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Advocacy in action blog

1 min read

Two U.S. House Committees Act to Protect Retirement Savers from Labor Department’s Fiduciary-Only Regulation

By NAIFA on 7/11/24 10:10 AM

Washington, D.C.—The American Council of Life Insurers (ACLI), National Association of Insurance and Financial Advisors (NAIFA), Finseca, Insured Retirement Institute (IRI) and National Association for Fixed Annuities (NAFA) issued the following statement on legislation passed by the U.S. House Appropriations Committee and the Education and the Workforce Committee to protect retirement savers from the Labor Department’s fiduciary-only regulation:
 
“The actions taken by the U.S. House Appropriations Committee and the Education and the Workforce Committee send a clear message that the Labor Department’s fiduciary-only regulation does not align with Congress’s efforts to expand retirement security for all Americans through the increased availability of lifetime income options. 
 
“In 2019 and 2022, Congress reaffirmed the importance of lifetime income when it passed legislation making it easier for employers to include annuities in workplace retirement plans. The fiduciary-only regulation is at odds with this progress. It restricts consumer access to professional financial guidance and options for protected lifetime income that annuities offer.

Topics: Press Release Fiduciary
3 min read

U.S. House Appropriations Subcommittee Advances Legislation Blocking Funding for Fiduciary-Only Regulation

By NAIFA on 6/28/24 12:25 PM

Washington, D.C.—The American Council of Life Insurers (ACLI), National Association of Insurance and Financial Advisors (NAIFA), Finseca, Insured Retirement Institute (IRI) and National Association for Fixed Annuities (NAFA) issued the following statement on legislation advanced today by the U.S. House Appropriations Subcommittee on Labor, HHS, Education, and Related Agencies that would block funding for the Labor Department’s fiduciary-only regulation:

Topics: Advocacy Press Release DOL Fiduciary
2 min read

Insurance Associations File Legal Action Challenging U.S. Department of Labor’s Fiduciary-Only Regulation

By NAIFA on 5/24/24 4:21 PM

Nine insurance trade associations filed a lawsuit today against the U.S. Department of Labor (DOL) to overturn a regulation limiting consumers' choice of financial professional and their access to retirement products that deliver protected lifetime income.

The American Council of Life Insurers (ACLI), National Association of Insurance and Financial Advisors (NAIFA), NAIFA-Texas, NAIFA-Dallas, NAIFA-Fort Worth, NAIFA-POET, Finseca, Insured Retirement Institute (IRI), and National Association for Fixed Annuities (NAFA) issued the following comments on their challenge to the DOL's harmful intervention in the retirement savings marketplace and its one-size-fits-all fiduciary standard obligation on effectively every financial professional who sells retirement products:

Topics: Standard of Care & Consumer Protection Press Release DOL
3 min read

Financial Professionals to Advocate for Their Businesses and Clients at NAIFA’s Congressional Conference

By NAIFA on 5/16/24 10:07 AM

NAIFA is hosting the 11th annual Congressional Conference May 20-21 at the JW Marriott in Washington, D.C. The event will feature targeted advocacy training with briefings on legislative issues that affect members’ businesses, clients, and communities. Washington insiders will offer best practices for conducting Congressional meetings and tips for developing impactful long-term relationships with legislators.

Topics: Press Release Federal Advocacy Congress Congressional Conference
3 min read

NAIFA Responds to DOL Release of Fast-Tracked Fiduciary-Only Rule

By NAIFA on 4/23/24 1:40 PM

The Department of Labor and the White House have released a final fiduciary-only rule after an astonishingly brief regulatory and review process and in spite of grave concerns expressed by NAIFA, members of Congress, and other stakeholders. Unless Congress or the courts intervene, the rule will force the vast majority of financial professionals offering retirement planning services and products into a fee-for-service model. It will deprive consumers of the valuable option of working with professionals operating under alternative models that may better meet their needs.

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

New Rule in Indiana Enhances Protections for Annuity Consumers

By NAIFA & ACLI on 3/7/24 8:25 AM

The Indiana Department of Insurance, led by Commissioner Amy Beard, has adopted a new rule that strengthens protections for consumers seeking lifetime income through annuities. Indiana is the 45th state to adopt a measure that closely tracks 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 align with the SEC’s Regulation Best Interest, providing consumers with comprehensive state and federal protections. Over 90% of Americans now live in a state that has adopted a best interest standard for annuities.

Topics: Press Release Annuity Best Interest Indiana NAIC
3 min read

NAIFA Fly-In Spotlights Women’s Financial Security in Meetings With Members of Congress

By NAIFA on 3/4/24 1:14 PM

The National Association of Insurance and Financial Advisors (NAIFA) hosted its second Women’s Financial Security Fly-In March 6-7 in Washington, D.C. The event, designed to encourage the political involvement of women financial professionals, featured a day of grassroots advocacy training, policy briefings, inspirational discussions, and networking. On the second day of the event, attendees from 15 different states went to Capitol Hill for meetings with lawmakers representing their home states and districts.

Topics: Women Press Release Grassroots Congress
1 min read

NAIFA’s Mayeux Applauds California’s Adoption of the NAIC Best Interest Model for Annuity Transactions

By NAIFA on 3/1/24 9:41 AM

California Governor Gavin Newsom has signed legislation that incorporates the National Association of Insurance Commissioners (NAIC) model for annuity transactions. NAIFA Kevin Mayeux, CAE, released the following statement:

Topics: State Advocacy Press Release NAIC Model Regulation Annuity Best Interest California

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