Interstate State

Should state governments compete with a robust private market for retirement products and services by creating staterun plans that lack personal guidance and ERISA protections? Should the states pass a mishmash of laws and regulations on annuity sales rather than adopting the NAIC model that preserves producers’ time-tested business models and protects the best interests of consumers?

According to NAIFA, the answers are clear: No and no!

These are just two state-level issues NAIFA chapters are working on to protect the businesses of NAIFA members and the interests of consumers who look to insurance and financial advisors for products, services and advice.

Midwest Legacy Group (OneAmerica), testified at a meeting of the NAIC’s Special Committee on Race and Insurance about the need for insurance and financial products and services, as well as financial literacy education, in diverse communities. He discussed the industry’s need for greater diversity in the ranks of insurance and financial services professionals to reach underserved communities.

NAIFA has pledged to work with the special committee on research and analysis related to insurance access and affordability issues and the development of consumer education and outreach materials.

NAIFA’s Advocacy Action Center is an online hub of advocacy information and tools. Through the Center, NAIFA advocates can:

• Join their voices with thousands of other NAIFA members as IFAPAC contributors to support candidates for state and federal office who understand the value advisors play in securing America’s financial future.

• Contact their federal legislators on issues important to the industry.

• Sign up to be a grassroots contact for their legislators and join NAIFA’s advocate network.

• Learn more about the federal and state bills being monitored by the NAIFA Government Relations Team, as well as those requiring action.

• Report relationships with state and federal elected officials. Access the Advocacy Action Center. Educate yourself by reading the monthly members-only GovTalk newsletter. Stay informed by the content posted to NAIFA’s Advocacy in Action blog. Visit advocy.naifa.org.

No one does state advocacy like NAIFA. With politically involved members in every state and more than 87% of state legislative districts, NAIFA’s influence extends to every statehouse, insurance and securities department, and governor’s office around the country.

Despite COVID-19, more than a dozen state chapters held either virtual or in-person legislative events earlier this year. They spoke with a unified voice to lawmakers and regulators about the issues important in their states.

NAIFA members also contributed as experts, often invited by lawmakers or regulators, to more than a dozen legislative or regulatory hearings.

They testified, for example, on a state-run retirement proposal in Virginia, insurance rate-setting rules in Montana, and annuity best interest proposals in Idaho, Nebraska, North Dakota and Texas.

NAIFA continues to work with our advocacy partners at the American Council of Life Insurers to encourage states to adopt the NAIC model on annuity transactions. Our efforts have thus far been successful in at least 15 states, and others have proposals pending.

When state-level policy decisions affect your business and clients, you can rest assured that your NAIFA state chapter ensures your voice is heard.