National Association of Insurance and Financial Advisors

Fiduciary Lobbying Continues

March 14, 2016

On March 11, NAIFA met with Office of Management and Budget (OMB) personnel as well as representatives from DOL and the White House, to explain our concerns and the changes needed to the Department of Labor (DOL) fiduciary rule in order to prevent the rule from adversely impacting middle income retirement savers. Other industry representatives have also met with OMB. Among them are the U.S. Chamber of Commerce, the American Council of Life Insurers, a number of insurance companies, and the Sm...

House Agenda-Building Task Forces Release Mission Statements

March 14, 2016

House Agenda-Building Task Forces Release Mission Statements   Five Republican House task forces are gathering input from rank-and-file GOP lawmakers in an effort to build a GOP legislative agenda. Three are important for NAIFA members: the one on tax reform, the one on health reform, and the one on regulatory reform. Below are these three task forces’ mission statements. Tax Reform   The task force chairman (and only task force member) is Rep. Kevin Brady (R-TX). The tax reform ...

Tax Writers Lay Groundwork for Tax Reform Plans Later This Year

March 14, 2016

Both House and Senate tax writers are hard at work preparing for release of at least two and possibly more tax reform proposals later this year. Among the possibilities are an international tax reform plan, a corporate integration tax reform plan, and a comprehensive base-broadening/rate-reducing plan.   The House Ways & Means Committee is primarily focused on international tax reform proposals. The Senate Finance Committee’s sights are principally trained on corporate integration (i.e., ...

House Subcommittee Examines Long Term Care Financing

March 14, 2016

On March 1 the House Energy & Commerce Committee’s Subcommittee on Health held a hearing on the problems associated with paying for a growing demand for long-term care (LTC). Private long-term care insurance (LTCi) was part of the hearing’s focus.   The hearing came against the backdrop of demographic information that highlights the growing need for LTC (and LTCi). For example, some $340 billion was spent on LTC in 2014 alone. That is about 13 percent of the entire $2.6 trillion spent by ...

NFIP Reform Bill Clears House Committee

March 14, 2016

On March 2, The House Financial Services Committee approved H.R.2901, the Flood Insurance Market Parity and Modernization Act. The bill would guarantee that private flood insurance policies satisfy federal law requirements for high-risk homes and properties. The committee’s vote of approval was by a unanimous 53 to 0.   Companion NFIP reform legislation, S.1679, is pending in the Senate. Both bills would also ramp up federal oversight of flood insurance issues, and require increased discl...