<img height="1" width="1" style="display:none;" alt="" src="https://dc.ads.linkedin.com/collect/?pid=319290&amp;fmt=gif">
Member Login

Advocacy in action blog

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: Life Insurance & Annuities Legislation & Regulations State Advocacy Standard of Care & Consumer Protection Interstate Advocacy Alabama Annuity Best Interest Maine Virginia
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 NAIC NCOIL
1 min read

Maeghan Gale to Join NAIFA’s Government Relations Team as a Policy Director

By NAIFA on 1/29/21 2:04 PM

The National Association of Insurance and Financial Advisors (NAIFA) is pleased to welcome Maeghan Gale as a Policy Director. Gale will join NAIFA’s Government Relations team on February 1 and will report to Senior Vice President for Government Relations Diane Boyle.

Topics: State Advocacy Interstate Advocacy Federal Advocacy
1 min read

NAIFA’s Christopher Gandy Speaks at NAIC Meeting on Race and Insurance

By NAIFA on 12/8/20 5:16 PM

Christopher L. Gandy, a member of the 2021 National Association of Insurance and Financial Advisors (NAIFA) Board of Trustees and the president of NAIFA’s Chicagoland chapter, spoke on behalf of NAIFA at a National Association of Insurance Commissioners (NAIC) meeting of the NAIC’s Special Committee on Race and Insurance.

Topics: Interstate Advocacy Member Spotlight NAIC
1 min read

NAIFA Rejoins Industry Education Council, Lending Its Expertise on Insurance Matters to State Legislators

By NAIFA on 10/28/20 10:07 AM

NAIFA is proud to announce that it has renewed its participation as a member of the Industry Education Council (IEC), the educational partner of the National Council of Insurance Legislators (NCOIL). The IEC provides effective communication with state legislators, and vital support for NCOIL’s educational programs.

Topics: Interstate Advocacy NCOIL
1 min read

NCOIL Adopts Model Act on Short-Term Limited Duration Insurance

By NAIFA on 10/6/20 4:39 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: Interstate Advocacy NAIC Short-Term Insurance
1 min read

NAIFA’s Harrison Named to the NIPR Board of Directors

By NAIFA on 5/28/20 7:51 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 NIPR Insurance & Financial Advisor Regulation Producer Licensing & CE
1 min read

NAIC Adopts Enhanced Standard of Care for Annuities

By NAIFA on 4/27/20 5:12 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: Standard of Care & Consumer Protection Interstate Advocacy Annuity Best Interest Insurance & Financial Advisor Regulation
1 min read

NAIFA Chapters Lobby for Suggested Revisions to NAIC Cybersecurity Model Law

By NAIFA Government Relations Team on 2/27/20 12:00 PM

In 2017, the National Association of Insurance Commissioners adopted a Data Security Model Law and states have been quick to respond. So far, South Carolina has been the only state to adopt the actual model with no modifications –which isn’t too surprising considering South Carolina’s Insurance Director, Ray Farmer, led the Cybersecurity Working Group at the NAIC.

Topics: Interstate Advocacy Privacy Data Security