<img height="1" width="1" style="display:none;" alt="" src="https://dc.ads.linkedin.com/collect/?pid=319290&amp;fmt=gif">
Member Login
2012

Advocacy in action blog

2 min read

NAIFA Celebrates State Advocacy Milestone

By NAIFA on 5/26/22 2:24 PM

NAIFA strongly encourages states to adopt the NAIC's model regulation on annuity transactions, and our state chapters have made promoting adoption of the model an advocacy priority over the past two years. Our efforts, the work of members like you at the grassroots level, and our ability to work with other industry organizations – including the American Council of Life Insurers – have paid off.

Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Insurance & Financial Advisor Regulation
1 min read

New Rule Strengthens Protections for South Carolina Annuity Consumers

By NAIFA & ACLI on 5/19/22 9:32 AM

American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors (NAIFA) South Carolina President Johnny Craven issued the following joint statement on the best interest annuity rule adopted recently by Acting Director Michael Wise and the South Carolina Department of Insurance:

Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Insurance & Financial Advisor Regulation South Carolina
1 min read

NAIFA’s State Advocacy Hard at Work in California

By NAIFA on 5/17/22 4:31 PM

Selected advocates from NAIFA-CA’s grassroots network have reached out to influential members of the California Senate Appropriations Committee to urge the defeat of SB927 in the committee. The legislation would require insurance professionals and companies to provide confusing and costly disclosures that have no practical benefit for consumers. It would also result in increased litigation and higher costs for California consumers. Previously, NAIFA and coalition partners including the American Council of Life Insurers (ACLI) and the Association of California Life and Health Insurance Companies (ACLHIC) offered amendments that would address many of the bill’s unworkable provisions.

Topics: State Advocacy Standard of Care & Consumer Protection Grassroots California Insurance & Financial Advisor Regulation
2 min read

New Wisconsin Law Boosts Protections for Annuity Consumers

By NAIFA & ACLI on 4/18/22 9:58 AM

Legislation signed into law by Wisconsin Governor Tony Evers greatly enhances protections for consumers seeking lifetime income from annuities. The law was proposed by Senator Rob Stafsholt (R-New Richmond) and Representative Kevin Petersen (R-Waupaca). Wisconsin is the 23rd state that as part of a nationwide, bipartisan effort has adopted measures implementing 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 Standard of Care & Consumer Protection Wisconsin Annuity Best Interest Insurance & Financial Advisor Regulation
1 min read

Maryland Enhances Protections for Annuity Consumers

By NAIFA & ACLI on 4/12/22 9:47 AM

American Council of Life Insurers (ACLI) President and CEO Susan Neely, National Association of Insurance and Financial Advisors’ (NAIFA) former president and NAIFA-MD member Paul Dougherty, and The League of Life and Health Insurers of Maryland Executive Director Matthew Celentano issued the following joint statement on the best interest annuity rule adopted recently by the Maryland Insurance Administration:

Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Insurance & Financial Advisor Regulation Maryland
2 min read

South Dakota Law Strengthens Protections for Consumers Seeking Lifetime Income in Retirement

By NAIFA & ACLI on 3/8/22 4:34 PM

American Council of Life Insurers (ACLI) President and CEO Susan Neely and NAIFA-SD President Jennifer Soma issued the following joint statement on the best interest annuity law recently signed by South Dakota Governor Kristi Noem:

Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Insurance & Financial Advisor Regulation South Dakota
2 min read

Wisconsin Legislature Strengthens Protections for Annuity Products

By Bianca Alonso Weiss on 3/2/22 11:41 AM

NAIFA-WI is celebrating their most recent legislative win – both chambers of the Wisconsin Legislature passed the National Association of Insurance Commissioners (NAIC) Model Regulation for Annuities.

The Wisconsin Assembly concurred on Senate Bill 644, the annuity best interest model bill, on February 23, 2022, during what is likely its final week of session in the house for the year. The state Senate passed it on January 25.

Topics: State Advocacy Standard of Care & Consumer Protection Wisconsin Annuity Best Interest Insurance & Financial Advisor Regulation
2 min read

New Mexico Enhances Protections for Annuity Consumers

By NAIFA & ACLI on 3/1/22 2:46 PM

American Council of Life Insurers (ACLI) President and CEO Susan Neely and NAIFA-NM Vice President of Advocacy Kenneth Bottari issued the following joint statement on the best interest annuity rule adopted recently by the New Mexico Office of the Superintendent of Insurance:

Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Insurance & Financial Advisor Regulation New Mexico
1 min read

NAIFA Member's Client Illustrates the Importance of Choices for Investors

By NAIFA on 2/28/22 5:38 PM

NAIFA has partnered with the American Council of Life Insurers (ACLI) and other organizations to encourage states to adopt consumer-protection legislation or regulations based on a model created by the National Association of Insurance Commissioners (NAIC), which requires advisors to work in their client's best interests on annuity transactions. NAIFA also supports the Securities and Exchange Commission's Regulation Best Interest

Topics: State Advocacy Standard of Care & Consumer Protection Advocacy Partnerships Annuity Best Interest Insurance & Financial Advisor Regulation
1 min read

New Report Counters Questions About the SEC's Reg BI

By NAIFA on 2/11/22 9:12 AM

NAIFA strongly supports consumer protections provided by the Securities and Exchange Commission’s (SEC’s) Regulation Best Interest and the National Association of Insurance Commissioners’ (NAIC’s) revised annuity model regulation (adopted by 19 states and counting). Both of these provisions require financial professionals to work in their clients’ best interests and preserve the ability of consumers to choose who they work with and how they compensate advisors. Reg BI and the NAIC model also avoid problems with other proposals that would have made it very difficult for producers to continue working with Main Street investors.

Topics: Standard of Care & Consumer Protection SEC Federal Advocacy Advocacy Resources Insurance & Financial Advisor Regulation Regulation Best Interest

Featured