Advocacy in action blog

The NAIFA state legislative wins continue! This time it’s NAIFA-West Virginia that is celebrating being the 19^th state to adopt financial literacy coursework as a requirement for high school graduation. HB 3113 was signed into law by Governor Jim Justice on March 23, 2023. NAIFA-West Virginia worked closely with the West Virginia Education Association to advocate for the bill in both chambers.

Tennessee Governor Bill Lee signed SB 1369 into law on March 21, 2023, making Tennessee the 24^th state to eliminate producer pre-licensing mandates. NAIFA-Tennessee applauds and thanks bill sponsors Senator Steve Southerland and Senator Ken Yager for carrying the legislation. NAIFA-Tennessee worked hard on the ground to educate lawmakers on the positive change this will be for increasing producer recruitment.

NAIFA is celebrating a major legislative win out of Idaho. On March 20, 2023, Idaho Governor Brad Little signed H. 92 into law, making Idaho the 18^th state to adopt financial literacy coursework as a requirement for high school graduation. The bill passed the Idaho House of Representatives 67-0-3 and the Idaho Senate 34-0-1.

Tennessee House Bill 1173 would have permitted funeral directors in some cases to obtain life insurance information – including the names of beneficiaries and policy benefits amounts – from insurance companies or agents. However, thanks to quick action by NAIFA-TN's grassroots and advocacy team, the House Insurance Subcommittee defeated the bill.

NAIFA's California chapter is holding its annual Legislative Day in Sacramento on March 29. The event will feature visits with lawmakers by NAIFA-CA members, during which they will discuss SB 263, a legislative proposal that in its current form would harm the ability of insurance agents and brokers to serve the public. 

Congress, with strong bipartisan support, passed the National Association of Registered Agents and Brokers Reform Act more than eight years ago. The law would significantly streamline the process for insurance agents and brokers to be licensed in more than one state. This would obviously benefit producers by reducing red tape and regulatory costs, but it would also be a boon to consumers by promoting choice and fostering economic growth.

On February 27, the U.S. House of Representatives passed the NAIFA supported SECURE Notarization Act of 2023 by a voice vote. The bipartisan legislation was introduced earlier this month by U.S. Reps. Kelly Armstrong (R-N.D.) and Madeleine Dean (D-Pa.).

NAIFA joined in a letter of support to the House Financial Services Committee for efforts in introducing the Data Privacy Act of 2023. The Data Privacy Act would modernize the Gramm-Leach-Bliley Act (GLBA), a working data privacy framework for insurance consistent with consumer expectations.

American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors (NAIFA)-Georgia President Joe Schreck issued the following joint statement on the best interest annuity rule adopted recently by Georgia’s Insurance Department:

“A new rule adopted by Georgia’s Insurance Department and Commissioner John King strengthens protections for Peach State consumers seeking lifetime income from annuities.

A new rule adopted recently by the Illinois Department of Insurance provides greater safeguards for consumers seeking lifetime income from annuities. Illinois is the 32^nd state to adopt a measure that implements the “best interest of consumer enhancements” in the National Association of Insurance Commissioners (NAIC)  Suitability in Annuity Transactions Model Regulation.  The new laws and regulations also align with the SEC’s Regulation Best Interest.