Wheeler Letter: DOL Rule Will Impact Smaller Investors

August 24, 2017

NAIFA Trustee John Wheeler sent the following letter to the editors of Crain's Chicago Business in response to an op-ed column run by the publication that criticized Rep. Peter Roskam for his stance of the Department of Labor's fiduciary rule: To the editors,   I have been an insurance and financial advisor for 40 years, and Rep. Peter Roskam recognizes that my colleagues and I provide a critical service for many Illinoisans who are saving and investing for retirement. Perhaps this, des...

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DOL Proposes 18-Month Delay of Fiduciary Rule

August 10, 2017

The U.S. Department of Labor has proposed delaying the applicability date of key provisions of the DOL fiduciary rule for 18 months, from January 1, 2018 to July 1, 2019. The proposal is under review by the Office of Management and Budget.   “NAIFA welcomes the DOL’s decision to seek a delay of the fiduciary rule applicability dates and extension of the transition period,” said NAIFA CEO Kevin Mayeux. “There is so much at stake for everyday Americans investing for retirement who rely on t...

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NAIFA, Industry Allies Continue Challenge to DOL Fiduciary Rule

August 1, 2017

By Michael E. Gerber, NAIFA COO and General Counsel   On July 31, NAIFA’s ongoing legal battle against the DOL fiduciary rule was argued in the federal 5 th Circuit Court of Appeals in New Orleans. In June 2016, NAIFA, NAIFA-Texas, and five NAIFA local associations in Texas (from Amarillo, Dallas, Fort-Worth, Great-Southwest, and Wichita Falls), joined the American Council of Life Insurers (ACLI) in challenging the DOL fiduciary rule because of grave concerns that the rule will – and...

Senate Rejects Three ACA Repeal, Repeal-and-Replace Proposals

July 28, 2017

Health Reform Effort Not Dead, but on Hold, while Lawmakers Determine Next Move At around 1 a.m. this morning, the U.S. Senate rejected the last of three proposals aimed at repealing, or repealing and replacing, the Affordable Care Act (ACA). The effort is not technically dead—after the last repeal effort was defeated, Majority Leader Sen. Mitch McConnell (R-KY) pulled the pending ACA repeal-and-replace bill, the House-passed American Health Care Act (AHCA), rather than forcing a vote on...

NAIFA Proposes Changes to Federal Health Care Regulations

July 11, 2017

NAIFA President Paul Dougherty, in a letter to the federal Centers for Medicare & Medicaid Services (CMS) , has proposed changes to health care regulations under the Affordable Care Act (ACA). The letter is in response to a CMS Request for Information asking for public input to identify unnecessary or ineffective ACA regulations. The Medical Loss Ratio The ACA requires health plans to spend at least 80 percent of premiums on medical claims (85 percent in the large group market) and inc...