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Advocacy in action blog

2 min read

NAIFA Comments Point to Flaws in the DOL’s Fiduciary-Only Proposal

By NAIFA on 1/2/24 1:31 PM

NAIFA members are committed to working in the best interests of the consumers they serve. They follow a Code of Ethics requiring them to put clients’ interests first. Yet, the Department of Labor’s rehashed fiduciary-only proposal is decidedly not in the best interests of the American public who benefit from the ability to choose how and from whom they receive financial guidance.

Topics: Standard of Care & Consumer Protection DOL Regulation Best Interest
2 min read

NAIFA Asks, Members of Congress Act

By NAIFA on 12/8/23 2:28 PM

Just two days after NAIFA members were on the Hill, House Committee on Small Business Chairman Roger Williams (R-TX), Rep. Dan Meuser (R-PA), Rep. Mark Alford (R-MO), and Rep. Aaron Bean (R-FL) wrote to Department of Labor Acting Secretary Julie SU inquiring about the impact of the DOL proposal on small businesses. 

Topics: Standard of Care & Consumer Protection Grassroots DOL Regulation Best Interest
3 min read

NAIFA CEO Represents Advisors and Consumers in Meeting With Administration on DOL’s Fiduciary Proposal

By NAIFA on 10/10/23 11:18 AM

NAIFA CEO Kevin Mayeux, CAE, told the Biden Administration in a meeting that the Department of Labor’s (DOL’s) current efforts to revive a fiduciary-only regulation for financial professionals is unnecessary and likely to harm low- and middle-income consumers.

Topics: Press Release Federal Advocacy Annuity Best Interest DOL Regulation Best Interest White House Fiduciary
2 min read

NAIFA Is Well-Prepared to Oppose DOL's Fiduciary 2nd Act

By NAIFA on 9/11/23 4:52 PM

NAIFA has not been sitting idle as the Department of Labor made moves to propose a new fiduciary rule. In anticipation of the rulemaking, NAIFA helped the National Conference of Insurance Legislators (NCOIL) draft a resolution that opposes the DOL's new fiduciary rule as unnecessary and likely harmful to consumers. The resolution, which NCOIL adopted in July after NAIFA testified at the Conference's 2023 Summer Meeting, states: "NCOIL urges the DOL to refrain from further rulemaking that would revive all or parts of the 2016 Fiduciary Rule" and "...urges state legislators and other interested stakeholders to join in opposition to any further rulemaking by DOL reviving the 2016 Fiduciary Rule."

Topics: Legislation & Regulations Federal Advocacy DOL Regulation Best Interest Fiduciary
2 min read

NCOIL Adopts NAIFA-Backed Resolution Opposing Potential Fiduciary Rulemaking by the DOL

By NAIFA Government Relations Team on 7/21/23 5:49 PM

This afternoon, the National Conference of Insurance Legislators (NCOIL) adopted a NAIFA-backed resolution that opposes potential fiduciary rulemaking by the Department of Labor (DOL). 

Topics: NAIC Model Regulation DOL NCOIL Regulation Best Interest Fiduciary
1 min read

New Report Counters Questions About the SEC's Reg BI

By NAIFA on 2/11/22 9:12 AM

NAIFA strongly supports consumer protections provided by the Securities and Exchange Commission’s (SEC’s) Regulation Best Interest and the National Association of Insurance Commissioners’ (NAIC’s) revised annuity model regulation (adopted by 19 states and counting). Both of these provisions require financial professionals to work in their clients’ best interests and preserve the ability of consumers to choose who they work with and how they compensate advisors. Reg BI and the NAIC model also avoid problems with other proposals that would have made it very difficult for producers to continue working with Main Street investors.

Topics: Standard of Care & Consumer Protection SEC Federal Advocacy Advocacy Resources Insurance & Financial Advisor Regulation Regulation Best Interest
1 min read

SEC Chair Gensler Says He Is Committed to Reg BI

By NAIFA on 10/11/21 9:18 AM

NAIFA strongly supports the Securities and Exchange Commission’s (SEC's) Regulation Best Interest (REG BI) to protect investors and preserve the ability of financial advisors to serve the needs of Main Street USA consumers. The rule is in harmony with the National Association of Insurance Commissioners’ (NAIC's) revised Annuity Suitability Model, which requires producers to work in the best interests of consumers during annuity transactions, providing enhanced investor protections at the federal and state levels and discouraging a mishmash of confusing and potentially contradictory laws and regulations.

Topics: Standard of Care & Consumer Protection SEC Federal Advocacy Insurance & Financial Advisor Regulation Regulation Best Interest

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