June 8th, 2016 Dear NAIFA Leaders, NAIFA’s Executive Committee during its June 1 meeting adopted a motion authorizing NAIFA to join the American Council of Life Insurers (ACLI) in a judicial challenge to the Department of Labor fiduciary rule. WilmerHale filed the lawsuit in federal court earlier today. NAIFA-Texas and five NAIFA local associations (NAIFA-Amarillo; NAIFA-Dallas; [...]
NAIFA-NYS Successfully Urges the New York Department of Financial Services to Increase Training Allowance Subsidy Limits
In January, senior NAIFA-NYS officials held the first in a series of regulatory affairs discussions with the representatives of several bureaus of the New York State Department of Financial Services, including the Deputy Superintendent for Life Insurance, James Regalbuto. During the course of that meeting NAIFA-NYS urged the DFS to consider increasing the cumulative maximum training [...]
The Senate has introduced three bills as companion legislation to the House’s “Roskam-Neal-Roe-Larson” legislation introduced in December. Sen. Johnny Isakson (R-GA) introduced the companion bill to H.R.4293, the ERISA-based fiduciary alternative. Four GOP Senators—Mark Kirk (R-IL), Tom Cotton (R-AR), Steve Daines (R-MT) and Roger Wicker (R-MS)—joined as original cosponsors to S.2502. Sen. Mark Kirk (R-IL) introduced [...]
For NAIFA-NYS members owed commission from Health Republic, a formal Court-supervised liquidation proceeding would provide a mechanism to file a claim. But as NAIFA-NYS legislative staff report following a Senate roundtable, the Dept. of Financial Services has chosen another path. Click here to read more.
The House Financial Services Committee passed alternative legislation that would govern retirement investing Wednesday, but the vote fell short of bipartisanship. The bill, called the Retail Investor Protection Act (RIPA), is sponsored by Rep. Ann Wagner, R-Mo. Seen as an alternative to the Department of Labor’s fiduciary only rule, the Retail Investor Protection Act passed by [...]
Little talk of the proposed fiduciary rule has emerged from the US Labor Department since its public hearing on the issue. Opponents of the Department of Labor’s attempt to regulate broker-dealers say they anticipate a pitched fall battle over the so-called Conflict of Interest Rule. Since the DOL’s four-day public hearing wrapped up two weeks ago, [...]
The Department of Labor has proposed new regulations that will have serious consequences for insurance and financial advisors and their clients planning for retirement. The proposed rule would redefine a retirement investment advice fiduciary under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code.As a result, many NAIFA members who have operated effectively [...]
Thanks to efforts driven by NAIFA-NYS, needed changes to New York State Insurance Regulation 60, which pertains to the replacement of life insurance policies and annuity contracts, were adopted by the Department of Financial Services on January 21, 2015, take effect Tuesday, April 21, 2015. The regulation, known in the insurance industry as “Reg. 60,” was [...]
On January 21, 2015, The Department of Financial Services of NYS published the attached notice. We invite you read the publication highlighting NAIFA-NYS comments supportive of the changes. Twenty years in the making, but now ENACTED! (Excerpt below. See the complete changes here.) Click here for more information.
NAIFA – NYS 2015 Legislative/Regulatory Position Paper summarizing the issues that have been identified to date and are being addressed by the association. Click here for more information.