Advocacy in action blog

ACLI President and CEO Susan Neely and NAIFA-CO Political Action Committee Chair and Government Relations Committee member Brent Jones issued the following joint statement on the best interest annuity rule adopted recently by the Colorado Division of Insurance:

The First Regular Session of Colorado’s 73rd General Assembly ended Tuesday, June 8, 2021. The legislature introduced 627 pieces of legislation and 80% of those introduced bills passed and will be up for action by the Governor.

NAIFA-CO was very busy this session beginning with hosting a virtual Lobby Day for legislators featuring Securities Commissioner Tung Chang and the Division of Insurance, Deputy Director Kate Harris. NAIFA-CO finished out the legislative session testifying and advocating on numerous bills. In total, NAIFA monitored and actively worked on 24 pieces of legislation.

When Colorado legislators on June 8 introduced changes to the state’s tax laws that would impact insurance companies, consumers, and retirement savers, NAIFA’s state advocacy team sprang to action. The original version of the “Adjust Tax Expenditures For State Education Fund Act” (HB20-1420) would have expanded the state’s tax on some insurance premiums to include a broader range of annuity products. It also would have removed a credit applied to existing premium taxes for insurance companies that maintain home offices in Colorado.

Colorado’s Implementation of Colorado Secure Savings Program bill, SB 200, is on a trajectory to pass. NAIFA, along with the American Council of Life Insurers, Insured Retirement Institute, and National Federation of Independent Business, worked diligently to counter the measure. There was limited time for debate. Also, the proposal is an initiative of the House Speaker. These factors make it all but impossible to defeat.