NAIFA-Florida’s Virtual Legislative Day on the Hill was February 23. Approximately 80 participants joined the event and received legislative and regulatory updates as well as advocacy training from NAIFA-FL President Craig Duncan and state lobbyist Tim Meenan of Meenan P.A. Other speakers included Florida Insurance Commissioner David Altmaier.

The White House has released a fact sheet clarifying some aspects of the latest round of Paycheck Protection Program (PPP) funding that opened a month ago. The PPP provides loans to small businesses, including NAIFA members and their clients, impacted by the COVID-19 pandemic. The low-interest loans may be forgiven if the businesses that receive them meet certain conditions.

The Biden Administration has confirmed that the Department of Labor (DOL) will move forward with a prohibited transaction exemption (PTE) for financial professionals who provide retirement plan advice. DOL previously announced the new PTE on December 15 during the Trump Administration. It goes into effect February 15.

NAIFA-WA is urging changes to a long-term services bill, HB 1323, to protect employees who have purchased long-term care coverage.

NAIFA-Idaho member EmmaLee Robinson testified before a hearing of the Idaho Legislature on the Annuity Consumer Protections Act (HB 79) and encouraged lawmakers to adopt legislation based on the National Association of Insurance Commissioners’ updated Suitability in Annuity Transactions Model. The NAIC model requires financial professionals to work in the best interests of consumers on annuity transactions.

The Ohio Department of Insurance has finalized a rule based on the National Association of Insurance Commissioners’ updated Suitability in Annuity Transactions Model that requires financial professionals to work in the best interests of consumers on annuity transactions. The new rule goes into effect in Ohio on Feb. 14.

The Delaware Department of Insurance has published a final regulation based on the National Association of Insurance Commissioners’ updated Suitability in Annuity Transactions Model that requires financial professionals to work in the best interests of consumers on annuity transactions.

NAIFA-NJ recently put out a call to action to its members, asking them to contact their state senators to vote "No" on S-1559. The bill, the New Jersey Insurance Fair Conduct Act, would establish a private cause of action for first-party claimants against an auto insurer for an unreasonable delay or denial of a claim or for violating statutes prohibiting unfair or deceptive acts or practices. 

As the Nebraska Legislature considers LB 22, legislation that would establish an enhanced standard of care for financial professionals offering annuity products, NAIFA-NE Past-President Dave Skutnik submitted testimony in support of the bill on behalf of NAIFA’s Nebraska chapter.

NAIFA congratulates President Joe Biden and Vice President Kamala Harris on their inauguration and looks forward to working with the Biden administration on policies to promote financial security and access to financial products, services, and advice for all Americans.