NAIFA Blog

As DOL Prepares Fiduciary Rule, NAIFA and Industry Partners Gear Up to Act

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...

NASAA Model on Senior Financial Fraud Would Make Reporting Mandatory

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...

When It Comes to Advocacy, Personal Relationships Can Be Key

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, ...

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Obama Announces Intent to Nominate Former NAIFA Trustee to NARAB Board

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 ...

NAIFA President Supports Alternative to DOL Proposal in Letter to the Boston Globe

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...