National Association of Insurance and Financial Advisors

GovUpdate: DOL Issues Final Regulations on Association Health Plans

June 21, 2018

Issue: Association Health Plan Regulations Date: June 21, 2018 Action Taken: On June 19 th , 2018 the Department of Labor (DOL) issued, in final form, a regulation intended to facilitate the formation of Association Health Plans (AHPs).    Background: As the Department has stated, the purpose of the regulation is to facilitate the ability of small employers – including sole proprietors - to form or join an AHP to obtain health insurance coverage in the large group market.  The lar...

Senior $afe Act Signed into Law

June 15, 2018

On May 24, President Trump signed into law S..2155, banking reform legislation that contains the NAIFA-supported Senior $afe Act. More than two years in the making, the new law protects from liability advisors who report suspicions of financial abuse against their senior citizen clients.   The Senior $afe Act, now the law, exempts financial institutions and some of their employees from liability in any civil or administrative proceeding in situations where those employees report the poten...

SEC Standard of Care Issue Is Peppered with Important Issues

June 15, 2018

It could take months—likely even years—before the Securities and Exchange Commission (SEC) finalizes a new standard of care for broker-dealers and their registered representatives, industry experts predict. The SEC’s initial proposal is full of questions, including what an advisor must do to act in a client’s "best interest". Another key issue for NAIFA is the proposed restriction on the use of the terms advisor/adviser.   As initially proposed, the SEC’s Regulation Best Interest does not...

DOJ Sides with Suing States Saying ACA Is Unconstitutional

June 15, 2018

The Department of Justice (DOJ) is supporting a lawsuit filed by 20 States claiming that much of the Affordable Care Act (ACA) is unconstitutional. If the lawsuit succeeds the ACA’s ban on the use of preexisting conditions and its community rating rules would be invalidated.   On June 7, DOJ filed a brief in support of the 20-state lawsuit challenging key parts of the ACA. The lawsuit is based on the fact that the Supreme Court grounded its finding that most of the ACA is constitutional b...

Second Tax Bill in 2018 Still Promised, but Looks Unlikely

June 15, 2018

Key lawmakers continue to promise at least House passage of a second tax cuts/reform bill this year. And the President is also promising this. But Washington insiders—on and off the Hill—still view the possibility with great skepticism.   President Trump has, during campaign-style events, promised a second tax cuts bill later this year. Speaker of the House Rep. Paul Ryan (R-WI) and Ways & Means Committee Chairman Rep. Kevin Brady (R-TX) also say that a second tax cuts/reform bill will ge...