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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: Annuities State Advocacy Interstate Advocacy Press Release
1 min read

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: Annuities State Advocacy Interstate Advocacy Press Release
2 min read

NCOIL Adopts NAIFA-Supported Resolution to Preserve Independent Contractor Status for Advisors

By NAIFA on 3/9/22 9:35 AM

The National Council of Insurance Legislators (NCOIL) unanimously approved a "Resolution Supporting Independent Contractor Status for Insurance Agents and Other Licensed Financial Professionals" at its Spring Meeting in Las Vegas. The resolution, sponsored by NCOIL President and California Assemblyman Ken Cooley states that "NCOIL will encourage states and federal entities that are debating worker classification policies and that are considering adopting a strict ABC Test and or other similarly worker classification laws to continue issuing exemptions for, or exempting out, licensed insurance agents and other financial professionals."

Topics: Legislative & Regulatory Interstate Advocacy Press Release
2 min read

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: Annuities Legislative & Regulatory State Advocacy Interstate Advocacy Press Release NAIC Model Regulation
2 min read

NAIC President Dean Cameron Learned the Industry as a Long-time Producer and NAIFA Member

By NAIFA on 2/24/22 5:57 PM

Dean L. Cameron, Director of the Idaho Department of Insurance, is the 2022 President of the National Association of Insurance Commissioners (NAIC). Cameron is a third-generation insurance professional with more than 32 years of experience. Prior to entering state politics, he was a NAIFA member who served two terms as the President of NAIFA’s Idaho chapter.

Topics: Interstate Advocacy NAIC Model Regulation
2 min read

NAIFA’s Gale and Hedge Testify on Elder Financial Protection at NCOIL Meeting

By NAIFA on 11/24/21 9:04 AM

NAIFA Policy Director Maeghan Gale and Director of Government Relations Michael Hedge made a presentation on senior financial protection at the annual meeting of the National Council of Insurance Legislators (NCOIL) in Scottsdale, AZ.

Gale and Hedge discussed the important role of insurance and financial professionals in providing guidance for retired individuals. When a person retires, their need for financial services doesn’t end. NAIFA members help senior clients with budgeting and estimating their expenses, developing effective retirement plan disbursement strategies, obtaining coverage for healthcare, finding limited and extended care solutions, and creating financial legacies to leave loved ones or charities. NAIFA members have expertise in retirement planning, long-term care, estate planning, Social Security, Medicare, Medicare supplements, and other topics important to the financial security of seniors.

Topics: Interstate Advocacy Seniors
2 min read

NAIFA Article on NAIC Model Featured in NCOIL Publication

By NAIFA on 10/5/21 3:25 PM

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: Annuities Interstate Advocacy
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

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