insurance & Financial Advisor Regulation Producer Licensing & CE Tennessee
2 min read

New Wisconsin Law Boosts Protections for Annuity Consumers

By NAIFA & ACLI on 4/18/22 9:58 AM

Legislation signed into law by Wisconsin Governor Tony Evers greatly enhances protections for consumers seeking lifetime income from annuities. The law was proposed by Senator Rob Stafsholt (R-New Richmond) and Representative Kevin Petersen (R-Waupaca). Wisconsin is the 23rd state that as part of a nationwide, bipartisan effort has adopted measures implementing the "best interest of consumer enhancements" in the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation.  The new laws and regulations also align with the SEC’s Regulation Best Interest.

Topics: State Advocacy Standard of Care & Consumer Protection Wisconsin Annuity Best Interest Insurance & Financial Advisor Regulation

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