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Mohawk Valley Breakfast Is Where the Legislators Are

By | March 11th, 2020|Categories: Member News|

The third stop on the NAIFA-NYS 2020 legislative breakfast tour was in the Mohawk Valley on March 10.  Nearly every area legislator (plus many legislative staff) attended and heard briefings on NAIFA-NYS priority issues and on the critically important work that the association does on behalf of NYS life insurance agents and financial advisors.  Featured [...]

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Debt Among American Seniors Skyrockets 543% in Two Decades

By | February 27th, 2020|Categories: News Alerts|

Between 1999 and 2019, the total debt for Americans above age 70 skyrocketed 543%, according to the Federal Reserve Bank of New York, thanks largely to a deterioration in the nation's "modest social safety net".  The debt burden for this demographic amounts to $1.1 trillion; for Americans in their 60s, the total debt is $2.14 trillion—a [...]

The Race Is On: NAIFA, Others Push for State Approval of NAIC “Best Interest” Model

By | February 20th, 2020|Categories: News Alerts|

State insurance regulators finally have hammered out their "best interest" model regulation for annuities, and now NAIFA and other industry players are pushing states around the country, both liberal and conservative, to pass the new standard.  The goal, according to Diane Boyle, NAIFA's Senior Vice President for Government Relations, is to quickly establish a consistent approach [...]

Social Security “Blind Spots”: the Facts that Few People Know

By | February 13th, 2020|Categories: News Alerts|

According to a new survey from SimplyWise, there are five common blind spots in people's understanding of Social Security benefits and requirements--and that, of course, highlights the critical need for consumers to rely on a financial advisor.  According to SimplyWise, only 42 percent of survey respondents knew at what age they should begin claiming Social Security [...]

With Clock Ticking, Will DOL Propose New Fiduciary Rule?

By | February 7th, 2020|Categories: News Alerts|

Industry observers have been wondering when the Department of Labor (DOL) will issue its new fiduciary rule--a replacement for the Obama-era rule that the 5th Circuit Court of Appeals struck down in March 2018--ever since the SEC passed its Regulation Best Interest last year. The time clock became even more of an issue when Congress passed [...]

Legislative Breakfast Comes to Rochester

By | February 7th, 2020|Categories: Member News|

NAIFA-Rochester hosted Day 2 of this year's Western New York legislative breakfast tour, featuring association leaders and members, state lawmakers and staff, and senior members of the NAIFA-NYS government relations team.  On the agenda were discussion of next steps for the NAIFA-NYS continuing education (CE) credit bill, Regulation 187 "best interest" implementation issues, rebating reform, [...]

Buffalo Legislative Breakfast Kicks Off 2020 Tour

By | February 6th, 2020|Categories: Member News|

The 2020 NAIFA-NYS legislative breakfast tour began, as it has traditionally, in Buffalo - one of the state's strongest local associations.  State and regional leadership, including NAIFA-NYS President and NAIFA-Buffalo past president Phil Held, spoke to the importance of NAIFA membership and advocacy.  Senior NAIFA-NYS government relations staff briefed members, non-members, and state legislators and [...]

79 Percent of Employers Say Their Workers Struggle Financially

By | December 5th, 2019|Categories: News Alerts|

A new report finds that 79 percent of employers believe their workers face "persistent" financial problems, including high credit card, childcare, and other consumer debt; medical expenses; and problems saving for retirement.   The 2019 MassMutual Workplace Financial Wellness Study found that larger employees were more likely to express concern about their workers' financial health. According to employers [...]

Massachusetts Proposes Fiduciary Standard for Brokers, Advisors

By | December 4th, 2019|Categories: News Alerts|

Massachusetts officials have released a proposed regulation that would impose a fiduciary duty on agents, broker-dealers, and investment advisors and their representatives when dealing with clients in the state.  Secretary of State William F. Galvin commented, in unveiling the proposal, that the Securities and Exchange Commission's (SEC) new "Regulation Best Interest" made the Massachusetts regulation necessary.  [...]

Governor Vetoes Our CE Credit Bill, Again

By | December 2nd, 2019|Categories: Member News, NAIFA-NYS Legislative Updates, New York Issues|

For the second year in a row, and despite unanimous support in the NYS Senate and Assembly, Governor Cuomo on November 25 vetoed our legislation to provide continuing education (CE) credits for active membership in associations such as NAIFA-NYS.  The bill was a revised re-introduction of the version vetoed by the Governor on Christmas Eve 2018.  [...]