Advocacy in action blog

The Wisconsin chapter of the National Association of Insurance and Financial Advisors (NAIFA-WI) will present its annual Day on the Hill advocacy programming March 8 and 10. The virtual event will highlight the importance of political advocacy for insurance financial advisors. Decisions by state lawmakers and regulators have tremendous impacts on the businesses of NAIFA members as well as the Main Street consumers and small businesses they serve.

NAIFA-TN is using its advocacy muscle to convince state legislators to eradicate its professional privilege tax. The tax was used to balance budgets in 1992 and in 2002 and Tennessee is one of only six states with such a tax. Until two years ago, the tax applied to 22 different professions, including dentists, physicians, and real estate principal brokers. In 2019, Tennessee removed the discriminatory tax on 15 of the professions yet continues to require attorneys, securities agents, broker-dealers, investment advisers, lobbyists, osteopathic physicians, and physicians to pay the annual $400 tax.

NAIFA-WI joined other trade associations representing the insurance and financial services industry to push back on a potential regulatory proposal that would complicate existing data privacy and security laws.

NAIFA-Florida’s Virtual Legislative Day on the Hill was February 23. Approximately 80 participants joined the event and received legislative and regulatory updates as well as advocacy training from NAIFA-FL President Craig Duncan and state lobbyist Tim Meenan of Meenan P.A. Other speakers included Florida Insurance Commissioner David Altmaier.

NAIFA-WA is urging changes to a long-term services bill, HB 1323, to protect employees who have purchased long-term care coverage.

NAIFA-Idaho member EmmaLee Robinson testified before a hearing of the Idaho Legislature on the Annuity Consumer Protections Act (HB 79) and encouraged lawmakers to adopt legislation based on the National Association of Insurance Commissioners’ updated Suitability in Annuity Transactions Model. The NAIC model requires financial professionals to work in the best interests of consumers on annuity transactions.

The Ohio Department of Insurance has finalized a rule based on the National Association of Insurance Commissioners’ updated Suitability in Annuity Transactions Model that requires financial professionals to work in the best interests of consumers on annuity transactions. The new rule goes into effect in Ohio on Feb. 14.

NAIFA strongly supports efforts to encourage and incentivize workers’ participation in employer-provided retirement plans available on the private market. Private-sector plans offered by employers provide many design features that help workers plan for secure retirements. A qualified financial professional, such as a NAIFA member, can help workers with individual retirement-planning solutions and assist employers in establishing workplace plans.

The Delaware Department of Insurance has published a final regulation based on the National Association of Insurance Commissioners’ updated Suitability in Annuity Transactions Model that requires financial professionals to work in the best interests of consumers on annuity transactions.

NAIFA is encouraging the efforts of Indiana state Sen. Greg Walker and Rep. Martin Carbaugh to replace the Indiana Long Term Care Insurance Program, also known as the RWJ Partnership, with legislation (HB 1405 and SB 261) to create a Deficit Reduction Act (DRA) Partnership.