National Association of Insurance and Financial Advisors

Democrats agree to bring Labor Bill to House Floor

January 14, 2020

On September 25, the House Education and Labor Committee approved H.R.2474, the “Protecting the Right to Organize Act.” The bill includes provisions that would expand the definition of employee to discourage the classification of workers as independent contractors. The expansion of worker classification language largely follows the “ABC test” just codified in California but does not include the California law’s exception for insurance agents. NAIFA is working to correct that. Nicknamed the ...

NAIFA Members Urge Lawmakers to Enact the SECURE Act

December 16, 2019

During the December 4 Day on the Hill held in connection with NAIFA’s National Advocacy Meeting, more than 125 NAIFA members, at approximately 200 Hill meetings, asked their lawmakers to weigh in with Congressional leadership to urge them to find a way to allow for enactment of the retirement savings bill.   Most of the elected Members and Senators, and/or their staffers, reiterated their support for H.R.1994, the SECURE Act (it passed the House earlier this year by a 417 to 3 vote). Most...

Congress Is Making Progress on Surprise Billing

December 16, 2019

Health legislation is among the year-end priorities that Congress hopes to address. Among the key issues is a solution to the surprise billing problem. On December 8, key Congressional lawmakers (with support from the Administration) said they may have a deal that would ban balance billing and set up a new mechanism for addressing payment disputes for out-of-network charges.   The announcement came from three of the four leaders of the committees of jurisdiction. They include Sen. Lamar A...

Year-End Legislation Could Include Health Tax Provisions, NFIP, SECURE

December 16, 2019

Congress and the President have until December 20 to fund the government. That must-pass legislation may provide a legislative home for H.R.1994 (the SECURE Act), reauthorization and funding of National Flood Insurance Program (NFIP), and/or several health tax rules.   Lawmakers are scrambling to reach agreement among themselves and with the Administration on how to allocate $1.37 trillion in funding among the 12 regular order appropriations bills that fund the discretionary spending port...

NAIC Committee Approves Revisions to Annuity Suitability Model

December 16, 2019

The NAIC’s Life Insurance and Annuities (A) Committee has approved amendments to the NAIC Suitability in Annuity Transactions Model Regulation which include a “Best Interest” standard of care for annuity recommendations and sales.  The new standard, which requires producers and insurers to act in the best interest of the consumer without placing the producer’s or insurer’s interests ahead of the consumer’s interest, is a significant enhancement of the suitability standard found in the current...