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Advocacy in action blog

1 min read

NAIFA Applauds the NAIC’s Revised Annuity Best Interest Model

By NAIFA on 12/5/22 3:38 PM

The National Association of Insurance Commissioners has approved a newly revised Suitability in Annuity Transactions Model Regulation that would require financial professionals to act in the best interests of consumers when recommending annuity products.

Topics: Standard of Care & Consumer Protection Interstate Advocacy Annuity Best Interest Insurance & Financial Advisor Regulation NAIC
2 min read

NAIC President Dean Cameron Learned the Industry as a Long-time Producer and NAIFA Member

By NAIFA on 2/24/22 5:57 PM

Dean L. Cameron, Director of the Idaho Department of Insurance, is the 2022 President of the National Association of Insurance Commissioners (NAIC). Cameron is a third-generation insurance professional with more than 32 years of experience. Prior to entering state politics, he was a NAIFA member who served two terms as the President of NAIFA’s Idaho chapter.

Topics: Interstate Advocacy NAIC
2 min read

NAIFA Article on NAIC Model Featured in NCOIL Publication

By NAIFA on 10/5/21 3:25 PM

The monthly newsletter of the National Council of Insurance Legislators (NCOIL) features a front-page article contributed by NAIFA State Chapters Director Julie Harrison on the best interest standard incorporated into the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transaction Model Regulation. 

Topics: Standard of Care & Consumer Protection Interstate Advocacy Annuity Best Interest Insurance & Financial Advisor Regulation NAIC NCOIL
1 min read

NAIC Committee Adopts Best Interest Model FAQs

By Julie Harrison on 7/23/21 5:00 PM

The NAIC Life and Annuities (A) Committee recently adopted the frequently asked questions (FAQs) regarding the best interest model adopted by the Committee in February of 2020.  As most NAIFA members by now already know, the updated model clarifies that all recommendations by agents and insurers must be in the best interest of the consumer and that agents and carriers may not place their financial interest ahead of the consumers’ interest in making a recommendation. In addition, the model now requires agents and carriers to act with “reasonable diligence, care and skill” in making recommendations.

Topics: Standard of Care & Consumer Protection Interstate Advocacy Annuity Best Interest Insurance & Financial Advisor Regulation NAIC
1 min read

NAIFA Trustee Havir Testifies Before NAIC Committee

By NAIFA on 7/1/21 2:44 PM

NAIFA Trustee Win Havir, CPCU, CLF, LUTCF, FSS, AIC, LACP, a founding member of NAIFA’s Diversity, Equity, and Inclusion (DEI) Council, testified on behalf of NAIFA before the National Association of Insurance Commissioners (NAIC) Committee on Race and Insurance.

Topics: Diversity, Equity & Inclusion Interstate Advocacy NAIC
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

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

State Adoption of Updated NAIC Annuity Rules Remains NAIFA Priority

By NAIFA on 10/29/20 7:51 PM

NAIFA continues to urge the states to consider and adopt recent amendments to the NAIC’s Suitability in Annuity Transactions Model Regulation, and NAIFA state chapters should reach out to their state’s insurance commissioner or director and encourage him/her to support and promote the adoption of the NAIC amendments. The adoption of these amendments by the states remains a top advocacy priority for NAIFA.

Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Insurance & Financial Advisor Regulation NAIC
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

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