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1 min read

NCOIL Adopts Model Act on Short-Term Limited Duration Insurance

By NAIFA on Oct 6, 2020 4:39:55 PM

The National Association of Insurance and Financial Advisors (NAIFA) is pleased with NCOIL’s adoption of the Short Term Limited Duration Insurance Model Act sponsored by IN Representative Martin Carbaugh. NAIFA has long reasoned that STLDI plans can ensure that consumers are able to maintain critical and temporary health insurance coverage especially in instances where a consumer lost his or her individual market or group policy and needs sufficient time to obtain a more comprehensive insurance plan.  Also, in some health insurance markets where there are very few and cost prohibitive plans available for consumers, STDLI policies may offer consumers the only affordable, albeit temporary, option. 

Topics: Health Interstate Advocacy
1 min read

NAIFA’s Harrison Named to the NIPR Board of Directors

By NAIFA on May 28, 2020 7:51:13 PM

Julie Harrison, NAIFA's Director of State Chapter Government Relations, has been named to the National Insurance Producer Registry (NIPR) Board of Directors.

Topics: Interstate Advocacy Press Release
1 min read

Iowa Enacts Best Interest Standard for Annuity Transactions

By NAIFA on May 12, 2020 2:27:01 PM

On May 11 Iowa insurance regulators adopted revisions to the state’s regulations on annuity recommendations and sales to require producers and insurers to act in the best interests of annuity purchasers. Under the revised rules, producers must not put their own financial interests ahead of consumers’ interests. These revisions track amendments made earlier this year by the National Association of Insurance Commissioners (NAIC) to the NAIC Suitability in Annuity Transactions Model Regulation, which aligns well with the SEC’s Regulation Best Interest and will raise the standard of care required of financial professionals while preserving consumers’ access to valuable financial advice, services, and products.

Topics: Annuities State Advocacy Interstate Advocacy
1 min read

NAIC Adopts Enhanced Standard of Care for Annuities

By NAIFA on Apr 27, 2020 5:12:44 PM

The NAIC recently adopted amendments to its Suitability in Annuity Transactions Model Regulation, which regulates producer and insurer recommendations for all annuities. The revised NAIC Model requires producers and insurers to act in the best interest of annuity purchasers and to not put their own financial interests ahead of the consumers’ interest. The amended Model, which aligns well with the SEC’s Regulation Best Interest, will raise the standard of care required of financial professionals while preserving consumers’ access to valuable financial advice, services and products. NAIFA was an active participant in the development of these revisions and supports the amended Model regulation. The adoption by the states of these amendments is a top advocacy priority for NAIFA.

Topics: Interstate Advocacy
1 min read

State Advocacy: NAIFA Promotes Iowa and Arizona Annuity Sales Standards

By Mark on Mar 5, 2020 9:54:25 AM

Iowa and Arizona are the first states to introduce measures that would implement a model standard of care for annuity sales developed by the National Association of Insurance Commissioners (NAIC). NAIFA chapters in both states successfully advocated for the NAIC model.

Topics: State Advocacy Standard of Care Interstate Advocacy

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