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2 min read

NAIFA-ND Activates Grassroots to Counter LTC Proposal

By Julie Harrison on 1/26/21 5:33 PM

North Dakota lawmakers are considering a bill that would impose a three-year ban on the sale of long-term care insurance policies. The bill, SB 2253, has four sponsors seeking to use the three-year moratorium to study the market and premium increases.

Topics: Long Term Care State Advocacy
1 min read

NAIFA-Nebraska Supports Legislation to Boost Consumer Protections on Annuities

By NAIFA on 1/25/21 2:15 PM

As the Nebraska Legislature considers LB 22, legislation that would establish an enhanced standard of care for financial professionals offering annuity products, NAIFA-NE Past-President Dave Skutnik submitted testimony in support of the bill on behalf of NAIFA’s Nebraska chapter.

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

NAIFA-IL Urges Governor to Veto Prejudgment Interest Bill

By NAIFA on 1/21/21 4:22 PM

NAIFA-IL has sent a call to action to its members to urge Gov. J.B. Pritzker to veto a bill that sets a prejudgment interest at the rate of 9% per year on all tort actions seeking recovery for personal injury or wrongful death.

Topics: State Advocacy
1 min read

NAIFA-FL Gets Behind COVID-19 Liability Shield Bills

By NAIFA on 1/20/21 9:18 AM

NAIFA-FL supports two bills that provide several COVID-19-related liability protections for businesses, educational institutions, government entities, religious organizations, and other entities.

Topics: State Advocacy COVID-19
1 min read

North Dakota House Committee Advances NAIFA-Supported Annuity Transactions Bill

By NAIFA on 1/20/21 9:08 AM

This week the North Dakota House Industry, Business and Labor Committee unanimously approved H.B. 1160, a bill that tracks with the “best interest of consumer enhancements” in the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation.

Topics: Annuities Legislative & Regulatory State Advocacy
1 min read

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

By NAIFA on 1/19/21 1:18 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 1/5/21 10:44 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 12/22/20 2:58 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 12/2/20 7:31 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 12/2/20 10:24 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

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