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.
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New Wisconsin Law Boosts Protections for Annuity Consumers
Topics: State Advocacy Standard of Care & Consumer Protection Wisconsin Annuity Best Interest Insurance & Financial Advisor Regulation
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Wisconsin Legislature Strengthens Protections for Annuity Products
NAIFA-WI is celebrating their most recent legislative win – both chambers of the Wisconsin Legislature passed the National Association of Insurance Commissioners (NAIC) Model Regulation for Annuities.
The Wisconsin Assembly concurred on Senate Bill 644, the annuity best interest model bill, on February 23, 2022, during what is likely its final week of session in the house for the year. The state Senate passed it on January 25.
Topics: State Advocacy Standard of Care & Consumer Protection Wisconsin Annuity Best Interest Insurance & Financial Advisor Regulation
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NAIFA-WI Builds Advocacy Momentum With In-District Events
Politically active members of NAIFA's Wisconsin chapter have maintained NAIFA's grassroots advocacy push throughout June, July, and August. According to NAIFA Senior Vice President for Government Relations Diane Boyle, NAIFA-WI leads all NAIFA's state chapters in in-district meetings with lawmakers and their staff this summer.
Topics: Wisconsin Federal Advocacy Grassroots
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Cybersecurity Bill Passes Wisconsin Senate With NAIFA Amendment
New data security standards for the insurance industry passed the Wisconsin State Senate on June 9, 2021, on a voice vote.
Topics: State Advocacy Wisconsin Cybersecurity Privacy Data Security
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NAIFA-Wisconsin to Hold Virtual Day on the Hill Political Advocacy Programs
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.
Topics: State Advocacy Wisconsin Grassroots Legislative Day
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NAIFA-WI Objects to Proposed Layers of Data Privacy Regulations
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.
Topics: State Advocacy Wisconsin Grassroots Privacy Data Security
1 min read
NAIFA-WI Pushes Back on Potential Layering of Data Privacy Regulations
NAIFA-WI teamed up with 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.
