Interstate State

NAIFA’s state chapters coordinate with the home office to work with policymakers on issues and proposals across the country. Members serve as resources for state lawmakers and insurance commissioners, testify at hearings and hold state legislative events. NAIFA chapters advocate on a wide range of state-level issues. Several of the most consequential at the moment are: clients’ best interests. NAIFA believes every state should adopt the model to create a uniform standard and stave off uncoordinated efforts that could lead to a hodgepodge of potentially contradictory and unworkable state and federal laws and regulations.

Late last year, NAIFA Policy Director Maeghan Gale and Director of Government Relations Michael Hedge made a presentation on senior financial protection at the annual meeting of the National Council of Insurance Legislators (NCOIL) in Scottsdale, Arizona.

Gale and Hedge discussed the important role of insurance and financial professionals in providing guidance for retired individuals. When a person retires, their need for financial services doesn’t end. NAIFA members help senior clients with budgeting and estimating their expenses, developing effective retirement plan disbursement strategies, obtaining coverage for healthcare, finding limited and extended care solutions, and creating financial legacies to leave loved ones or charities. NAIFA’s advocacy also promotes policies to protect seniors, Gale and Hedge told the NCOIL attendees. NAIFA supported the Senior Safe Act, legislation that allows agents and advisors to report suspicious financial activities involving accounts of senior citizen clients to financial institutions, which are empowered to investigate and report suspected cases of fraud to the authorities. NAIFA worked with members of Congress to extend the Senior Safe Act to include not only securities but also the insurance industry.

• Opposing proposals to create state-run retirement plans that would compete with robust and affordable plans provided by financial professionals

• Supporting measures to protect seniors from financial fraud and exploitation while protecting licensed professionals from liability

• Driving state-level discussions on long-term care planning solutions

Multiple NAIFA state chapters and local chapters and affiliates within states, have held legislative events for members or have events scheduled for early this year. These include events in Arkansas, California, Florida, Illinois, Indiana, Iowa, Kansas, Maine, Massachusetts, Minnesota, Missouri, South Carolina, Washington and Wisconsin.