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| NAIFA Legislative Action Center capwiz.com/naifa |
| June 15, 2009 | Volume 2, No. 10 |
| Crunch Time for Healthcare Reform |
Beginning this week and likely extending though late July, reforming the health care system and the health insurance structure that supports it will be front and center in Congress. Read more |
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| NAIFA President Cliff Wilson Meets With White House Officials on Regulatory Reform |
Obama to unveil regulatory reform plan June 17 As reported in GovWatch on June 4, at the request of the White House, NAIFA President Cliff Wilson attended a discussion meeting on insurance and financial services regulatory reform with key Obama Administration officials. Read more |
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| NAIC Considers Changes to Suitability in Annuity Transactions Model Regulation |
The NAIC Suitability in Annuity Sales Working Group continued its work at the NAIC’s June meeting to consider changes to the Model. Read more |
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| Reps. Meeks, Price Introduce Bill to Overturn SEC Rule 151A |
On June 4 Representatives Gregory Meeks (D-NY) and Tom Price (R-GA) introduced H.R. 2733, the “Fixed Indexed Annuities and Insurance Products Classification Act of 2009.” Read more |
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| Senate Aging Committee Chairman Introduces Long-Term Care Insurance Bill |
On June 3, Senator Herb Kohl (D-WI) introduced S.1177, a bill designed to facilitate collection of data that will allow states to strengthen consumer protections and standardize definitions for model disclosures and marketing of long term care insurance (LTCi) policies. Read more |
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| 401(k) Fee Disclosure Developments: New Bill, Subcommittee Mark-Up |
On June 9, Representative Richard Neal (D-MA), a senior member of the House Ways & Means Committee, introduced H.R.2779, a 401(k) fee disclosure bill. H.R.2779 requires employers to disclose to participants in self directed account 401(k), 403(b) and 457 plans certain information about investment option fees charged to the participants’ accounts. Read more |
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| Reps. Pomeroy and Brown-Waite Introduce Bill Providing New Lifetime Annuity Tax Incentives |
On June 8, Reps. Earl Pomeroy (D-ND) and Virginia Brown-Waite (R-FL) introduced H.R.2748, a bill that would give new tax incentives to individuals who elect lifetime payments from their annuities. Read more |
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| Anti-STOLI Momentum Continues as States Enact Laws to Protect Seniors |
State efforts to enact laws designed to protect their senior citizens from the financial abuses caused by fraudulent transactions known as stranger-originated life insurance (STOLI) continue to gather momentum, as lawmakers in six states recently passed bills aimed at prohibiting STOLI. Read more |
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| FINRA Requests Comments on Expanding Suitability Obligations |
FINRA recently issued Regulatory Notice 09-25, in which FINRA is proposing to consolidate its various rules and interpretations governing suitability and “know your customer” obligations into a new consolidated FINRA rulebook. This appears to be an effort to codify existing rules in one place. Read more |
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| Subscribe to NAIFA’s Capwiz Site to Stay Informed |
NAIFA members have access to a powerful tool when it comes to communicating with their elected officials. Read more |
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Did You Know…? Did you know that life insurers annual revenue from premiums alone was $600 billion in 2007, an amount equivalent to 4.4% of U.S. GDP? |
