Millennials who work at independent insurance agencies are so enthusiastic about their industry, that the vast majority – 82 percent -- are encouraging their friends and family to also get into the line of work, according to Vertafore’s “Millennials in Insurance” survey. Read more HERE.
Our NAIFA Chautauqua association kicked off its 2017-2018 year with a Board meeting and luncheon on Tuesday, September 19th. NAIFA-NYS' Legislative Director, Mark Yavornitzki, was pleased to drive out to Jamestown to renew the state's ties with this small but very active local. Mark spoke about how the state is becoming a stronger voice within the NAIFA federation [...]
In response to frequent interested-party requests for guidance, including from NAIFA-NYS, regarding how to comply with the new cyber-security regulation, the DFS recently released answers to two critical concerns: (1) whether certain covered entities can file notices of exemption for their employees and captive agents and (2) when covered entities should report cyber attacks. Read the new DFS guidance [...]
A recent survey of 1,001 adults finds that 37 percent of them do not have life insurance, and nearly 60 percent of that group thinks the coverage is just too expensive. Those without life insurance also tend to believe that they're healthy and don't need coverage yet (51 percent). And millennials? They overwhelmingly lack life insurance, mostly (71 percent) because [...]
Seeming to acknowledge that Senate legislation to "repeal and replace" the Affordable Care Act (a.k.a. Obamacare) faces insurmountable odds, Senate President Mitch McConnell pushed during a speech in his home state, Kentucky, for more limited reform. A more targeted approach, he said, could focus on improving the private health insurance market. Unlike the pending legislation, which requires [...]
Our increasingly active NAIFA Rochester association held a special June 23 luncheon - a time for fellowship, yes, and for briefing attendees on the NAIFA-NYS Day on the Hill in Albany, the NAIFA Congressional Conference in DC, and the upcoming NAIFA Performance + Purpose Annual Conference in Orlando. Led by NAIFA Rochester President Vinny Dallo, the event also looked [...]
Not satisfied with the federal Dept. of Labor (DOL) fiduciary rule, Nevada is imposing - effective July 1, 2017 - its own fiduciary standard on all "financial planners," which under the new law will include broker-dealers and investment advisors. The law also gives additional rulemaking authority to the Nevada securities administrator, among other provisions. Details available HERE.
As proof that GMR lives again, our downstate association held two legislative breakfasts - May 31 in Tarrytown and June 2 in Melville - that concluded our extremely successful 2017 local legislative breakfast program. It was the beginning of a reinvigorated GMR after several years of unfortunate inactivity. In Tarrytown, GMR welcomed Senate Democratic Conference Leader Andrea [...]
Newly minted Department of Labor (DOL) Secretary Alexander Acosta announced on May 23 that the DOL will let initial implementation of the rule, first slated for April 10, go forward. Writing in a Wall Street Journal op-ed, Acosta also said that DOL will reassess the entire rule, as required by President Trump in February, after receiving additional public comment. The two requirements that kick in [...]