Advocacy in action blog

It's been nine-and-a-half years since the National Association of Registered Agents & Brokers (NARAB) Reform Act was enacted, yet the NARAB Board of Directors has still not been established. The Obama administration submitted nominees but the Senate Banking Committee failed to act on the nominations. Since then, the Trump and Biden administrations have not submitted nominations to the Senate for approval.

NAIFA continues efforts to discourage the Department of Labor and the administration from moving forward with its flawed fiduciary-only rule. In a letter to DOL Acting Secretary Julie A. Su, Office of Management and Budget (OMB) Director Shalanda Young, and Office of Information and Regulatory Affairs (ORIA) Administrator Richard Revesz, NAIFA and 10 other groups detailed problems with the rule's regulatory process and asked the administration to "stand up for the integrity of the regulatory process and continue the public input process, rather than finalize the fiduciary rule now."

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.

Senate Committee on Banking, Housing, and Urban Affairs Ranking Member Tim Scott (R-SC) cited NAIFA's support in a press release announcing legislation designed to protect the state-based regulatory regime of the insurance industry. The bill, known as the Business of Insurance Regulatory Reform Act, would clarify and reinforce sections of the Dodd-Frank Wall Street Reform and Consumer Protection Act to exclude "the business of insurance" from regulation by the federal Consumer Financial Protection Bureau. It would shore up federal laws that give state regulators exclusive authority to regulate insurance.

State-based regulation of insurance has been a bedrock of the industry and effectively protects the interests of consumers. Federal law, including Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, recognizes this fact and explicitly exempts the business of insurance from regulation by federal Bureau of Consumer Financial Protection (BCFP).

NAIFA and a coalition of groups representing a majority of the U.S. companies and agents offering property-casualty, title, and life insurance have asked Congress for additional legislation that would clarify provisions in Dodd-Frank and solidify the state-based system of insurance regulation.

The Centers for Medicare & Medicaid Services (CMS) introduced new regulations in the Notice of Benefit and Payment Parameters for Plan Year 2024 that all agents, brokers, and web-brokers must follow before helping consumers complete and submit their Marketplace application. To ensure that agents and brokers understand the specific guidelines of these new regulations, CMS recently published several frequently asked questions (FAQs) that answer common questions about these new requirements.

Short-term limited duration insurance (STLDI) is very important to many American families and individuals looking to fill gaps in their health insurance coverage and unable to access the individual health insurance marketplace. A current proposal by the administration would reduce the maximum allowable STLDI coverage period from 12 months to three months with a possible one-month renewal. People would be able to purchase a new STLDI policy from a different carrier, but would not be allowed to "stack" a new policy from the same carrier on an expiring policy.

The Centers for Medicare and Medicaid Services (CMS) has published its final marketing rule for Medicare Advantage (MA) and Medicare Part D (Part D) plans. Below you can read about key changes that will most impact NAIFA members, as well as some of NAIFA’s concerns that were addressed by CMS.

The National Association of Insurance Commissioners has approved a newly revised Suitability in Annuity Transactions Model Regulation that would require financial professionals to act in the best interests of consumers when recommending annuity products.

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: