News Alerts

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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 [...]

NYS Senate Passes Our CE Credit Bill, 60-0

By | June 7th, 2019|Categories: NAIFA-NYS Legislative Updates, New York Issues, News Alerts|

In the afternoon of Tuesday, June 4 the NYS Senate passed our Continuing Education Credit bill (S4365) in a 60-0 vote — a big win for NAIFA-NYS advocacy.  The bill would grant three (3) CE credits for active membership in a "statewide professional insurance producer association" like NAIFA-NYS and would define such as organization as one [...]

U.S. House Passes SECURE Act, 417-3

By | May 23rd, 2019|Categories: News Alerts|

In a resounding show of bipartisan support, the U.S. House of Representatives passed this morning the Setting Every Community Up for Retirement Enhancement (SECURE) Act, or HR 1994, by a vote of 417-3.  The bill takes a multi-faceted approach to promoting employer-based retirement programs by allowing small employers to band together and create multiple employer plans [...]

DFS Announces New Cybersecurity Division

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

The Department of Financial Services (DFS) announced on May 22 the creation of its new Cybersecurity Division, to be led by a former U.S. Attorney whose area of expertise is cyber crimes.  The Division, which DFS calls the "first of its kind to be established at a banking or insurance regulator", will enforce the DFS cybersecurity [...]

U.S. House to Vote on SECURE Retirement Bill

By | May 21st, 2019|Categories: News Alerts|

On May 23, the U.S. House of Representatives will take up a bipartisan bill—approved unanimously on April 2 by the House Ways & Means Committee—that would expand employer-based retirement options.  The Setting Every Community Up for Retirement Enhancement (SECURE) Act (HR 1994) would make it easier for small businesses to join together and create multiple-employer retirement [...]