Advocacy in action blog

NAIFA is celebrating a major legislative win out of Idaho. On March 20, 2023, Idaho Governor Brad Little signed H. 92 into law, making Idaho the 18^th state to adopt financial literacy coursework as a requirement for high school graduation. The bill passed the Idaho House of Representatives 67-0-3 and the Idaho Senate 34-0-1.

Tennessee House Bill 1173 would have permitted funeral directors in some cases to obtain life insurance information – including the names of beneficiaries and policy benefits amounts – from insurance companies or agents. However, thanks to quick action by NAIFA-TN's grassroots and advocacy team, the House Insurance Subcommittee defeated the bill.

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. 

A new rule adopted recently by the Illinois Department of Insurance provides greater safeguards for consumers seeking lifetime income from annuities. Illinois is the 32^nd state to adopt a measure that implements 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.

NAIFA is the only association for insurance and financial professionals with a strong political advocacy presence in Washington, D.C., and every state capital. Around the country, 32 NAIFA state chapters are holding Legislative Days during the first quarter of 2023.

NAIFA Policy Director Maeghan Gale testified to Washington state lawmakers that ample private-sector options are available for employers who want to set up retirement plans for their workers or for employees who want to prepare for retirement on their own. Washington lawmakers are considering a feasibility study for a potential state-facilitated Auto-IRA program.

NAIFA's "State of Advocacy" report details NAIFA's federal, state, and interstate advocacy efforts in 2022 in facts and figures. It also runs down the major policy issues impacting agents and advisors as well as the Main Street consumers they serve.

NAIFA's "State of Advocacy" provides a snapshot of how NAIFA and NAIFA members are making a difference and influencing the decisions that affect Americans' financial security. 

NAIFA-CO leaders and members came together February 15 to meet with lawmakers on the chapter's annual Legislative Day. Members shared their insights with legislators and officials, including Securities Commissioner Tung Chan and Insurance Commissioner Michael Conway. Central among the topics discussed was HB23-1174, which would create guaranteed replacement cost coverage in homeowner's insurance, and its implications for Coloradoans.

There are many reasons to love NAIFA’s advocacy work – how about protecting your business and clients from harmful legislative and regulatory proposals, for starters? And there are just as many ways to get involved and make a difference.

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.”