National Association of Insurance and Financial Advisors

DOL Finalizes Regular Rate of Pay Regulation

January 14, 2020

On December 12, the Department of Labor (DOL) released its final regular rate of pay regulation. The regulation provides that employers do not have to count the value of such benefits as wellness programs, employee discounts, payments for unused leave, reimbursed cellphone expenses, coffee, and snacks when calculating overtime pay.   The new rule takes effect January 15, 2020. Its supporters say it allows employers to offer perks that their workers value and want. Its opponents say it all...

Opponents Announce Plans for a Lawsuit Challenging DOL’s New OT Rule

January 14, 2020

A group of worker rights activists announced on December 10 that they plan to challenge the new Department of Labor (DOL) overtime (OT) rule in court. The rule finalized this past September, increased the annual salary threshold below which white-collar (executive, administrative, professional) workers must be paid overtime, from $23,660/year to $35,568/year. That is lower than the $47,500 threshold that the Obama Administration had set (and the courts overruled). It is estimated that the new...

New Jersey Legislature Unanimously Approves Bill to Exempt Military Veterans from the Insurance Producer Licensing Fee

January 14, 2020

On January 9th, the New Jersey legislature unanimously approved A.1924, which exempts honorably discharged military veterans from the initial producer licensing fee.  The Governor is expected to sign the bill into law.  NAIFA-New Jersey has been a driving force behind this bill. “This is great legislation that encourages veterans to pursue careers as insurance professionals in New Jersey,” said NAIFA-New Jersey President Corrado Gugliotta. “It is good news for the insurance industry, and grea...

NAIC Review of Anti-Rebating Laws

January 14, 2020

The NAIC’s Innovation and Technology Task Force, chaired by North Dakota Commissioner John Godfread, is in the process of reviewing whether current interpretations of state anti-rebating laws have created regulatory barriers to insurance-related innovative products and services which are designed to help consumers and manage insurance costs and claims. The concern is that providing certain “smart” services and/or products such as wearable devices that track the insured’s level of activity or ...

NCOIL Fall 2019 Meeting Report

January 14, 2020

The National Conference of Insurance Legislators (NCOIL) Fall 2019 meeting took place December 11-13th in Austin, Texas. The following issues discussed are of interest to NAIFA.    Annuity Suitability/Best Interest/Standard of Care   Idaho Department of Insurance Director Dean Cameron briefed NCOIL members on the National Association of Insurance Commissioners’ (NAIC) work to incorporate a best interest standard into the NAIC Suitability in Annuity Transactions Model Regulation.  Dire...