Advocacy in action blog

NAIFA is pleased the House Ways and Means Budget Reconciliation Title recognizes the need for American families and businesses to plan for their financial futures with access to knowledgeable professionals, affordable insurance products, and certainty in policy. 

A stable tax system that continues to encourage Americans to plan and save for their future is more important than ever. Families are able to protect themselves through the current tax treatment of cash value life insurance, incentives to participate in individual and employer-sponsored retirement plans, savings vehicles for education and emergencies, paid leave, long-term care insurance, and disability insurance, and employer-provided health insurance. These measures reflect sound tax policy, established over decades, that gives Americans of all backgrounds the opportunity to attain a secure financial future.  

NAIFA applauds the measure to permanently extend and increase the Section 199A deduction, which many of our members utilize to provide products and services that millions of Americans rely on to improve their financial security. The Section 199A deduction allows small- and medium-sized businesses, which are the backbone of the American economy, to remain competitive and to retain parity in corporate and passthrough income taxation. In addition:

NAIFA and a coalition of industry organizations has signed a joint letter to Congress urging lawmakers to protect a vital component of the federal tax code: the full deductibility of state and local business taxes known as the B-SALT (or C-SALT) deduction.

The Department of Labor has announced that it will not enforce a 2024 rule for determining employee or independent contractor classification under the Fair Labor Standards Act. That rule, put in place by the Biden Administration, is now under review by the Department and also faces several federal lawsuits challenging its validity. NAIFA opposed the 2024 rule.

NAIFA is hosting the 12th annual Congressional Conference May 19-20 in Washington, D.C. Day 1 of the event at the Westin DC Downtown will feature targeted advocacy training with briefings on legislative issues that affect financial professionals’ businesses, clients, and communities. Washington insiders at Congressional Conference will offer attendees best practices for conducting congressional meetings and tips for developing impactful long-term relationships with legislators.

The American Council of Life Insurers (ACLI) has launched a powerful new campaign spotlighting the life insurance industry's deep-rooted role in supporting American families and the nation’s economy. Titled “We Put Life Into America,”  the campaign highlights the many ways life insurers strengthen the country, not only by providing financial protection but also by investing over $8 trillion into the economy and paying nearly $200 billion to policyholders and beneficiaries in 2023.

American Council of Life Insurers (ACLI) President and CEO David Chavern and National Association of Insurance and Financial Advisors (NAIFA) Trustee Dennis Cuccinelli made the following comment on the best interest annuity rule approved today by the New Jersey Department of Banking & Insurance:

Recent news reports indicate that some congressional Republicans may be amenable to a so-called "millionaire tax" that would raise the highest federal individual income tax rate to around 40%. NAIFA opposes this proposal due to the harm it would likely cause hundreds of thousands of pass-through corporations. Many owners of these small, often Main Street, businesses organized as S corporations, partnerships, and sole proprietorships would face large tax increases. 

Members of NAIFA-Alabama recently participated in the annual visit with our legislators.  Before our visit at the State House, we spent the morning at the office of the Alabama Securities Commission. We heard from Securities Commission Director Amanda Senn and Alabama Department of Insurance Commissioner Mark Fowler. Director Senn talked about cryptocurrency fraud and both speakers discussed AI. Commissioner Fowler said that AI is top-of-mind of insurance commissioners around the country. He also spent some time discussing the duties of members of his staff. We were interested to hear there are 11 full-time investigators of insurance fraud, all of whom have arrest authority.

NAIFA has joined industry partners in urging congressional support for the SECURE Notarization Act, which would allow businesses and consumers to work remotely with notaries to execute critical documents. Often, signers must currently be in the physical presence of a notary to complete many transactions, including the signing of insurance and financial documents. These may include insurance claim forms, beneficiary request forms, change of ownership documents, affidavits, powers of attorney, living trusts, advance health care directives, and contracts, to name a few.

Family caregivers provide $600 billion in unpaid care each year, often impacting their own career opportunities or their families’ financial security. To help them cope with this burden, NAIFA strongly supports the bipartisan Credit for Caring Act, which would provide a $5,000 tax credit to offset out-of-pocket costs associated with home caregiving. These may include the cost of home modifications, health aides, adult daycare, medicines, transportation, and other support services.