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1 min read

Connecticut Is the 16th State to Adopt the NAIC's Best Interest Model

By NAIFA on 8/18/21 4:46 PM

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: Annuities State Advocacy Interstate Advocacy
3 min read

The State of NAIFA Advocacy: 2021 Q2 Recap

By Mark Briscoe on 8/4/21 9:59 AM

NAIFA Senior Vice President for Government Relations Diane Boyle reported that NAIFA’s virtual Congressional Conference in late May, held completely online, had a substantial impact. Nearly 1,350 registered participants representing every state participated in advocacy training, received policy briefings, and held 100 virtual meetings with Senators or members of their office staff.

Topics: State Advocacy Interstate Advocacy Federal Advocacy
2 min read

NAIFA Experts Testify on the Importance of Independent Contractor Status at NCOIL

By NAIFA on 7/18/21 11:16 PM

NAIFA is an active participant in interstate advocacy efforts, including working with groups like the National Council of Insurance Legislators (NCOIL) to create policies and model regulations that protect the interests of consumers and preserve the ability of producers to provide products, services, and advice that help Main Street Americans achieve financial security. 

Topics: Interstate Advocacy Federal Advocacy
1 min read

Gale Representing NAIFA on NIPR Board of Directors

By NAIFA on 7/8/21 1:50 PM

NAIFA Policy Director Maeghan Gale will represent insurance and financial advisors and NAIFA on the Board of Directors of the National Insurance Producer Registry (NIPR).

NIPR is a not-for-profit technology company with the goal of streamlining the producer licensing process. Governed by a Board of Directors representing state insurance regulators and members of the insurance industry, NIPR is an affiliate of the National Association of Insurance Commissioners (NAIC). Gale joins the board immediately.

Topics: Interstate Advocacy Press Release
1 min read

NAIFA Trustee Havir Testifies Before NAIC Committee

By NAIFA on 7/1/21 2:44 PM

NAIFA Trustee Win Havir, CPCU, CLF, LUTCF, FSS, AIC, LACP, a founding member of NAIFA’s Diversity, Equity, and Inclusion (DEI) Council, testified on behalf of NAIFA before the National Association of Insurance Commissioners (NAIC) Committee on Race and Insurance.

Topics: Diversity & Inclusivity Interstate Advocacy
1 min read

Three More States Enact Consumer-Protection Rules Based on the NAIC’s Annuity Transactions Model

By NAIFA on 6/29/21 2:52 PM

Alabama, Maine, and Virginia have joined 12 other states in adopting 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: Annuities Legislative & Regulatory State Advocacy Interstate Advocacy
2 min read

New Texas Law Enhances Protections for Annuity Consumers

By NAIFA on 6/8/21 10:33 AM

Legislation signed recently by Governor Greg Abbott enhances protections for Texas consumers seeking lifetime income through annuities. Championed by House Insurance Committee Chairman Dr. Tom Oliverson and Senate Business & Commerce Chairman Kelly Hancock, the new law enhances the standards financial professionals must follow while preserving consumers’ ability to access the tools they need for a secure retirement.

Topics: State Advocacy Interstate Advocacy Press Release
3 min read

NAIFA Attends NAIC and NCOIL Spring 2021 Annual Meetings

By NAIFA on 6/4/21 10:21 AM

Understandably, 2020 was a slow year for the National Association of Insurance Commissioners (NAIC) and National Council of Insurance Legislators (NCOIL) – with the obvious exception of COVID-19 matters. Many Working Groups, Task Forces, and Committees delayed projects and meeting altogether. Although there still are discussions on COVID-19 topics, the recent spring meetings of both groups generally focused on getting regular work streams back up and running.

Topics: Interstate Advocacy
1 min read

Delaware Joins the Growing List of States Adopting the NAIC Annuity Model

By NAIFA on 2/8/21 3:34 PM

The Delaware Department of Insurance has published a final regulation based on the National Association of Insurance Commissioners’ updated Suitability in Annuity Transactions Model that requires financial professionals to work in the best interests of consumers on annuity transactions.

Topics: Annuities Legislative & Regulatory State Advocacy Interstate Advocacy NAIC Model Regulation
1 min read

NAIFA-Nebraska Supports Legislation to Boost Consumer Protections on Annuities

By NAIFA on 1/25/21 2:15 PM

As the Nebraska Legislature considers LB 22, legislation that would establish an enhanced standard of care for financial professionals offering annuity products, NAIFA-NE Past-President Dave Skutnik submitted testimony in support of the bill on behalf of NAIFA’s Nebraska chapter.

Topics: Annuities Legislative & Regulatory State Advocacy Interstate Advocacy NAIC Model Regulation

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