American Council of Life Insurers (ACLI) President and CEO Susan Neely and George B. Pickett, J.D. CLU, AEP, LACP, of the NAIFA Government Relations Committee, issued the following joint statement on the best interest annuity rule adopted recently by the Mississippi Insurance Department:
“Retirement savers seeking lifetime income from annuities should work with financial professionals who act in consumers’ best interest. The rule adopted by the Mississippi Insurance Department makes certain that they will.
1 min read
New Rule in Mississippi Offers Stronger Protections to Annuity Consumers
Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Mississippi Insurance & Financial Advisor Regulation
2 min read
New Rule Enhances Protections for Kentucky Annuity Consumers
American Council of Life Insurers (ACLI) President and CEO Susan Neely, National Association of Insurance and Financial Advisors (NAIFA) CEO Kevin Mayeux and NAIFA-Kentucky Immediate Past President Brian Wilson issued the following joint statement on the annuity best interest rule recently adopted by the Kentucky Department of Insurance:
Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Kentucky Insurance & Financial Advisor Regulation
1 min read
SEC Chair Gensler Says He Is Committed to Reg BI
NAIFA strongly supports the Securities and Exchange Commission’s (SEC's) Regulation Best Interest (REG BI) to protect investors and preserve the ability of financial advisors to serve the needs of Main Street USA consumers. The rule is in harmony with the National Association of Insurance Commissioners’ (NAIC's) revised Annuity Suitability Model, which requires producers to work in the best interests of consumers during annuity transactions, providing enhanced investor protections at the federal and state levels and discouraging a mishmash of confusing and potentially contradictory laws and regulations.
Topics: Standard of Care & Consumer Protection SEC Federal Advocacy Insurance & Financial Advisor Regulation Regulation Best Interest
2 min read
NAIFA Article on NAIC Model Featured in NCOIL Publication
The monthly newsletter of the National Council of Insurance Legislators (NCOIL) features a front-page article contributed by NAIFA State Chapters Director Julie Harrison on the best interest standard incorporated into the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transaction Model Regulation.
Topics: Standard of Care & Consumer Protection Interstate Advocacy Annuity Best Interest Insurance & Financial Advisor Regulation NAIC NCOIL
1 min read
CMS Plan Year 2022 Registration and Training is Live for Returning Agents and Brokers
Today, the Centers for Medicare and Medicaid Services (CMS) announced that registration and training for Plan Year 2022 is now available for returning agents/brokers who completed training and registration for Plan Year 2021. Registration and full training for new agents and brokers will be made available later this year.
Topics: Federal Advocacy CMS Insurance & Financial Advisor Regulation Producer Sales & Marketing
Take the 2021 NAIFA Workforce Survey
NAIFA members are our association's advocacy strength. We are influential with lawmakers at state and federal levels because we have members from every congressional district in the United States who serve Main Street Americans. Policymakers want to hear NAIFA members' stories and respect our expertise because we represent the communities, families, and small businesses important to elected officials.
Topics: Federal Advocacy Insurance & Financial Advisor Regulation Producer Employment
1 min read
Connecticut Is the 16th State to Adopt the NAIC's Best Interest Model
Connecticut has become the 16th state to adopt consumer-protection regulations or legislation based on the National Association of Insurance Commissioners’ (NAIC’s) Suitability in Annuity Transactions Model. The NAIC model requires financial professionals to work in the best interests of their clients during annuities transactions and aligns with the federal Securities and Exchange Commission’s Regulation Best Interest. It also preserves the ability of consumers to work with agents and advisors offering a variety of successful business models and avoids restrictions that would likely make it impossible for financial professionals to work with Main Street investors and retirement savers.
Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Connecticut Insurance & Financial Advisor Regulation
1 min read
GAO Audit Finds Health Agents Act Appropriately
Agents and advisors are an important resource for consumers seeking affordable health care plans that suit their individual needs. These professionals have expertise and experience to help individuals and families navigate the complicated health care system and compare plan options. Consumers looking for an advisor can use NAIFA's "Find an Advisor" tool.
Topics: Federal Advocacy Insurance & Financial Advisor Regulation Producer Sales & Marketing
1 min read
NAIC Committee Adopts Best Interest Model FAQs
The NAIC Life and Annuities (A) Committee recently adopted the frequently asked questions (FAQs) regarding the best interest model adopted by the Committee in February of 2020. As most NAIFA members by now already know, the updated model clarifies that all recommendations by agents and insurers must be in the best interest of the consumer and that agents and carriers may not place their financial interest ahead of the consumers’ interest in making a recommendation. In addition, the model now requires agents and carriers to act with “reasonable diligence, care and skill” in making recommendations.
Topics: Standard of Care & Consumer Protection Interstate Advocacy Annuity Best Interest Insurance & Financial Advisor Regulation NAIC
1 min read
Financial Services Coalition Warns “Significant Disruption” From PRO Act Would Harm Consumers
The following statement and press release was published today on ACLI's site. NAIFA is proud to be part of the coalition of trade associations and works within the coalition to as the association representing agents and advisors.
A coalition of trade associations told Congressional leaders today that the Protecting the Right to Organize (PRO) Act “would cause significant disruption” that would affect consumers’ access to insurance, investment and retirement security solutions. Collectively, the coalition represent more than 100,000 individual small business owners, broker-dealers and insurance companies providing financial services to more than 112 million American families.
