Advocacy in action blog

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.”

Participation by NAIFA members is key to our grassroots advocacy strength. Learn how you can make a difference by signing up to be a NAIFA Advocacy Ambassador. Be a legislative contact, write a letter to the editor or op-ed, testify at a public hearing, visit with your lawmaker, or host an event. Find out all of the ways you can get involved.

American Council of Life Insurers (ACLI) President and CEO Susan Neely and NAIFA-MA President Josh O’Gara issued the following joint statement on the best interest annuity rule adopted recently by the Massachusetts Division of Insurance:

“The new rule adopted by the Massachusetts Division of Insurance adds to the nationwide drive for enhanced protections for consumers seeking lifetime income through annuities.

Chris Bor, LUTCF, CLU, ChFC, a loyal NAIFA member since 1998 and Immediate Past President of NAIFA-WA, testified at a hearing of the Washington State Senate Business, Financial Services & Trade Committee on the use of life insurance, annuities, and policy riders in long-term care planning. He gave an overview of a wide variety of LTC planning options and discussed the value of agents and advisors to consumers. Bor also serves as Vice-Chair of NAIFA's National Membership Committee.

Last week, NAIFA-New Mexico testified before the Senate Economic Development and Policy Committee in support of having financial literacy be a graduation requirement for New Mexico public high schools. NAIFA-New Mexico President, Chad Cooper, who also serves as the Vice Chairman of the African American Greater Albuquerque Chamber of Commerce and serves his clients as a financial advisor for Gateway Financial Advisors, Inc. and Mike McCaffrey, Vice President of Advocacy for NAIFA-New Mexico and agent with New York Life, provided oral comments to the committee. 

American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors (NAIFA)-Alaska Vice President of Advocacy, Lanet Spence, issued the following joint statement on the best interest annuity rule adopted recently by the Alaska Division of Insurance:

Members of NAIFA’s New York chapter (NAIFA-NY) held a virtual meeting with officials from the state Department of Financial Services (DFS). State President Gary Cappon, CLU, LUTCF, RICP, FSCP, CLTC, provided introductions and a brief rundown of NAIFA’s advocacy work and support for the agent and advisor community and the consumers they serve. He also discussed challenges with financial product availability in the state. President-Elect Vinny Dallo, ChFC, CLU, CLTC, LUTCF, and Vice President of Advocacy Paul Sciacca presented “A Day in the Life of a Financial Professional,” highlighting how NAIFA members serve families and businesses in the state.

The Massachusetts Division of Insurance announced earlier this year that the state insurance licensing exam will now be offered in Spanish. NAIFA's Massachusetts chapter has been working with the Division of Insurance on this initiative and advocated for its adoption.

NAIFA-MA is celebrating a major advocacy win after a very close call. During the last three days of the legislative session which concluded July 31, the General Court introduced H. 5123 which would have implemented a two-year pilot program to extend eligibility for premium assistance payments on point of service cost-sharing subsidies for certain health insurance applicants. In short, this legislation would have implemented a pilot single-payer health coverage program, thus having a catastrophic impact on employer-sponsored health plans.

John D. Richardson, RICP, LACP, loyal NAIFA member since 2003, was recently elected to serve on the Tennessee Republican Party State Executive Committee for Senate District 21.

Richardson's leadership and professional success have been noteworthy throughout his tenure as a NAIFA member. After graduating from the University of Tennessee-Knoxville with a B.A. in Political Science and a Minor in Spanish, he began his career as an advisor in 2005. Today he is a Financial Planner and Partner with Boundbrook Advisors (MassMutual), a firm he co-founded in Brentwood, TN.