The RILA Act has cleared the hotline in the Senate (meaning all 100 Senators have agreed to allow it to pass). Next, bill sponsor Senator Tina Smith (D-MN) will try to add it to the end-of-the-day “wrap up” package along with all the other cleared bills, resolutions, and organizing agreements.
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NAIFA Supports RILA Act to Benefit Registered Index-Linked Annuity Consumers
By Mike Hedge on 12/7/22 4:44 PM
Topics: Life Insurance & Annuities Retirement Legislation & Regulations
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NAIFA Asks IRS to Make the Temporary Remote Notarization Rule Permanent
By Michael Hedge, NAIFA's Director of Government Relations on 12/7/22 2:50 PM
On November 30, 2022, NAIFA joined with the U.S. Chamber of Commerce and other industry partners in a letter asking the Internal Revenue Service (IRS) to make permanent the temporary relief from the physical presence requirement for spousal consent that the IRS has provided. As reflected in the attached letter, plans have been using this relief for nearly two years, and NAIFA believes that its use and effectiveness warrant that it be made permanent. If the IRS feels it cannot make this relief permanent before it expires after December 31, 2022, NAIFA urged the IRS to provide at least an additional 12-month extension while the IRS either provides permanent relief on its own or through notice and comment. By doing so, the IRS will avoid disrupting a valued tool many have come to rely on.
Topics: Advocacy Legislation & Regulations Federal Advocacy IRS
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NAIFA Advises NLRB on Proposed Joint-Employer Rule
By Michael Hedge, NAIFA's Director of Government Relations on 12/7/22 1:45 PM
On December 5, 2022, NAIFA filed comments on the National Labor Relations Board’s (NLRB) proposed rule that would expand the joint-employer definition under the National Labor Relations Act. The rule would extend liability to employers that have indirect and reserved control over one or more employees’ essential terms and conditions of employment.
Topics: Advocacy Legislation & Regulations Federal Advocacy Opposed Legislation
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NAIFA Financial Professionals Meet With Members of Congress
By NAIFA on 11/15/22 2:15 PM
NAIFA members, in Washington, D.C., for NAIFA’s National Leadership Conference, went to Capitol Hill to participate in more than 150 in-person meetings with members of Congress and their staff.
Topics: Retirement Legislation & Regulations Press Release Federal Advocacy
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NAIFA-NY Members Meet With DFS Officials to Address Challenges Serving Clients in the State
By NAIFA on 10/20/22 2:06 PM
Members of NAIFA’s New York chapter (NAIFA-NY) held a virtual meeting with officials from the state Department of Financial Services (DFS). State President Gary Cappon, CLU, LUTCF, RICP, FSCP, CLTC, provided introductions and a brief rundown of NAIFA’s advocacy work and support for the agent and advisor community and the consumers they serve. He also discussed challenges with financial product availability in the state. President-Elect Vinny Dallo, ChFC, CLU, CLTC, LUTCF, and Vice President of Advocacy Paul Sciacca presented “A Day in the Life of a Financial Professional,” highlighting how NAIFA members serve families and businesses in the state.
Topics: Legislation & Regulations State Advocacy Press Release
1 min read
NAIFA Evaluating Proposed DOL Rule for Independent Contractors
By Michael Hedge, NAIFA's Director of Government Relations on 10/11/22 5:12 PM
On Tuesday, October 11, 2022, the Department of Labor (DOL) released a proposed rule that would replace the existing 2021 test under the Fair Labor Standards Act used to determine worker classification as either an independent contractor or an employee.
Topics: Legislation & Regulations
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Take Action: New Rule Would Place Burdens on Medicare Advisors
By NAIFA on 9/22/22 10:17 AM
A NAIFA Action Alert asks agents and advisors to contact their members of Congress and express concerns over a new Medicare marketing rule and request that lawmakers ask the Department of Health and Human Services for a delay of six to twelve months, during which the Centers for Medicare & Medicaid Services can work with stakeholders to improve the rule.
Topics: Legislation & Regulations Medicare
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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
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NAIFA Supports Federal Legislation on Remote Online Notarization
By Mike Hedge on 5/13/21 4:15 PM
NAIFA joined with coalition partners to submit a letter to U.S. Senate co-sponsors of the Securing and Enabling Commerce Using Remote and Electronic Notarization Act (SECURE Notarization Act), signaling support for the legislative initiative moving forward. The Act increases access to remote transactions for consumers.
Topics: Legislation & Regulations Federal Advocacy Congress Supported Legislation Remote Notarization Producer Sales & Marketing
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New York Appellate Court Rules Regulation 187 Unconstitutional
By NAIFA on 4/29/21 2:41 PM
The New York Supreme Court, Appellate Division, has ruled that state Insurance Regulation 187, “Suitability and Best Interests in Life Insurance and Annuity Transactions,” is unconstitutional. A 2018 amendment to Regulation 187 imposed a complicated new standard of care on annuity recommendations and broadened the scope of the regulation to include life insurance as well as annuity products.