NAIFA Survey Finds DOL Fiduciary Rule Likely to Reduce Retirement Advice for Lower- and Middle-Income Consumers

September 17, 2016

A survey by the National Association of Insurance and Financial Advisors of its members found that many advisors believe the Department of Labor’s fiduciary rule affecting retirement products and services will damage their ability to serve their clients, particularly those who are lower- or middle-income clients.   According to the survey of 1,167 NAIFA members, more than 62 percent said the DOL rule will or probably will force them to stop serving some or all of their clients. An addit...

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Insurers Pull Out of Exchanges Limiting Health Advisors and Clients' Options

August 18, 2016

Aetna has become the latest health insurance carrier to reduce its participation in health exchanges created under the Affordable Care Act. The company offered plans on 15 state exchanges this year, but will only participate in the Virginia, Delaware, Iowa and Nebraska exchanges next year. The company said participating in the exchanges was proving to be unprofitable. Other large carriers, including UnitedHealth Group and Humana, have also decided to reduce their participation in exchanges....

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NAIFA Opposes Proposal to Restrict Short-Term Health Care Plans

August 12, 2016

NAIFA has submitted a comment letter to the IRS raising concerns about the agency’s proposed regulation to limit “short-term” health insurance contracts to three months. NAIFA believes the three-month limit is too restrictive and could leave vulnerable consumers without health insurance coverage for significant periods of time while they wait for open enrollment periods.   Short-term coverage is often critical for individuals facing transitional periods in their lives. For example, youn...

Industry Coalition Urges Candidates to Protect Employer-Sponsored Health Care

August 11, 2016

The National Coalition on Benefits , a group of industry trade associations that includes NAIFA, has sent a letter to presidential nominees Hillary Clinton and Donald Trump offering to work with the candidates “to support employer-sponsored health care coverage and innovations to lower health care costs for both employers and employees.” The letter supports the role of federal ERISA legislation in encouraging employers to sponsor benefits for more than 175 million Americans. The coaliti...

NAIFA President Gaudreau Meets With SEC Commissioner Stein

July 21, 2016

NAIFA President Jules Gaudreau, along with several NAIFA Government Relations staff members, yesterday met with Securities and Exchange Commissioner Kara Stein at SEC headquarters in Washington, D.C.  The SEC is considering whether to propose a fiduciary standard for investment advisors and brokers under the Dodd-Frank financial reform law and what such a standard might entail. Earlier this year, the Department of Labor published a final rule establishing a fiduciary standard for advi...