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1 min read

NAIFA-VA Comments on State-Run Retirement Bill at Delegates' Subcommittee Meeting

By NAIFA on Jan 19, 2021 1:18:15 PM

Virginia House Bill 2174 would establish the VirginiaSaves Program, a state-run automatic enrollment payroll deduction IRA savings program. The program would be optional for employees, but would require employers with five or more employees that do not offer retirement plans to set up a payroll deduction and retirement savings plan through the state-run system.

Elizabeth Pate, a NAIFA-VA Board member and Past President for the state chapter, testified via Zoom before the Virginia House of Delegates Appropriations Compensation and General Government Subcommittee that NAIFA-VA has concerns about the proposed program.

Pate said that NAIFA applauds efforts by the Virginia General Assembly to help Virginians prepare for retirement, but cannot support the legislation as it currently stands. She noted that the federal SECURE Act makes it easier for employers to band together and offer retirement plans in a cost-effective manner. This achieves the goal of encouraging greater retirement preparation by employees without creating a state-run plan to compete with the private sector.

Plans created under the SECURE Act, she noted, would give participants protections afforded by the Employee Retirement Income Security Act of 1974 (ERISA), while it appears VirginiaSaves participants would not benefit from ERISA protections.

Pate also noted that enrollees in the state-run program would lack access to personalized advice from financial professionals that many participants in private-market plans receive.

Several members of the Subcommittee raised questions about potential financial impacts of the VirginiaSaves plan on small businesses and expressed concerns about the mandatory nature of employer participation under the current draft of the legislation. The Subcommittee vote to send HB 2174 to the full committee for further consideration.

NAIFA and NAIFA-VA will remain politically active and engaged on the proposed legislation.

Topics: State-Run Retirement State Advocacy Retirement Plans
2 min read

Michigan and Arkansas Adopt Best Interest Rule on Annuities

By NAIFA on Jan 5, 2021 10:44:27 AM

Michigan and Arkansas have become states number four and five to adopt a best interest annuity rule based on the National Association of Insurance Commissioners’ (NAIC’s) revised Suitability in Annuity Transactions Model Regulation

Topics: Legislative & Regulatory State Advocacy Interstate Advocacy NAIC Model Regulation
2 min read

NAIFA-New York Hires Greenberg Traurig to Represent State Advocacy Interests

By NAIFA on Dec 22, 2020 2:58:46 PM

The New York chapter of the National Association of Insurance and Financial Advisors (NAIFA) has reached an agreement with Greenberg Traurig under which the firm will represent the advocacy interests of NAIFA-New York with state legislators and regulators. Greenberg Traurig is a global law firm with offices around the country, including in Albany and New York City.

Topics: State Advocacy Press Release
3 min read

NAIFA Supports COVID-19 Liability Shields

By NAIFA on Dec 2, 2020 7:31:02 PM

State lawmakers across the country are grappling with different solutions to quell business owners’ fears of legal liability as the pandemic threatens to loom for many months yet to come. NAIFA is encouraging lawmakers to pass bills that would enact liability immunity for businesses to protect them from a barrage of civil lawsuits related to the exposure to COVID-19.

Topics: Advocacy State Advocacy COVID-19
1 min read

NAIFA-Delaware and ACLI Advocate for Annuities Best Interest Rule

By NAIFA on Dec 2, 2020 10:24:47 AM

NAIFA-Delaware and the American Council of Life Insurers (ACLI) have commended Delaware Insurance Commissioner Trinidad Navarro for proposing a best interest annuity rule based on the National Association of Insurance Commissioners’ (NAIC’s) revised Suitability in Annuity Transactions Model Regulation.

Topics: Annuities State Advocacy NAIC Model Regulation
1 min read

Massachusetts Enters into NAIC Continuing Education Agreement

By NAIFA on Dec 1, 2020 1:30:51 PM

In an effort to streamline processes and implement uniform transactions for both licensees and consumers, the Massachusetts Division of Insurance recently announced it has entered into the National Association of Insurance Commissioners (NAIC) Continuing Education Reciprocity (CER) Agreement.

Topics: Continuing Ed State Advocacy
1 min read

State Adoption of Updated NAIC Annuity Rules Remains NAIFA Priority

By NAIFA on Oct 29, 2020 7:51:53 PM

NAIFA continues to urge the states to consider and adopt recent amendments to the NAIC’s Suitability in Annuity Transactions Model Regulation, and NAIFA state chapters should reach out to their state’s insurance commissioner or director and encourage him/her to support and promote the adoption of the NAIC amendments. The adoption of these amendments by the states remains a top advocacy priority for NAIFA.

Topics: State Advocacy Interstate Advocacy
2 min read

NAIFA-New York and LICONY Partner to Leverage Their Advocacy Clout

By NAIFA on Oct 29, 2020 11:41:26 AM

The National Association of Insurance and Financial Advisors’ New York chapter (NAIFA-New York) and the Life Insurance Council of New York, Inc. (LICONY) will collaborate in 2021 and beyond on issues that are important to agents and advisors, the industry, and the consumers they serve.  

Topics: State Advocacy
1 min read

NAIFA Rejoins Industry Education Council, Lending Its Expertise on Insurance Matters to State Legislators

By NAIFA on Oct 28, 2020 10:07:52 AM

NAIFA is proud to announce that it has renewed its participation as a member of the Industry Education Council (IEC), the educational partner of the National Council of Insurance Legislators (NCOIL). The IEC provides effective communication with state legislators, and vital support for NCOIL’s educational programs.

Topics: State Advocacy Interstate Advocacy Press Release
1 min read

NAIFA Legislative Event Includes Iowa Lawmakers

By NAIFA on Oct 15, 2020 11:37:02 AM

NAIFA’s North Central Iowa chapter recently hosted a legislative breakfast session that included a question and answer session with State Sen. Tim Kraayenbrink (R-Fort Dodge, District 5), state Rep. Ann Meyer (R-Fort Dodge, District 9); and Jack Friend (D-Ames, candidate for Iowa House District 48).

Topics: State Advocacy

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