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Advocacy in action blog

2 min read

NAIFA Opposes Short-Sighted Federal Rules on Short-Term Health Insurance

By NAIFA on 3/28/24 5:36 PM

The administration’s final rules on short-term, limited-duration health insurance (STLDI) plans will restrict access to these policies that serve crucial needs of many American consumers. The plans, which have existed since the introduction of HIPAA-based rules nearly two decades ago, are designed to bridge the gap between comprehensive coverage options. They can be a great fit for those looking for individual coverage, waiting for the start of group plan enrollment, having gaps between different employment opportunities, or waiting for their next open enrollment opportunity.

Topics: Health Care Legislation & Regulations IRS Short-Term Insurance
1 min read

DOL Advances Fiduciary-Only Proposal That Would Limit Access to Financial Services for Lower- and Middle-Income Consumers

By NAIFA on 3/11/24 3:06 PM

NAIFA CEO Kevin Mayeux, CAE, issued the following statement in response to the U.S. Department of Labor’s decision to advance its proposed “Retirement Security Rule” for review by the White House Office of Management and Budget (OMB).

Topics: Retirement Planning Legislation & Regulations Standard of Care & Consumer Protection Press Release DOL
1 min read

Reasons Abound for the DOL to Withdraw Its Fiduciary-Only Proposal

By NAIFA on 1/26/24 1:26 PM

When it comes to preparing for retirement, having choices matters. Congress, in recent years, has passed landmark legislation encouraging Americans to invest in their futures and save for retirement while giving them greater flexibility and more planning options. Now more than ever Americans need retirement planning assistance.

Topics: Legislation & Regulations Standard of Care & Consumer Protection Federal Advocacy DOL
2 min read

New Study Agrees With NAIFA Survey Showing DOL Proposal Would Increase Costs

By NAIFA on 1/23/24 11:50 AM

NAIFA members in a recent survey overwhelmingly said that the Department of Labor’s fiduciary-only proposal for retirement planning services would increase the costs of serving clients. That sentiment is borne out on a macro level by a new Financial Services Institute study conducted by Oxford Economics, which found that the rule would cost financial services firms $2.7 billion in the first year with continuing annual costs of $2.5 billion. These figures are more than six times the upfront costs and nearly 11 times the ongoing costs estimated by the DOL.

Topics: Legislation & Regulations Standard of Care & Consumer Protection Federal Advocacy DOL
2 min read

Press Release on Scott-Manchin Insurance Regulation Bill Cites NAIFA's Advocacy

By NAIFA on 1/17/24 8:21 AM

Senate Committee on Banking, Housing, and Urban Affairs Ranking Member Tim Scott (R-SC) cited NAIFA's support in a press release announcing legislation designed to protect the state-based regulatory regime of the insurance industry. The bill, known as the Business of Insurance Regulatory Reform Act, would clarify and reinforce sections of the Dodd-Frank Wall Street Reform and Consumer Protection Act to exclude "the business of insurance" from regulation by the federal Consumer Financial Protection Bureau. It would shore up federal laws that give state regulators exclusive authority to regulate insurance.

Topics: Legislation & Regulations Federal Advocacy Insurance & Financial Advisor Regulation
3 min read

NAIFA Thanks Lawmakers Asking DOL to Withdraw Its Fiduciary-Only Proposal

By NAIFA on 1/10/24 4:38 PM

NAIFA appreciates the work of a bipartisan group of federal lawmakers who oppose the Department of Labor’s proposed “Retirement Security” rule that would require a fiduciary-only model for financial services.

Representatives French Hill (R-AR) and David Scott (D-GA) and forty-eight of their colleagues in the House signed a letter to acting DOL Secretary Julie Su and Assistant Secretary Lisa Gomez asking the Department to withdraw its proposal.

Topics: Retirement Planning Legislation & Regulations Standard of Care & Consumer Protection DOL
2 min read

NAIFA Asks CMS to Reconsider Proposal on Medicare Supplement Compensation Rules That Would Harm Consumers

By NAIFA on 1/10/24 3:11 PM

NAIFA strongly urges the Centers for Medicare & Medicaid Services (CMS) to reconsider a proposal that would change the compensation rules for professionals providing products and services related to Medicare Advantage and Medicare Part D programs.

NAIFA members help millions of individuals and employers administer and utilize Medicare plan options as well as other health plans. They are a vital part of the plan-selection process and serve as expert resources for consumers considering their Medicare plan options or looking for specific drugs and services to be covered. Agents and brokers educate clients on how Medicare works, research physician networks and prescription formularies for the plans to ensure a suitable health and drug plan is recommended, and review plan-comparison and enrollment changes annually.

Topics: Health Care Legislation & Regulations Medicare CMS Compensation Regulation
1 min read

NAIFA's CEO Kevin Mayeux Responds to DOL's Final Independent Contractor Rule

By NAIFA on 1/9/24 4:49 PM

ARLINGTON, VA -- The U.S. Department of Labor released its final independent contractor rule today, aimed at defining whether an individual is an employee or an independent contractor under the Fair Labor Standards Act. The rule could threaten the classification of many financial advisors from coast to coast and cause a reduction in the number of advisors serving American consumers.

Topics: Legislation & Regulations Press Release DOL
3 min read

NAIFA Survey Shows the DOL’s Fiduciary Proposal Will Increase Costs and Reduce Access to Retirement Planning Services

By NAIFA on 12/19/23 1:55 PM

NAIFA conducted a survey of more than 1,000 members between November 27 and December 1, 2023, to gauge the potential effects of the U.S. Department of Labor’s proposed “Retirement Security Rule: Definition of an Investment Advice Fiduciary” on the consumers who rely on financial professionals for retirement products, services, and advice.

Topics: Retirement Planning Legislation & Regulations Standard of Care & Consumer Protection Press Release DOL
3 min read

NAIFA President and His Client Offer the DOL a Unique Perspective

By NAIFA on 12/12/23 12:04 PM

The Department of Labor thinks it knows what's best for Americans preparing for retirement. NAIFA President Bryon Holz, CLU, ChFC, LUTCF, CASL, LACP, and his long-time client Chuck Ross think the DOL is wrong and bring their real-life experience to the argument.

Topics: Legislation & Regulations Standard of Care & Consumer Protection Federal Advocacy DOL

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