News Alerts

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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 [...]

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.  [...]

Senate Misses Chance to Pass SECURE Act, But Some Think There’s Still Hope

By | November 22nd, 2019|Categories: News Alerts|

In the afternoon of November 21, the Senate passed the House of Representatives' version of a continuing resolution (CR) that temporarily funded the government until December 20.  Sadly, however, the Senate did not attach the critically important Setting Every Community Up for Retirement Enhancement (SECURE) Act to the CR—and so missed a chance to link the [...]

Statement of NAIFA-NYS President Phil Held on the Passing of Senator William Larkin

By | September 3rd, 2019|Categories: NAIFA-NYS Legislative Updates, New York Issues, News Alerts|

The life insurance agents and financial advisors join the many other New Yorkers mourning the passing of longtime state Senator William Larkin.  Our sympathies go out to his wife, Pat, son Bill, and many other relatives and friends. Bill Larkin was a friend to so many, and NAIFA-NYS was honored to be among that group.  Senator [...]

Departure of DOL Secretary May Delay Fiduciary Rule Rewrite

By | July 12th, 2019|Categories: News Alerts|

The resignation of DOL Secretary Alexander Acosta on July 12 may impact the agency's rewrite of its controversial fiduciary duty rule, as it's unclear whether an Acting Secretary─not confirmed by the Senate, in other words─would be comfortable taking on such a notorious project. According to the timeline that Secretary Acosta had announced prior to his resignation, [...]

NYS Assembly Passes Our CE Credit Bill, 101-0

By | June 18th, 2019|Categories: NAIFA-NYS Legislative Updates, New York Issues, News Alerts|

On June 18, the New York State Assembly approved unanimously—in a 101-0 vote—the NAIFA-NYS continuing education (CE) credit bill.  The legislation, which passed the NYS Senate 60-0 on June 7, would require the Superintendent of the Dept. of Financial Services (DFS) to grant three (3) CE credits to active members of insurance producer associations—including NAIFA-NYS—that operate [...]