National Association of Insurance and Financial Advisors

SEC Proposes New Standard of Care for Broker-Dealers

May 15, 2018

On April 18, the Securities and Exchange Commission (SEC) voted to move ahead with consideration of a proposal to impose a “best interest” standard of care on broker-dealers and their registered representatives. Comments on the proposal must be filed with the SEC by August 7, 2018, which is 90 days from publication in the Federal Register.   The SEC proposal has four principal parts:   First, the proposal would impose on broker-dealers and their registered representatives a standard ...

DOL Issues Temporary Fiduciary Rule Guidance as Industry Awaits Order Finalizing 5th Circuit Decision Vacating the Rule

May 15, 2018

The Fifth Circuit Court of Appeals has denied requests to rehear NAIFA’s successful challenge to the Department of Labor’s (DOL’s) fiduciary rule but the court has not yet issued an order finalizing its decision. Once the court issues its mandate finalizing its March 15 decision vacating the fiduciary rule, the decision will take effect nationwide. DOL could petition to appeal the decision to the Supreme Court, but the agency is unlikely to do so.   April 30 was the deadline for DOL to re...

House-Senate Agreement Sets Up for a House Vote the Senate-Passed Banking Bill that Includes Senior $afe Act

May 15, 2018

On May 8, House and Senate Republican leadership announced an agreement that will allow a House vote on a Senate-passed banking reform bill, S.2155, that includes the Senior $afe Act. The House vote on S.2155 could come as soon as by the end of May. But the vote has not yet been scheduled.   S.2155 is principally a banking law reform measure. It had been at the center of intense controversy between the House and the Senate. The House wanted to add more banking reform provisions to the Sen...

RESA Still in Limbo

May 15, 2018

The Retirement Enhancement and Savings Act (RESA), a bipartisan bill that combines numerous important improvements to employer-sponsored retirement savings plan rules, remains in legislative limbo. It is the subject of a unanimous consent (UC) request in the Senate. (Under UC rules, if no Senator objects, the bill would be passed by a voice vote.) However, currently there is a squabble involving an unrelated issue that is preventing the granting of the UC request. The Senators objecting do no...

More Health Reform Bills Offered

May 15, 2018

Two new health care reform bills were offered this past month. One would create an “opt out” procedure under which individuals who do not get employer-provided health insurance would be automatically enrolled in an Affordable Care Act (ACA) Exchange plan, subject to them opting out of such coverage. The other would open Medicare to anyone (regardless of age) who wanted to buy into it.   The “opt out” proposal, the “Pathway to Universal Coverage Act,” H.R.5624, would provide funding for st...