Proposed changes to the North American Securities Administrators Association's (NASAA's) Model Rule on Dishonest and Unethical Business Practices of Broker-Dealers and Agents would conflict with existing, effective consumer-protection regulations and cause unintended harm to investors. NAIFA urges NASAA to reconsider the proposed revisions.
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NAIFA Opposes NASAA Proposal That Would Conflict With Reg BI
Topics: Standard of Care & Consumer Protection Interstate Advocacy DOL NAIC NCOIL NASAA
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Tell Your Members of Congress How the DOL's Proposed Fiduciary Rule Would Impact Your Clients
The Department of Labor has proposed a fiduciary-only rule that would limit the choices consumers have when seeking investment and retirement-planning advice and could make it difficult for low- and middle-income investors to receive services and advice.
Topics: Legislation & Regulations Standard of Care & Consumer Protection Federal Advocacy DOL
1 min read
DOL Fiduciary Rule Comment Period Sends the Wrong Message
Topics: Legislation & Regulations Standard of Care & Consumer Protection DOL
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NAIFA Supports NAIC Statement on DOL Proposal
NAIFA has strong advocacy relationships with interstate organizations like the National Association of Insurance Commissioners (NAIC), National Council of Insurance Legislators (NCOIL), and North American Securities Administrators Association (NASAA). We attend their meetings, provide input through comments and testimony, and work with them on resolutions and model regulations that impact consumers and the insurance and financial services industry.
Topics: Standard of Care & Consumer Protection Interstate Advocacy NAIC Model Regulation Federal Advocacy DOL NAIC
1 min read
No Candy for You: DOL Rolls Out Failed Fiduciary-Only Approach Again
NAIFA CEO Kevin Mayeux, CAE, issued the following statement on the proposed Department of Labor fiduciary rule expected to be made public later today:
Topics: Retirement Planning Legislation & Regulations Standard of Care & Consumer Protection Press Release DOL
2 min read
NAIFA CEO Kevin Mayeux: The DOL's Decision to Propose a New Fiduciary Rule Harms Americans
Kevin Mayeux, CEO of the National Association of Insurance and Financial Advisors (NAIFA), issued the following statement on the Department of Labor’s beginning of the regulatory process to propose a fiduciary-only rule:
Topics: Legislation & Regulations Standard of Care & Consumer Protection Press Release DOL
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NAIFA-CA Urges Lawmakers to Amend Bill That Would Harm Life Insurance Producers and Consumers
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.
Topics: Life Insurance & Annuities Legislation & Regulations State Advocacy Standard of Care & Consumer Protection Press Release California Legislative Day
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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 Applauds the NAIC’s Revised Annuity Best Interest Model
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
Alaska Adopts Stronger Safeguards for Annuity Consumers
American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors (NAIFA)-Alaska Vice President of Advocacy, Lanet Spence, issued the following joint statement on the best interest annuity rule adopted recently by the Alaska Division of Insurance:
