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Advocacy in action blog

On Tuesday, March 12, 2024, John Richardson and Mark Miller, members of NAIFA-Tennessee, showed the impact of grassroots advocacy by advocating against two sets of bills detrimental to the industry.

HB 2148 and SB 2908 would authorize a funeral director or funeral establishment providing funeral services for a deceased person insured or believed to be insured under a contract of life insurance to request certain information, including beneficiary information, about the life insurance contract. On March 6th, NAIFA-Tennessee hosted their Legislative Day where attendees met with different lawmakers to explain how a funeral director is not an insurance interest to a life insurance policy that a consumer purchased before death. Further, the bills ignored the volumes of laws that exist to protect individuals’ personal financial information. The senate version, SB 2908, was scheduled for a hearing in the Senate Commerce and Labor Committee where an amendment was filed to convert the bill to become a study. The bill was not taken up and it is, once again, dead. This was the second iteration of the legislation after similar bills were introduced in 2023. NAIFA-Tennessee grassroots advocacy played an active role in ensuring last years’ bills died in committee.

MM Sen. Johnson

Late Friday March 8th, there was a last-minute amendment filed for HB 2243 and SB 2149. This amendment would require broker-dealers, agents, investment advisors, and investment advisor representatives to disclose – and obtain written consent from the client – when they use any socially responsible criteria or other nonfinancial objectives to make investment decisions on behalf of the client. NAIFA-Tennessee opposes HB 2243 and SB 2149 with the inclusion of this amendment because of the potential to create investor confusion, unnecessarily delay investor transactions, and instill unwanted costs for our industry. NAIFA-Tennessee Members John Richardson and Mark Miller met with various lawmakers on both sides of the chamber, including the Senate bill sponsor, Senator Jack Johnson (pictured above), to voice concerns and implications of the bill should it move forward as written. During the respective House and Senate committee hearings where both bills were slated to be considered, the sponsors both withdrew the bills, thus effectively killing this set of bills.

NAIFA-Tennessee showed the importance, and in this case, double impact, of grassroots advocacy this week. Join us in celebrating these NAIFA legislative wins!