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1 min read

Industry Groups Testify at Hearing on DOL Proposal

By NAIFA on Sep 3, 2020 6:11:36 PM

Bradford Campbell, a partner with the law firm Faegre, Drinker, Biddle & Reath, testified today on behalf of NAIFA and several other industry organizations at the U.S. Department of Labor’s Administrative Hearing on the Proposed Class Exemption Regulation “Improving Investment Advice for Workers & Retirees.”

Topics: Advocacy Legislative & Regulatory Standard of Care
2 min read

NAIFA Sees DOL Proposal as a Step in the Right Direction, But Offers Improvements

By NAIFA on Aug 11, 2020 10:29:05 AM

NAIFA President Cammie Scott submitted a comment letter on behalf of NAIFA that generally supports the Department of Labor’s proposed class exemption for investment advice fiduciaries under ERISA and the Internal Revenue Code and makes several suggestions to improve the proposal.

Topics: Retirement Planning Legislative & Regulatory Standard of Care
2 min read

NAIFA’s Carsrud Briefs WIFS Members on Advocacy Issues

By NAIFA on Jul 9, 2020 1:51:01 PM

NAIFA Assistant Vice President of Government Relations Judi Carsrud provided members of Women in Insurance and Financial Services (WIFS) in Central Pennsylvania a briefing on the SECURE Act and the Security and Exchange Commission’s Regulation Best Interest (Reg BI) in a virtual meeting on Thursday.

Topics: Advocacy Retirement Legislative & Regulatory Standard of Care
1 min read

DOL Proposes New Rule to Replace Fiduciary Rule NAIFA Helped Defeat

By NAIFA on Jun 30, 2020 10:26:24 AM

The U.S. Department of Labor has proposed a new rule to govern the standard of care for producers providing consumers with retirement guidance and products. NAIFA was a part of the lawsuit, along with the American Council of Life Insurers and other groups, that resulted in the DOL’s original fiduciary rule being struck down by the Fifth Circuit Court of Appeals in 2018. The new proposal would create a “best interest” prohibited transaction exemption (PTE) for ERISA- and Internal Revenue Code-covered investment advice fiduciaries.

Topics: Advocacy Retirement Planning Standard of Care Press Release
1 min read

Federal Appeals Court Rejects Challenge to Reg BI

By NAIFA on Jun 29, 2020 10:45:20 AM

In an opinion published last Friday, the Second Circuit Court of Appeals upheld the validity of the SEC’s Regulation Best Interest and rejected the challenge to the rule which had been filed last fall by a group of state attorneys general and several private financial firms. The court did not agree with the plaintiffs’ claim that the Dodd Frank Act required the SEC, if it chose to act, to adopt a standard of conduct for broker-dealers that paralleled the fiduciary standard applicable to investment advisers under the Investment Advisers Act.

Topics: Standard of Care Reg BI
1 min read

SEC Chair Urges Caution Recommending Retirement Account Rollovers, Withdrawals

By NAIFA on Jun 18, 2020 9:07:19 AM

SEC Chairman Jay Clayton issued a statement June 15 reminding financial firms and advisors of the new, enhanced conduct standards found in Regulation Best Interest. Reg BI requires broker-dealers and their representatives to act in the best interest of their clients when making recommendations, and to not put the firm’s or representatives’s financial interests ahead of the consumer’s.

Topics: Retirement 401(k) Standard of Care Reg BI
1 min read

State Advocacy: NAIFA Promotes Iowa and Arizona Annuity Sales Standards

By Mark on Mar 5, 2020 9:54:25 AM

Iowa and Arizona are the first states to introduce measures that would implement a model standard of care for annuity sales developed by the National Association of Insurance Commissioners (NAIC). NAIFA chapters in both states successfully advocated for the NAIC model.

Topics: State Advocacy Standard of Care Interstate Advocacy
1 min read

State Advocacy Impact! NAIFA Helps Reshape Massachusetts Fiduciary Proposal

By NAIFA on Mar 2, 2020 8:39:33 AM

A funny thing happened on the way to the final version of the Massachusetts Securities Division’s fiduciary rule for broker dealers and their registered representatives. NAIFA’s grassroots army made their presence known and helped to reshape what could have been a disastrous regulation for insurance and financial professionals and the Main Street consumers who rely on them for products, services, and guidance.

Topics: Annuities State Advocacy Standard of Care
3 min read

NAIFA State Advocacy Is on a Roll!

By NAIFA on Feb 7, 2020 3:03:47 PM

Topics: State-Run Retirement State Advocacy Standard of Care

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