National Association of Insurance and Financial Advisors

Congress Wraps Up 2019 with Bill Enacting SECURE, Other NAIFA Priorities

January 14, 2020

It finally happened! On December 19, Congress wrapped up 2019 by passing legislation (H.R.1865) that enacted the SECURE Act, repealed the Health Insurance and Cadillac taxes, extended the National Flood Insurance Program (NFIP) and the Terrorism Risk Insurance Act (TRIA), and funded the government for the rest of FY 2020. President Trump signed the measure into law on December 20.   Long a top priority for NAIFA, the SECURE Act, among other things, removes impediments to multiple employer...

NAIFA Testifies on Massachusetts Fiduciary Rule Proposal

January 14, 2020

On January 7, NAIFA CEO Kevin Mayeux testified on behalf of NAIFA and NAIFA Massachusetts before a hearing in Massachusetts on that state’s pending proposal to impose a fiduciary standard of conduct rule on all financial advisors. NAIFA was one of 12 industry groups who testified in opposition to the proposal. Over 20 NAIFA Massachusetts members also attended the hearing.   Mayeux pointed out that as currently written, the Massachusetts fiduciary rule proposal would reduce consumer choice...

Prospects for Federal Legislation during This Election Year

January 14, 2020

Election year politics will follow hard on the heels of the Senate trial (acquittal expected) of the House-passed articles of impeachment. Thus, topline politics will dominate legislative activity in 2020. Still, there will be legislation proposed (even though most of it will not be enacted into law). Here is an early list of issues of interest to NAIFA members that are likely to take center stage on Capitol Hill this year.      Retirement Savings : New rules to incentivize retirement sa...

New Surprise Billing Proposal Enters the Mix

January 14, 2020

On December 11, the leaders of the House Ways & Means Committee announced a new surprise billing proposal. The plan, offered by Reps. Richard Neal (D-MA), chairman of the committee, and Kevin Brady (R-TX), the committee’s ranking member, could pave the way for a legislative solution to this high-priority issue.   The Neal-Brady proposal would:   Hold harmless patients receiving “surprise” medical bills—i.e., out-of-network (and thus higher than expected) charges. The relevant “surpri...

States Ask SCOTUS for Expedited Decision on ACA Constitutionality

January 14, 2020

Last month a coalition of 20 (mostly Democratic) states and the District of Columbia asked the Supreme Court (SCOTUS) for an expedited decision on the constitutionality of the Affordable Care Act (ACA). The effort, led by California attorney general Xavier Becerra, argued that the impact of a finding that the law is unconstitutional would be so significant that a quick decision on the question is essential.   Last month the Fifth Circuit Court of Appeals upheld a lower court decision find...