NAIFA-Chautauqua is a small association, but it's awfully active, and on January 25 its members gathered just outside Jamestown for a roundtable luncheon with legislative representatives and NAIFA-NYS senior staff. Topics of discussion at this very collegial event included the potential impacts of Department of Financial Services (DFS) regulations -- cyber-security and a "best interest" [...]
Our Buffalo association continued its tradition of successful legislative breakfasts on January 25, when nearly 60 members, non-members, legislators and staff, and NAIFA-NYS representatives gathered in an elegant ballroom at Salvatore's Italian Gardens in Depew. Senior NAIFA-NYS government relations staff briefed attendees on the legislative and regulatory challenges facing life insurance agents in New York [...]
NAIFA-NYS Releases First-of-Its-Kind Cyber-Security Tool for Life Agents, Responds to DFS Regulation
Albany, New York, January 29, 2018 — The National Association of Insurance and Financial Advisors-NYS (NAIFA-NYS) today announced a first-of-its-kind compliance tool to assist New York life agents to comply with the state’s new cyber-security insurance regulation. The tool is now available through the association’s web site at www.naifanys.org. “The cyber-insurance regulation promulgated by the New [...]
As the DOL hits “pause” on full implementation of its fiduciary duty rule, New York regulators have proposed a “best interest” standard of their own, one that would apply to all life insurance products and would extend beyond the current suitability requirement. Details HERE.
Building on their successes in 2017 - when more New York locals held legislative breakfasts than in many, many years - the NAIFA-NYS locals have announced their 2018 calendar of legislative events. The schedule begins on January 25, with a Buffalo legislative breakfast, followed by a Chautauqua association legislative luncheon. The Western tour continues on January [...]
Governor Cuomo, in response to the federal tax reform's near-elimination of the state and local tax (SALT) deduction, is proposing to overhaul the New York State tax code and warns of a potential legal challenge against the federal government. Details available HERE.
As the DOL hits "pause" on full implementation of its fiduciary duty rule, New York regulators have proposed a "best interest" standard of their own, one that would apply to all life insurance products and would extend beyond the current suitability requirement. Details HERE.
A new study by American Century Investments finds that employees significantly regret their decisions not to save more for retirement early in their careers. It also finds that - although the promise of higher income may seem more appealing - most survey respondents would rather have their employers match their savings contributions. Eight (8) out of [...]
Annuity sales fell below the $50 million mark in the 3rd quarter of 2017 - dropping to a 15-year low - according to a study by the LIMRA Secure Retirement Institute. Initial implementation of the Department of Labor's (DOL) fiduciary duty rule on June 9th was partly to blame, say researchers, particularly regarding IRA contracts for variable [...]
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.