NAIFA's California chapter is holding its annual Legislative Day in Sacramento on March 29. The event will feature visits with lawmakers by NAIFA-CA members, during which they will discuss SB 263, a legislative proposal that in its current form would harm the ability of insurance agents and brokers to serve the public.
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NAIFA-CA Urges Lawmakers to Amend Bill That Would Harm Life Insurance Producers and Consumers
Topics: Life Insurance & Annuities Legislation & Regulations State Advocacy Standard of Care & Consumer Protection Press Release California Legislative Day
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Georgia Strengthens Protections for Annuity Consumers
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: Annuities Legislation & Regulations Press Release Georgia Annuity Best Interest NAIC
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Illinois Enhances Protections for Annuity Consumers
A new rule adopted recently by the Illinois Department of Insurance provides greater safeguards for consumers seeking lifetime income from annuities. Illinois is the 32nd state to adopt a measure that implements the “best interest of consumer enhancements” in the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation. The new laws and regulations also align with the SEC’s Regulation Best Interest.
Topics: State Advocacy Press Release NAIC Model Regulation Annuity Best Interest
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NAIFA Files Comments with Centers for Medicare and Medicaid Services
A NAIFA comment letter to the Centers for Medicare & Medicaid Services (CMS) submitted comments suggesting changes to the CMS proposed rule titled ”2024 Notice of Benefits and Payment Parameters,” published in the Federal Register on December 21, 2022.
This proposed rule includes proposed payment parameters and provisions related to the HHS-operated risk adjustment and risk adjustment data validation programs, as well as proposed 2024 user fee rates for issuers offering qualified health plans (QHPs) through Federally-facilitated Exchanges (FFEs) and State-based Exchanges on the Federal platform (SBE-FPs).
Topics: Medicaid Legislation & Regulations Medicare Press Release
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New Rule Strengthens Protections for Annuity Consumers in Tennessee
American Council of Life Insurers (ACLI) President and CEO Susan Neely and NAIFA-TN President Scott Flowers issued the following joint statement on the best interest annuity rule adopted recently by the Tennessee Department of Commerce and Insurance:
“The new rule adopted by Director Carter Lawrence and the Tennessee Department of Commerce and Insurance advances important consumer safeguards and adds to the nationwide push for enhanced protections for annuity consumers.
“Tennessee becomes the 31st state to adopt the ‘best interest of consumer enhancements’ in the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation. These new laws and regulations also harmonize with the SEC’s Regulation Best Interest. They enhance the standards financial professionals must follow while safeguarding retirement savers’ access to, and information about, annuities, the only financial product in the marketplace that can provide guaranteed income for life.
“Unlike a fiduciary-only approach, these measures ensure that all savers, particularly financially vulnerable middle-income Americans, can get information about different choices for long-term security in retirement. A recent survey finds that middle-income retirement savers would be very concerned about a regulation keeping them from accessing the professional financial guidance they want and need.
“The U.S. Congress reaffirmed the importance of lifetime income when it passed legislation in 2019 and 2022 that made it easier for employers to include annuities in workplace retirement plans. These protections safeguard consumers while also ensuring that middle- and working-class families will retain access to easy-to-understand financial information.
“We hope that other states will follow Tennessee and implement these sensible protections so that more consumers can benefit from a best interest standard of care, no matter where they live.”
Topics: State Advocacy Standard of Care & Consumer Protection Interstate Advocacy Press Release Annuity Best Interest Tennessee
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NAIFA Hails Passage of SECURE 2.0 and RILA Act to Benefit Consumers Preparing for Retirement
Passage of the Registered Index-Linked Annuities (RILA) Act and the SECURE Act 2.0 as part of the 2023 Omnibus Appropriations bill greatly benefits consumers as well as the insurance financial professionals who help them prepare for retirement and achieve financial security. The National Association of Insurance and Financial Advisors (NAIFA) has strongly advocated on behalf of both pieces of legislation.
“With this bipartisan legislation, Congress makes it easier for Americans to prepare for retirement and gives them greater access to innovative annuity products that guarantee lifetime income while offering some protections from market volatility,” said NAIFA President Lawrence Holzberg, LUTCF, LACP. “SECURE 2.0 will also make it easier for more companies to offer retirement plans for their employees. Preparing for a secure retirement is a vital part of any financial plan and receiving a guaranteed lifetime income can be an important part of that plan for many consumers. It’s great to see strong advocacy efforts by NAIFA, our members, and our advocacy partners pay off with a great win for consumers.”
Topics: Annuities Retirement Planning Legislation & Regulations Press Release Federal Advocacy SECURE 2.0
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NAIFA Congratulates 2023 NAIC Leaders
NAIFA would like to congratulate newly elected National Association of Insurance Commissioners (NAIC) elect officers for 2023:
- President: Missouri Insurance Director Chlora Lindley-Myers. Chlora Lindley-Myers was confirmed as the director of the Missouri Department of Commerce and Insurance on April 13, 2017.
Topics: Press Release NAIC Model Regulation
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NAIFA Asks DOL to Exempt Financial Professionals from Proposed Employment Classification Rule
A comment letter submitted by NAIFA President Lawrence Holzberg, LUTCF, LACP, on behalf of the association to the U.S. Department of Labor urges the department to provide an exemption or carve-out for financial professionals in a proposed rule on employee or independent contractor classification under the Fair Labor Standards Act.
Topics: Legislation & Regulations Press Release Federal Advocacy Producer Employment
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Massachusetts Strengthens Protections for Annuity Consumers
American Council of Life Insurers (ACLI) President and CEO Susan Neely and NAIFA-MA President Josh O’Gara issued the following joint statement on the best interest annuity rule adopted recently by the Massachusetts Division of Insurance:
“The new rule adopted by the Massachusetts Division of Insurance adds to the nationwide drive for enhanced protections for consumers seeking lifetime income through annuities.
Topics: State Advocacy Press Release Annuity Best Interest
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NAIFA Financial Professionals Meet With Members of Congress
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.