National Association of Insurance and Financial Advisors

NAIFA Urges Passage of the SECURE Act

June 26, 2019

The SECURE Act appeared to be on a fast track to passage last month when the House approved it in an overwhelming 417-3 vote. Many on Capitol Hill expected the legislation to breeze through the Senate by unanimous consent, a process under which no individual senator objects to passage of a piece of legislation without changes or debate.   And why not? The SECURE Act is one of the few proposals in Washington these days that enjoys strong bipartisan support and would improve the ability of ...

NAIFA Supports Legislation to Ensure Workers Maintain a 40-Hour Workweek

June 21, 2019

Members of Congress in both chambers recently introduced the Employee Flexibility Act as bipartisan legislation to modify the Affordable Care Act’s definition of “full-time employee” from 30 hours to 40 hours per week. NAIFA sent letters to the sponsors of this bill expressing our support for this proposal.    The ACA’s change in definition of “full-time employee” from an employee who works 40 hours to 30 has resulted in employers reducing employees’ work hours and decreasing wages. To ...

NAIFA Comments on Senate Bill to Require More Compensation Disclosure

June 19, 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 legislation reflects agreement between Sen. Lamar Alexander (R-TN), chairman of the HELP Committee, and Sen. Patty Murray (D-WA), the committee’s ranking member.   Of concern to NAIFA is the draft bill’s s...

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Reg BI Enhances Consumer Protections with Uniform, Nationwide Standard

June 5, 2019

The Securities and Exchange Commission (SEC) today voted to finalize Regulation Best Interest (Reg BI), which significantly enhances the standard of care that broker-dealers (BDs) and their registered representatives (RRs) owe their clients. The standard contained in Reg BI exceeds the existing suitability standard by requiring BDs and their RRs to act in the best interests of their clients when recommending any securities transaction or investment strategy involving securities, without placi...

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