February 5, 2016
The Department of Labor sent its fiduciary duty rule to the White House Office of Management and Budget for mandatory review on January 28. The OMB review can take up to 90 days, but media reports suggest the administration will expedite the process. DOL could issue the final rule in late February or early March.
“We don’t know what is in the final rule, but the version DOL proposed last year is unworkable and would have serious consequences for advisors, small businesses and individu...
February 3, 2016
The North American Securities Administrators Association (NASAA), the trade group representing the state securities regulators, has approved model legislation that requires financial advisors and firms to report suspected financial exploitation of seniors to states' securities commissioners and adult protective services offices.
The model is designed to address the increasing problem of financial exploitation of seniors.
"While NAIFA appreciates the intent of the NASAA model law to prot...
February 1, 2016
To commemorate the 50th anniversary of IFAPAC , the NAIFA Blog will run occasional posts by NAIFA members highlighting their political involvement and action.
By John C. Johns, LUTCF
2015-2016 National Chair, NAIFA Committee on Political Action When I came into the business 35 years ago, my manager insisted that I join NALU (National Association of Life Underwriters, now NAIFA) and contribute to LUPAC (Life Underwriters Political Action Committee, now IFAPAC).
For years, ...
January 12, 2016
President Barack Obama recently announced his intent to nominate Past NAIFA-National Trustee, Thomas McLeary, CLU, to be a member of the Board of Directors of the National Association of Registered Agents and Brokers.
NARAB is an organization with jurisdiction to oversee insurance producer non-resident licensing and continuing-education standards on a national level. Last year, the President signed into law legislation to establish NARAB and had 90 days from enactment to appoint a ...
January 8, 2016
NAIFA President Jules Gaudreau wrote in a letter to the Boston Globe that bipartisan legislation recently introduced in Congress would benefit consumers and is a reasonable alternative to the Department of Labor's proposed best interest regulation .
Gaudreau submitted the letter in response to a Globe article questioning Rep. Richard Neal's (D-Mass.) sponsorship of the bill. The legislation is cosponsored by Rep. Peter Roskam (R-Ill.) and has the support other members of Congress fr...