Advocacy in action blog

NAIFA CEO Kevin Mayeux, CAE, issued the following statement on the proposed Department of Labor fiduciary rule expected to be made public later today:

NAIFA has submitted a comment letter to SEC Secretary Vanessa Countryman sharing concerns about the SEC’s proposed rule on the use of predictive data analytics by financial professionals. The proposal, which would place new burdensome requirements on broker-dealers and investment advisers using a broad array of investments-related technology, would have a “devastating effect on our members and their primary clients: low- and middle-income savers and investors,” the letter states.

The insurance and financial services industry uses technology to best serve clients and offer a broad range of products and services at affordable prices. However, a proposed rule by the Securities and Exchange Commission is “outright hostile to the use of technology,” according to a letter sent to SEC Secretary Vanessa Countryman by NAIFA and a group of coalition partners.

Short-term limited duration insurance (STLDI) is very important to many American families and individuals looking to fill gaps in their health insurance coverage and unable to access the individual health insurance marketplace. A current proposal by the administration would reduce the maximum allowable STLDI coverage period from 12 months to three months with a possible one-month renewal. People would be able to purchase a new STLDI policy from a different carrier, but would not be allowed to "stack" a new policy from the same carrier on an expiring policy.

NAIFA has not been sitting idle as the Department of Labor made moves to propose a new fiduciary rule. In anticipation of the rulemaking, NAIFA helped the National Conference of Insurance Legislators (NCOIL) draft a resolution that opposes the DOL's new fiduciary rule as unnecessary and likely harmful to consumers. The resolution, which NCOIL adopted in July after NAIFA testified at the Conference's 2023 Summer Meeting, states: "NCOIL urges the DOL to refrain from further rulemaking that would revive all or parts of the 2016 Fiduciary Rule" and "...urges state legislators and other interested stakeholders to join in opposition to any further rulemaking by DOL reviving the 2016 Fiduciary Rule."

Kevin Mayeux, CEO of the National Association of Insurance and Financial Advisors (NAIFA), issued the following statement on the Department of Labor’s beginning of the regulatory process to propose a fiduciary-only rule:

NAIFA recently signed onto a letter supporting Congressman Lloyd Smucker's (R-PA, 11th District) newly introduced bill that would make the Section 199A deduction permanent. The bill had over 80 co-sponsors from both aisles and received unanimous support from the 25 Republicans on the Ways & Means Committee. The bill is similar to S.1706 introduced by Senator Steve Daines (R-MT) making the support for minimizing tax hikes bipartisan and bicameral. 

On July 7, the Biden Administration published a proposed rule to roll back President Trump’s expansion of short-term health insurance plans. The Office of Management & Budget previously announced its approval of the proposed rule on “short‐​term limited duration insurance” health plans (STLDI).

WASHINGTON – American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors (NAIFA)-Kansas Chapter President Brad Noller issued the following joint statement on the best interest annuity rule adopted recently by the Kansas Insurance Department:

On June 22, The United States House of Representatives passed the NAIFA-supported Employer Reporting Improvement Act (H.R. 3801), which provides employers flexibility about what personal information they have to provide on behalf of their employees and their families. Additionally, it extends the appeal window for any potential violation and establishes a statute of limitations so small businesses operating with limited resources can continue their work with less of a burden.