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Mohawk Valley Breakfast Is Where the Legislators Are

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 issues included next steps [...]

By | March 11th, 2020|Categories: Member News|Comments Off on Mohawk Valley Breakfast Is Where the Legislators Are

Debt Among American Seniors Skyrockets 543% in Two Decades

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 471% increase since 1999. [...]

By | February 27th, 2020|Categories: News Alerts|0 Comments

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

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 throughout the U.S., "and then [...]

By | February 20th, 2020|Categories: News Alerts|0 Comments

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

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 in order to receive [...]

By | February 13th, 2020|Categories: News Alerts|0 Comments

With Clock Ticking, Will DOL Propose New Fiduciary Rule?

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 the SECURE Act late [...]

By | February 7th, 2020|Categories: News Alerts|0 Comments

Legislative Breakfast Comes to Rochester

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, and NAIFA's Life & [...]

By | February 7th, 2020|Categories: Member News|0 Comments