National Association of Insurance and Financial Advisors

SEC Finalizes Standard of Care Rules for Broker-Dealers

June 17, 2019

On June 5, the Securities and Exchange Commission (SEC) finalized new standard of care rules for broker-dealers and their registered representatives. The new rules impose a “best interest of the retail client” standard of care on broker-dealers and their registered representatives.  They include new disclosure requirement--pertaining to fees, costs, types of services provided and the scope of the relationship between the advisor and the investor--that add on to existing disclosure obligations...

House Passes SECURE Act

June 17, 2019

On May 23, the House of Representatives, by an overwhelming 417 to 3 vote, approved H.R.1994, the SECURE Act. The SECURE Act is a NAIFA-supported retirement savings bill that contains some two dozen provisions aimed at encouraging more retirement savings plan sponsorship and participation, especially among small businesses and their employees.   The SECURE Act would, among other things, expand eligibility for and access to multiple employer plans (MEPs); require employers to illustrate an...

Tri-Departments Finalize New HRA Rule

June 17, 2019

The Departments of Treasury, Labor, and Health and Human Services issued a final rule that will expand the use of health reimbursement arrangements (HRAs) and could encourage employers to offer workers access to health insurance brokers, and private health insurance exchange programs.   Under the rule , two new types of HRAs are created – the individual coverage HRA and the excepted benefit HRA.   Employers will be able to use individual coverage HRAs to provide their workers with ta...

Bipartisan Health Reform Bill Proposes Disclosure of Agent Compensation, Addresses Surprise Billing

June 17, 2019

On May 23, the leaders of the Senate Health, Education, Labor and Pensions (HELP) Committee released a much-anticipated bipartisan health reform bill that would impose troublesome disclosure requirements on agent compensation. It also addresses, among other issues, surprise billing. The draft legislation takes aim at controlling health care costs, and includes provisions on cost resolution, emergency air services, biologics, access to generics, gag clauses, access to claims data, health data ...

Medicare-for-All Gets Two More House Hearings

June 17, 2019

House Democrats continue their ongoing examination of a shift from a private sector health insurance system to a single-payer, government-run program. A goal is “universal” coverage (access to health care), but cost, choice, quality of care, comprehensive benefits and other issues make this a tough issue. On May 21, the House Budget Committee held a hearing to examine issues connected to a shift to a single-payer health insurance system. Testifying at the hearing were experts from the Congr...