NAIFA strongly encourages states to adopt the NAIC's model regulation on annuity transactions, and our state chapters have made promoting adoption of the model an advocacy priority over the past two years. Our efforts, the work of members like you at the grassroots level, and our ability to work with other industry organizations – including the American Council of Life Insurers – have paid off.
2 min read
NAIFA Celebrates State Advocacy Milestone
Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Insurance & Financial Advisor Regulation
1 min read
New Rule Strengthens Protections for South Carolina Annuity Consumers
American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors (NAIFA) South Carolina President Johnny Craven issued the following joint statement on the best interest annuity rule adopted recently by Acting Director Michael Wise and the South Carolina Department of Insurance:
Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Insurance & Financial Advisor Regulation South Carolina
1 min read
NAIFA’s State Advocacy Hard at Work in California
Selected advocates from NAIFA-CA’s grassroots network have reached out to influential members of the California Senate Appropriations Committee to urge the defeat of SB927 in the committee. The legislation would require insurance professionals and companies to provide confusing and costly disclosures that have no practical benefit for consumers. It would also result in increased litigation and higher costs for California consumers. Previously, NAIFA and coalition partners including the American Council of Life Insurers (ACLI) and the Association of California Life and Health Insurance Companies (ACLHIC) offered amendments that would address many of the bill’s unworkable provisions.
Topics: State Advocacy Standard of Care & Consumer Protection Grassroots California Insurance & Financial Advisor Regulation
1 min read
Tennessee Modifies Qualifications for Potential Agents
NAIFA-TN is celebrating the recent signing of HB 2225 into law. Sponsored by Representative Dennis Powers and NAIFA-Tennessee member Senator Mark Pody, this bill limits the lookback of misdemeanors or Class E felonies to 10 years for insurance agent applicants. Class E felonies are often associated with low-quantity marijuana possession charges. In recent years, as many states have taken steps toward legalization, there are efforts to expunge or reconsider these types of crimes, which were disproportionately charged against minorities and people of color. HB 2225 is a step towards removing this barrier of entry into the insurance industry.
Topics: State Advocacy Insurance & Financial Advisor Regulation Producer Licensing & CE Tennessee
NAIFA-KY and the Importance of State Advocacy: An Update From Brian Wilson
The advocacy work of NAIFA-KY was highly influential in the late revision of tax reform legislation in the state that would have placed a 6% tax on financial planning and investment management services. This tax would have impacted many investors in Kentucky and the financial professionals they rely on for advice and services. NAIFA Trustee Brian Wilson offers his perspective on why this advocacy win and all of NAIFA's state advocacy efforts are so important.
Topics: Retirement Planning State Advocacy Grassroots Kentucky Tax Reform
2 min read
New Wisconsin Law Boosts Protections for Annuity Consumers
Legislation signed into law by Wisconsin Governor Tony Evers greatly enhances protections for consumers seeking lifetime income from annuities. The law was proposed by Senator Rob Stafsholt (R-New Richmond) and Representative Kevin Petersen (R-Waupaca). Wisconsin is the 23rd state that as part of a nationwide, bipartisan effort has adopted measures implementing 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.
Topics: State Advocacy Standard of Care & Consumer Protection Wisconsin Annuity Best Interest Insurance & Financial Advisor Regulation
1 min read
Maryland Enhances Protections for Annuity Consumers
American Council of Life Insurers (ACLI) President and CEO Susan Neely, National Association of Insurance and Financial Advisors’ (NAIFA) former president and NAIFA-MD member Paul Dougherty, and The League of Life and Health Insurers of Maryland Executive Director Matthew Celentano issued the following joint statement on the best interest annuity rule adopted recently by the Maryland Insurance Administration:
Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Insurance & Financial Advisor Regulation Maryland
2 min read
Illinois Passes Association CE Credit Legislation
The Illinois General Assembly on March 30 passed HB 4324 by Representative Bob Morgan and Senator Julie Morrison, which will make Illinois the 13th state to offer licensed insurance producers the opportunity to gain continuing education (CE) credits based on their active participation in a state or national professional insurance association. Producers may receive up to four hours of CE on a biennial basis by providing detailed records of attendance and involvement to the Department of Insurance. The bill is now on its way to Governor J.B. Priztker’s desk for signature.
Topics: State Advocacy Illinois Insurance & Financial Advisor Regulation Producer Licensing & CE
2 min read
NAIFA-Kentucky Celebrates Legislative Win
The Kentucky Legislature has passed a comprehensive tax reform package, and thanks to advocacy work by NAIFA's Kentucky chapter financial planners and investment advisors narrowly avoided a 6% sales tax on their services.
Topics: Retirement Planning State Advocacy Grassroots Kentucky Tax Reform
4 min read
Next-Level Political Involvement: NAIFA Members Are Running for Office
Being politically engaged is part of being a good NAIFA citizen. Understanding and working to influence public policy to promote financial security benefits NAIFA members' businesses, colleagues, clients, and communities, as well as all consumers. This election year, at least seven NAIFA members are taking their advocacy to the next level by running for statewide office.
