NAIFA and the American Council of Life Insurers (ACLI) often work together to advocate for the industry, producers, and consumers in every part of the country. Their enduring cooperation and partnership take on great significance at the state level, where NAIFA is the only advocacy association of agents and advisors with a strong grassroots influence in all 50 state capitals.
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NAIFA and ACLI Work Together to Get State Advocacy Wins
By NAIFA on 6/20/23 4:58 PM
Topics: State Advocacy Interstate Advocacy Advocacy Partnerships Annuity Best Interest NAIC
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Georgia Strengthens Protections for Annuity Consumers
By NAIFA & ACLI on 2/28/23 3:35 PM
American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors (NAIFA)-Georgia President Joe Schreck issued the following joint statement on the best interest annuity rule adopted recently by Georgia’s Insurance Department:
“A new rule adopted by Georgia’s Insurance Department and Commissioner John King strengthens protections for Peach State consumers seeking lifetime income from annuities.
Topics: Life Insurance & Annuities Legislation & Regulations Press Release Georgia Annuity Best Interest NAIC
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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
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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
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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
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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
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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 Interstate Advocacy NAIC
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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
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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
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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.