The U.S. House of Representatives is currently considering introduction of the Protecting the Right to Organize Act (PRO Act) along mostly party lines, likely in April 2021. This wide-reaching bill seeks to reform current labor law in a variety of areas. Impacting the insurance industry, the bill amends the National Labor Relations Act (29 U.S.C. 152(3)) by adding language that expands the definition of “independent contractor” by adopting an “ABC” test to define who is an “employee.”
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NAIFA-FL Holds a Virtual Legislative Day
NAIFA-Florida’s Virtual Legislative Day on the Hill was February 23. Approximately 80 participants joined the event and received legislative and regulatory updates as well as advocacy training from NAIFA-FL President Craig Duncan and state lobbyist Tim Meenan of Meenan P.A. Other speakers included Florida Insurance Commissioner David Altmaier.
Topics: Legislative & Regulatory State Advocacy
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The White House Issues Guidance on the Latest Round of PPP Funding
The White House has released a fact sheet clarifying some aspects of the latest round of Paycheck Protection Program (PPP) funding that opened a month ago. The PPP provides loans to small businesses, including NAIFA members and their clients, impacted by the COVID-19 pandemic. The low-interest loans may be forgiven if the businesses that receive them meet certain conditions.
Topics: Advocacy Legislative & Regulatory COVID-19
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DOL Confirms PTE on Retirement Advice Will Go Into Effect Feb. 15
The Biden Administration has confirmed that the Department of Labor (DOL) will move forward with a prohibited transaction exemption (PTE) for financial professionals who provide retirement plan advice. DOL previously announced the new PTE on December 15 during the Trump Administration. It goes into effect February 15.
Topics: Advocacy Retirement Planning Legislative & Regulatory Standard of Care
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Special Enrollment Period for Marketplace Coverage Begins Feb. 15
On Friday, February 12, the Center for Medicare and Medicaid Services (CMS) announced that, in accordance with an Executive Order signed by President Biden, a Special Enrollment Period for the Health Insurance Marketplace will be available in the 36 states using the HealthCare.gov platform. The SEP will be available from Monday, February 15, through Saturday, May 15 for most states.
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NAIFA-WA Urges LTC Bill Changes to Protect Employees With Private Coverage
NAIFA-WA is urging changes to a long-term services bill, HB 1323, to protect employees who have purchased long-term care coverage.
Topics: Long Term Care Legislative & Regulatory State Advocacy
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NAIFA-Idaho Testifies at Hearing on Annuity Best Interest Legislation
NAIFA-Idaho member EmmaLee Robinson testified before a hearing of the Idaho Legislature on the Annuity Consumer Protections Act (HB 79) and encouraged lawmakers to adopt legislation based on the National Association of Insurance Commissioners’ updated Suitability in Annuity Transactions Model. The NAIC model requires financial professionals to work in the best interests of consumers on annuity transactions.
Topics: Annuities Legislative & Regulatory State Advocacy NAIC Model Regulation
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Ohio Finalizes Annuities Best Interest Rule Based on the NAIC Model
The Ohio Department of Insurance has finalized a rule based on the National Association of Insurance Commissioners’ updated Suitability in Annuity Transactions Model that requires financial professionals to work in the best interests of consumers on annuity transactions. The new rule goes into effect in Ohio on Feb. 14.
Topics: Annuities Legislative & Regulatory State Advocacy Press Release NAIC Model Regulation
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NAIFA Urges Oklahoma Senate to Reject State-run Retirement Plan
NAIFA strongly supports efforts to encourage and incentivize workers’ participation in employer-provided retirement plans available on the private market. Private-sector plans offered by employers provide many design features that help workers plan for secure retirements. A qualified financial professional, such as a NAIFA member, can help workers with individual retirement-planning solutions and assist employers in establishing workplace plans.
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Delaware Joins the Growing List of States Adopting the NAIC Annuity Model
The Delaware Department of Insurance has published a final regulation based on the National Association of Insurance Commissioners’ updated Suitability in Annuity Transactions Model that requires financial professionals to work in the best interests of consumers on annuity transactions.
