Advocacy in action blog

NAIFA-NJ is fighting two bills that establish a tax on high quantity processors of financial transactions, S-2902, and A-4402. NAIFA’s opposition is strengthened by coalition partners that consist of other trade associations representing 200,000 workers in the financial services industry in New Jersey, throughout the U.S., and other business groups in the state. On October 6, the coalition sent a letter to John McKeon, Chairman of the General Assembly, and Senate President Stephen Sweeney. The letter encouraged the lawmakers to consider the following as they debate moving forward with the legislation:

Insurance and financial professionals provide a powerful advocacy voice at state and federal levels.

NAIFA-Iowa recently held a successful combined in-person/virtual state conference, Sept. 9-11 in Cedar Falls. The program highlighted each point of NAIFA’s membership promise – Advocate, Educate, Differentiate – but the focus turned squarely to advocacy during the Thursday keynote presentation by state Insurance Commissioner Doug Ommen and the Friday Newell C. Day Awards Breakfast keynote address by Sen. Chuck Grassley.

The New Jersey Department of Banking and Insurance announced on September 11 that individuals who want to take the insurance producer examination may do so remotely, even after the public health crisis ends.

The insurance industry in New Jersey faced a scare in mid-September when Senate President Steve Sweeney introduced S-2902, which would impose a tax on high-quantity processors of financial transactions at $0.0025 per transaction. The bill defines "high-quantity" as processors of 10,000 or more financial transactions through electronic infrastructure located in New Jersey during the year. There was speculation the funding mechanism would be attached to the state budget. Fortunately, the state budget was approved, and the transaction tax was not included.

November is just two months away and with it comes two things: First, the relief that of knowing that 2020 is moving into the rearview mirror. The second, and perhaps most important, is Election Day and the checklist of things we have to do before we can cast our ballots.  

The California State Legislature recently passed a bill to prohibit life and disability income insurance providers from denying coverage to HIV-positive individuals. The bill, initially introduced as SB 961 by Sen. Lena Gonzales (D), was initially concerning to NAIFA. Together with the Association of California Life & Health Insurance Companies (ACLHICI) and the American Council of Life Insurers (ACLI), NAIFA worked with Gonzales to amend the bill to give insurers more underwriting flexibility, while still prohibiting them from declining applicants based solely upon an HIV test.

Maryland’s new Insurance Commissioner, Kathleen Birrane, had an opportunity to introduce herself to the state’s insurance agents and financial advisers on August 25 during a townhall webinar with NAIFA-MD, the Maryland Association of Health Underwriters and Maryland Insurance Agents and Brokers.

NAIFA-GA members were invited to attend Gov. Brian Kemp’s signing of a law requiring health insurance carriers to file commissions rates they offer producers as part of their filings with the state. The law (HB 716) also gives the state Insurance Commission the power to enforce commission rates. The law will help insurance producers impacted by the Medical Loss Ratio provisions of the Affordable Care Act, which has resulted in many carriers reducing or eliminating health insurance agents’ commissions.

NAIFA-Georgia is celebrating a win. HB 716 (Insurance; carriers issuing a health benefit plan in this state through an agent shall file proposed commission rates with the department) passed the Senate unanimously on June 26.