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.
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New Wisconsin Law Boosts Protections for Annuity Consumers
By NAIFA & ACLI on 4/18/22 9:58 AM
Topics: State Advocacy Standard of Care & Consumer Protection Wisconsin Annuity Best Interest Insurance & Financial Advisor Regulation
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Maryland Enhances Protections for Annuity Consumers
By NAIFA & ACLI on 4/12/22 9:47 AM
American Council of Life Insurers (ACLI) President and CEO Susan Neely, National Association of Insurance and Financial Advisors’ (NAIFA) former president and NAIFA-MD member Paul Dougherty, and The League of Life and Health Insurers of Maryland Executive Director Matthew Celentano issued the following joint statement on the best interest annuity rule adopted recently by the Maryland Insurance Administration:
Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Insurance & Financial Advisor Regulation Maryland
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CMS Wants NAIFA Members' Feedback on the 2023 Medicare & You Handbook Draft
By NAIFA on 4/8/22 3:00 PM
The Centers for Medicare and Medicaid Services (CMS) is asking for NAIFA members who work with the seniors or Medicare markets to provide feedback on the draft of their Medicare & You Handbook for 2023.
If you would like to submit comments on this draft, please do so using the spreadsheet linked below. Comments must be submitted by Wednesday, April 13, by the end of the day to Cody Schoonover (cschoonover@naifa.org).
Topics: Federal Advocacy Grassroots CMS Insurance & Financial Advisor Regulation Producer Sales & Marketing
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Illinois Passes Association CE Credit Legislation
By Bianca Alonso Weiss on 4/6/22 3:17 PM
The Illinois General Assembly on March 30 passed HB 4324 by Representative Bob Morgan and Senator Julie Morrison, which will make Illinois the 13th state to offer licensed insurance producers the opportunity to gain continuing education (CE) credits based on their active participation in a state or national professional insurance association. Producers may receive up to four hours of CE on a biennial basis by providing detailed records of attendance and involvement to the Department of Insurance. The bill is now on its way to Governor J.B. Priztker’s desk for signature.
Topics: State Advocacy CE Credit for Membership Illinois Insurance & Financial Advisor Regulation Producer Licensing & CE
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South Dakota Law Strengthens Protections for Consumers Seeking Lifetime Income in Retirement
By NAIFA & ACLI on 3/8/22 4:34 PM
American Council of Life Insurers (ACLI) President and CEO Susan Neely and NAIFA-SD President Jennifer Soma issued the following joint statement on the best interest annuity law recently signed by South Dakota Governor Kristi Noem:
Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Insurance & Financial Advisor Regulation South Dakota
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Wisconsin Legislature Strengthens Protections for Annuity Products
By Bianca Alonso Weiss on 3/2/22 11:41 AM
NAIFA-WI is celebrating their most recent legislative win – both chambers of the Wisconsin Legislature passed the National Association of Insurance Commissioners (NAIC) Model Regulation for Annuities.
The Wisconsin Assembly concurred on Senate Bill 644, the annuity best interest model bill, on February 23, 2022, during what is likely its final week of session in the house for the year. The state Senate passed it on January 25.
Topics: State Advocacy Standard of Care & Consumer Protection Wisconsin Annuity Best Interest Insurance & Financial Advisor Regulation
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New Mexico Enhances Protections for Annuity Consumers
By NAIFA & ACLI on 3/1/22 2:46 PM
American Council of Life Insurers (ACLI) President and CEO Susan Neely and NAIFA-NM Vice President of Advocacy Kenneth Bottari issued the following joint statement on the best interest annuity rule adopted recently by the New Mexico Office of the Superintendent of Insurance:
Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Insurance & Financial Advisor Regulation New Mexico
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NAIFA Member's Client Illustrates the Importance of Choices for Investors
By NAIFA on 2/28/22 5:38 PM
NAIFA has partnered with the American Council of Life Insurers (ACLI) and other organizations to encourage states to adopt consumer-protection legislation or regulations based on a model created by the National Association of Insurance Commissioners (NAIC), which requires advisors to work in their client's best interests on annuity transactions. NAIFA also supports the Securities and Exchange Commission's Regulation Best Interest.
Topics: State Advocacy Standard of Care & Consumer Protection ACLI Advocacy Partnerships Annuity Best Interest Insurance & Financial Advisor Regulation
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NAIFA Urges the Administration to Move Forward with NARAB Nominations
By NAIFA on 2/18/22 12:25 PM
On February 17, 2022, NAIFA joined with coalition members to send a letter to Steve Richetti, Counselor to President Biden, offering the support of the insurance agent and broker community for the administration to nominate members of the Board of Directors to establish the National Association of Registered Agents and Brokers Reform Act (NARAB).
Topics: Federal Advocacy Insurance & Financial Advisor Regulation Producer Licensing & CE
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New Report Counters Questions About the SEC's Reg BI
By NAIFA on 2/11/22 9:12 AM
NAIFA strongly supports consumer protections provided by the Securities and Exchange Commission’s (SEC’s) Regulation Best Interest and the National Association of Insurance Commissioners’ (NAIC’s) revised annuity model regulation (adopted by 19 states and counting). Both of these provisions require financial professionals to work in their clients’ best interests and preserve the ability of consumers to choose who they work with and how they compensate advisors. Reg BI and the NAIC model also avoid problems with other proposals that would have made it very difficult for producers to continue working with Main Street investors.