2023
STATE OF ADVOCACY
A YEAR IN REVIEW & A LOOK FORWARD
PREPARED AND PRESENTED BY NAIFA Government Relations
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Table of Contents Message from the President . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Federal Bill Tracking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Interstate Advocacy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 State Bill Tracking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 State Legislative Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Top State Issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Grassroots . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9-10 IFAPAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-12 A Look Ahead . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Standard of Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Long-Term Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 State-Run Retirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Insurance & Producer Regulation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Financial Literacy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Paid Family Medical Leave . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Privacy & Data Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Additional Issues to Watch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 2023 State Wins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 2023 Federal Wins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Government Relations Team . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
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Message from the President Tom Cothron, LUTCF, FSCP Ocala, FL
NAIFA Member Since 1981 The core of NAIFA’s 130+ year history is to protect Main Street USA. NAIFA maintains a comprehensive and powerful government relations program, with a history of legislative and regulatory accomplishments across the country. While we expect continued success in 2024, it will present challenges as well. Your NAIFA government relations professionals represent the interests of NAIFA members before our legislators and regulators in Washington, D.C., and all 50 states. NAIFA continues to lead efforts on the state and federal levels to enhance consumer safeguards and ensure industry protections. NAIFA contributes to interstate organizations like the National Association of Insurance Commissioners (NAIC) and the National Conference of Insurance Legislators (NCOIL), helping to formulate favorable models before the proposals are introduced in the states. Our professional lobbying effort is strengthened by both our industry-leading political action committee, IFAPAC, and our grassroots network of members who have developed relationships with members of Congress, state legislators, and insurance commissioners.
TOGETHER WE CAN TAKE ON
ANYTHING
Our mission to protect Main Street American Families continues during this general election year. Your voice matters! We have a long and proud record of working with various party combinations to enact laws that benefit insurance and financial advisors as well as the clients we serve. Through our advocacy efforts, we will continue the successful representation of the advisors we are proud to call members to meet the challenges of 2024.
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NAIFA Impact FEDERAL ADVOCACY Industry-Related Bills Filed During 118th Congress
With over 3,000 industry-related bills introduced in the 118th Congress, NAIFA Federal Government Relations professionals have been hard at work representing the needs of members before Congress. In addition to the volume of legislation, NAIFA engaged in numerous regulatory proposals including: Department of Labor Worker Classification Rule Fiduciary-Only Proposal White Collar Exemption from Overtime Changes
Tri-Agency HHS/DOL/IRS Proposed Regulations on Short-term Limited Duration (STLD) Health Insurance, and Indemnity Health Insurance
Federal Trade Commission Ban on Noncompete Agreements
Treasury Proposed Regulations on Long-Term Part-Time Employees
Centers for Medicare & Medicaid Services Proposed Rule on Patient Protection and Affordable Care Act: Benefit and Payment Parameters for 2024
Securities and Exchange Commission Conflicts of Interest Associated with the Use of Predictive Data Analytics by Broker-Dealers and Investment Advisers
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NAIFA Impact INTERSTATE ADVOCACY
Model Laws & Resolutions: • • • • • • • •
NAIC Model Bulletin on the Use of AI NAIC Suitability in Annuity Transactions Model Regulation NAIC Insurance Consumer Privacy Protection Model Law NAIC Unfair Trade Practices Model Act NCOIL Insurance Underwriting Transparency Model Act NCOIL Resolution OPPOSING DOL NCOIL Resolution in Support of HSA-Qualified Health Insurance Policy Protection from Certain State Benefit Mandates NASAA Model Rule on Dishonest or Unethical Business Practices of Broker-Dealers and Agents
NAIFA is an active participant in the National Association of Insurance Commissioners (NAIC), North American Securities Administrators Association (NASAA) and National Conference of Insurance Legislators (NCOIL) meeting deliberations, helping to formulate model statutes and regulations that shape the insurance and financial services industry. We are on the various subcommittees of each of those organizations, give testimony at those meetings, and submit well-researched comment letters and wording suggestions so that we have our fingerprints on the design of these models from start to finish. NAIFA is proud to serve on the National Insurance Producer Registry (NIPR) Board providing cost‐ effective, streamlined, and uniform licensing data and compliance services for insurance professionals. NIPR announced in November 2023 that it is now processing resident and nonresident licensing and renewals for all major lines of insurance for applicants in New York. The milestone gives insurance professionals across the state access to NIPR’s services to manage their licensing needs. In 2024, NIPR’s focus will be on continually improving customers’ experience, adopting new and emerging technologies, and refining existing product offerings. NAIFA is honored to serve on NCOIL’s Industry Education Council.
Partnerships & Collaborations NAIFA is a member of broad industry coalitions with fellow trade associations advocating for the insurance profession. Our coalitions are proud to encompass the best and brightest to effectively collaborate, thus demonstrating a proven track record of legislative and regulatory wins for the industry.
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NAIFA Impact STATE ADVOCACY
490 30+ 48K
Bills Tracked Reported Testimonies at the State Level Mentions of #NAIFA Proud
NAIFA’s Government Relations team closely monitors legislation and regulation proposals for all state Chapters and assists with advocacy, policy, and grassroots coordination efforts. In 2023, there was no shortage of activity. NAIFA members ensured their voices were heard and that the integrity of their profession was maintained.
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STATE ADVOCACY
Legislative Trends TOP STATES
Highlights • Eight states passed legislation requiring high school students to take a one credit personal finance course to fulfill graduation requirements. • Rhode Island introduced legislation creating a new definition for the term “employee” and a Secure Choice proposal. • Indiana became the 15th state to allow continuing education (CE) credit for membership in a professional insurance trade association. • Texas will now allow Remote Ink Notary (RIN) within the existing statutory Remote Online Notary (RON) framework.
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STATE ADVOCACY
Top Issues STATE LEGISLATIVE TRENDS
Highlights • Workplace & Group Benefits legislation, specifically Paid Family Medical Leave (PFML), saw the highest volume. Proposals included public PFML programs and expansion of private options. Several states passed bills that would increase options offered by an employer, as well as allowing life insurance agents to offer PFL (Paid Family Leave) insurance options. • In 2022, WA Cares dominated the long-term care (LTC) conversation. In 2023, there was a significant uptick in LTC tax incentive proposals to encourage consumers to explore private market options. • Almost a dozen states enacted legislation to require high school students to take a personal finance course to satisfy graduation requirements.
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Grassroots A LOOK BACK AT 2023
91% 477 44
Relationships with Federal Lawmakers New Financial Security Advocate Academy Badge Holders
NAIFA’s integrated grassroots program includes state and federal advocacy. It is the largest and most comprehensive program in the industry. The critical element in our track record of success remains and will always be our member participation through grassroots engagement. NAIFA’s premier grassroots training course, The Financial Security Advocate Academy (FSAA), is available free of charge to NAIFA members. These modules teach our advocates how to develop meaningful relationships with elected and appointed officials, allowing them to be better prepared to discuss topics and legislation pertinent to financial services that may affect Main Street Americans.
State Legislative Days
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Grassroots BOOTS ON THE GROUND Launched 2023 Inaugural Virtual Reception Series
The main reason for the efficacy of NAIFA’s grassroots advocacy program is relationship building. Our members meet with both state and federal lawmakers throughout the year to discuss issues important to our industry. These meetings take place on Capitol Hill, at state Capitol buildings, and in legislative districts. This nonstop advocacy approach allows our members to build substantive relationships with elected officials as well as their staff, making our members the trusted advisor when legislation is proposed that could impact the insurance and financial services sectors. One of the most impactful ways that NAIFA grassroots advocates for consumers on Main Street is during the Summer In-District work period. The NAIFA In-District Challenge is a fun way for our state Chapters to compete with each other while sticking to the NAIFA Mission: Advocating for Main Street and Protecting Consumers. The best part about this time is that NAIFA advocates meet with lawmakers in a host of ways: In-person, at fundraisers, over Zoom, at official offices, and at local campaign events. Lastly, we are pleased to have launched our new IFAPAC Virtual Reception Series (VRS) creating another way to connect NAIFA members with lawmakers.
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IFAPAC
IFAPAC in 2023 Your Business Protection Insurance
$1.5M 3,000 17%
RAISED
CONTRIBUTORS MEMBER PARTICIPATION
The Insurance and Financial Advisors Political Action Committee (IFAPAC) allows contributors to combine their financial support for candidates who understand and support our industry across all 50 states and at the federal level. In 2023, IFAPAC exceeded its dollar goal and raised $1.5 million from 3,000 contributors, a member participation rate of 17%.
Top 2023 PAC Contributions by State
States with the Most 2023 PAC Contributors
1. Iowa............................................ $138,464.00
1. Florida........................................................228
2. Texas.......................................... $137,304.74
2. Texas.........................................................197
3. Florida......................................... $127,905.19
3. California...................................................189
4. California.................................... $104,263.50
4. Georgia......................................................121
5. Nebraska...................................... $87,483.50
5. Iowa...........................................................105
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IFAPAC
NAIFAPAC in 2023 2024 Primary Election Snapshot
$600K 138 $500K
CONTRIBUTED CONGRESSIONAL CANDIDATES TO INVEST IN STATE ELECTIONS
The NAIFA Political Action Committee (NAIFAPAC) is the federal component of IFAPAC. NAIFAPAC contributes only to candidates running for federal office and national political parties. The Candidate Selection Group, composed of ten NAIFA members appointed by the NAIFA Executive Committee, determine the candidates to whom NAIFAPAC will contribute. We are halfway into the election season, and the cost of the average campaign to be a member of the U.S. House is $5 million. During the 2023 primary election cycle, NAIFA members contributed over $600,000 to 138 candidates. As the 2024 general election ballot forms, NAIFA will continue to be your business protection insurance.
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A LOOK AHEAD NAIFA ADVOCACY IN 2024
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The passion NAIFA members have for advocacy is unparalleled. NAIFA Government Relations has mapped a blueprint of policy priorities for the coming year. The 2023 State Chapter Outlook Survey Results provide an outlook of state proposals to come. NAIFA will use this data to continue monitoring national trends, preparing and updating policy briefs, and coordinating advocacy efforts in 2024. NAIFA’s comprehensive state, interstate, and federal advocacy will continue to ensure a thriving industry for Main Street insurance agents and financial advisors.
THANK YOU FOR PARTICIPATING! Alabama
Indiana
Nebraska
South Carolina
Alaska
Iowa
Nevada
South Dakota
Arizona
Kansas
New Hampshire
Tennessee
Arkansas
Kentucky
New Jersey
Texas
California
Louisiana
New Mexico
Utah
Colorado
Maine
New York
Vermont
Connecticut
Maryland
North Carolina
Virginia
Delaware
Massachusetts
North Dakota
Washington
Florida
Michigan
Ohio
West Virginia
Georgia
Minnesota
Oklahoma
Wisconsin
Hawaii
Mississippi
Oregon
Wyoming
Idaho
Missouri
Pennsylvania
Illinois
Montana
Rhode Island
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TAX
NAIFA advocacy is working to ensure laws and regulations do not adversely impact our financial professionals, their clients, or other consumers.
Taxation of Financial Services Industry NAIFA-relevant tax expenditures are a central part of Congress’ Joint Committee on Taxation (JCT) annual report and comprise a significant portion of federal tax expenditures. Over $6.3 Trillion of the tax expenditures impact life and health insurance, retirement savings, general investments, and employer-provided benefits. 2024 will see preparation for the expiration of the 2017 tax cuts in 2025. These are all areas of risk for revenue-raising tax code changes when Congress looks for offsetting revenue, or revenue to reduce the federal debt/deficit. The Government Relations team continues fighting for these important issues impacting our industry.
JCT Tax Expenditure Estimates Fiscal Years 2023-2027 n Billions of Dollars
California and New York indicate taxation proposals on life insurance products is “somewhat likely.”
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STANDARD OF CARE
Annuity Best Interest Standard •
• •
Outstanding states who have not adopted the NAIC Suitability in Annuity Transactions Model either have an active proposal or anticipate one in 2024. 10 states adopted the NAIC Model in 2023. Currently, 42 states have adopted the Model, with active proposals in six states.
Fiduciary-Only Standard of Care
18% •
of Chapters reported they are likely to see proposals attempting to impose a fiduciary-only standard of care for agents.
In October 2023, the Department of Labor (DOL) released its most recent attempt to expand fiduciary requirements for financial professionals. The proposal triggered immediate and intense opposition from NAIFA and from most of the retirement savings community. This Rule will very likely follow the litigation path, similar to the 2016 proposed Rule.
Senior Financial Protection • •
•
36 states have enacted the (NASAA) Senior Model Act. 57% of the remaining states reported neutral on the possible introduction of senior protection proposals. The Financial Exploitation Prevention Act passed the House with unanimous, bipartisan support in 2023. NAIFA will continue to urge the Senate to enact this important federal legislation.
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LONG-TERM CARE
Long-Term Care The need for long-term care (LTC) and caregiving services is rising. At the same time, growing costs make access to care increasingly difficult. When people cannot afford care, they often rely on public programs for support, particularly Medicaid. Congress and several state legislatures are considering action to establish public programs that offer long-term support and services. NAIFA will work to ensure that the private long-term care insurance (LTCI) market remains a strong part of serving consumers’ LTCI needs.
LTC STATE-PROGRAMS On July 1, 2023, WA CARES, the first state-based long-term services & support (LTSS) trust program, went into effect. Washington State residents are now seeing a $0.58 payroll deduction per $100, if they do not opt-out. The Massachusetts Legislature allotted funds in the now-enacted 2024 appropriations bill to conduct a study in public-private long-term care options. For the second year in a row, the Pennsylvania General Assembly has introduced legislation establishing a Long Term Services and Supports Commission and Trust Fund funded by payroll premiums. The bill has not seen movement since April 2023.
STATE LEGISLATIVE WORKING GROUP
Likelihood of a State-Run LTC Proposal?
43% 24%
reported unlikely reported neutral
Likelihood of Expansion of State LTC Tax Credits & Incentives?
34% 27% 13%
reported unlikely reported neutral reported likely
The NAIFA and Limited and Extended Care Planning Center Legislative Working Group explores and recommends policy positions for NAIFA to pursue through its government relations capabilities. NAIFA engages directly with state lawmakers and regulators and plays a significant role in shaping policy and serving as a resource for information.
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RETIREMENT
State-Sponsored Retirement State lawmakers continue to consider legislation that would establish state-run individual retirement savings programs for private-sector workers and require certain employers to auto-enroll their employees in these plans. These plans would directly compete with existing private market programs that already offer consumers a robust variety of retirement options and could provide a disincentive for employers to offer plans. In 2023, Nevada and Minnesota passed legislation to implement a Secure Choice Public Program, while Vermont’s voluntary program became mandatory.
34% 18%
of Chapters reported that a state-run retirement proposal is “extremely unlikely” or “somewhat unlikely.” of Chapters reported the likelihood of a state-run retirement plan proposal is “extremely likely” or “somewhat likely.”
There are significant constraints to
NAIFA encourages lawmakers to
MEPs have all the benefits,
the savings that auto-enrollment
focus on private sector alternative
features, and provisions of more
savings plans can achieve when
plans (MEPs, SIMPLE IRAs, etc.),
traditional retirement plans, but
provided to workers in industries
which are now easier for employers
with significant relief for the
with low wages, volatile wages, and
to adopt with the enactment of
employers’ costs, administrative
high turnover.
SECURE 1.0 and 2.0.
duties, and fiduciary duties.
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INSURANCE & PRODUCER REGULATION
Producer Licensing
45% •
•
•
of Chapters reported they are unlikely to see proposals related to producer licensing, such as eliminating pre-licensing mandates.
NAIFA was instrumental in the enactment of the National Association of Registered Agents and Brokers Reform Act (NARAB) to streamline the process to be licensed in more than one state. Yet, since the law was enacted in 2015 no NARAB directors have been confirmed. In 2023, NAIFA encouraged President Biden to nominate Board members as quickly as possible. We will follow through until NARAB is fully operational. NAIFA continues to push for the enactment of the Freedom to Invest in Tomorrow’s Workforce Act to expand qualified expenses under 529 savings plans to include postsecondary training and credentialing, such as licenses and professional certifications. In 2023, Tennessee, Washington, and Alabama eliminated producer pre-licensing mandates, bringing the grand total of states to 26, plus the District of Columbia.
Worker Classification
14% •
•
of Chapters reported they are likely to see proposals attempting to reclassify independent contractors.
The U.S. Department of Labor released its final independent contractor classification regulation effective March 11, 2024. The new rule returns the determination to the pre 2021 worker classification rule, and we do not anticipate a material impact to the independent framework. However, it does create uncertainty and we’ll continue to work to ensure the independent contractor status of NAIFA members remains uncompromised. Michigan HB 4390 language mirrors California AB 5 from 2019 before industry exemptions were implemented. HB 4390, in its current form, completely redefines the role of an independent contractor versus an employee with zero industry exemptions. NAIFA-Michigan remains vigilant and engaged with legislators encouraging an industry carve out.
CE for NAIFA Membership
16% •
of Chapters reported they are likely to see proposals allowing Continuing Education (CE) credits for insurance association membership.
Indiana became the 15th state to offer Continuing Education (CE) credits for membership of a professional insurance association like NAIFA.
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FINANCIAL LITERACY
Financial Literacy Financial Literacy is at the foundation of Financial Security for All.
24%
of Chapters reported they are likely to see proposals for a standalone financial literacy course to be added to high school graduation requirements.
17
states are beginning the implementation process.
8
states have completed the implementation process.
In 2023, West Virginia, Idaho, Indiana, Alabama, Montana, Minnesota, Louisiana, Oregon, Connecticut, and Wisconsin passed measures to require public high school students to take a one-credit course in financial literacy before they graduate. To date, 25 states have passed similar measures. NAIFA members continue urging lawmakers to join the Congressional Financial Literacy and Wealth Creation Caucus co-chaired by Reps. Young Kim (R-CA) and Joyce Beatty (D-OH). The Financial Literacy and Wealth Creation Caucus aims to equip Americans with the skills and resources they need for economic stability, wealth-building, and prosperity.
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PAID FAMILY MEDICAL LEAVE
Paid Family Medical Leave In the absence of federal enactment of Paid Family Medical Leave (PFML), the issue is quickly gaining traction in the states. Thirteen states and Washington, D.C., have enacted PFML laws. Most state programs provide parent/family caregiving leave and temporary disability insurance to cover paid personal medical leave. Some also use a social insurance policy design that funds these benefits through pooled payroll taxes on employees and/or employers. While NAIFA remains neutral on this issue, we work to ensure that any requirements can be met with private insurance.
10%
of Chapters reported a PFML proposal is “extremely likely” or “somewhat likely.”
Florida, Tennessee, Texas, and Arkansas enacted legislation that will authorize life insurers to transact Paid Family Leave insurance and allow employers to offer maternity and newborn care under certain health insurance policies. The Pennsylvania General Assembly introduced the Family and Medical Leave Program and the Family and Medical Leave Funds for the second consecutive year. The bill was voted out of committee. Minnesota is the most recent state to enact a state-run PFML program with a private plan option.
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PRIVACY & DATA SECURITY
Privacy & Data Security In 2017, the National Association of Insurance Commissioners (NAIC) adopted the Insurance Data Security Model Law (Model #668). The Model establishes data security standards for insurers and regulators to mitigate the potential damage of a security data breach. Soon after NAIC adopted the model, the U.S. Treasury Department urged states to adopt it within 5 years. To date, 23 states have adopted the Model. NAIFA and industry coalition partners have drafted several additional producer-specific suggested amendments that address issues of particular concern to the producer community, including exempting licensees with fewer than 25 employees from the Model’s requirements and deleting a provision requiring licensees to supervise their outside vendors’ compliance with the Model.
NAIFA supports reasonable requirements and regulations that provide meaningful consumer protections while not being overly burdensome to insurers and producers. Requirements for data security programs and notifications following a breach should be based on the likelihood of actual harm and be appropriate to the size and complexity of the licensee.
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WHAT TO WATCH
Additional Issues to Watch INTRODUCED & ANTICIPATED PROPOSALS
Property & Casualty • Florida, California, Louisiana, and Hawaii expect P&C legislation to be at the top of their legislatures’ priorities. After a costly 2023 severe convective storm season in the US, reinsurers underwriting in the regional property catastrophe market are skeptical about providing frequency cover, however there is still a demand to be met. • In North Carolina, a Drivers “Hands Free” Bill has been considered in the last three sessions of the General Assembly. It is likely to make a comeback in 2024. • Michigan introduced a bill to increase the maximum amount that can be escrowed by municipalities from fire insurance claims and certain other property insurance claims involving residential real property. The bill has passed out of the House and now waits to be heard in the Senate. • Congress is expected to explore flood insurance reforms and Disaster Savings Accounts.
Healthcare • 57% of states reported that the likelihood of a single-payer healthcare program being introduced is unlikely, with 18% reporting that it is likely. The Oregon legislature has appropriated money to create a taskforce to explore this. • Oklahoma, Colorado, Massachusetts, New York, Washington, New Mexico, Illinois, Rhode Island, and Arizona introduced legislation relating to establishing a medical loss ratio for dental insurance.
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STATE WINS
2023 State Wins •
•
Enacted the NAIC Annuity Best Interest Model in 11 States, including Tennessee, Illinois, Georgia, West Virginia, Wyoming, Washington, Florida, Oregon, Kansas, Oklahoma, and Utah.
s
Stopped legislation to enact statesponsored retirement plans in Rhode Island, Mississippi, North Carolina, Kansas, Tennessee, and Washington.
s
Tennessee - Defeated a bill that would give funeral directors the ability to obtain a decedent’s life insurance policy information.
Retirement & Investment •
s
s
Insurance & Financial Producer Regulation
Paid Family Medical Leave •
Arkansas and Tennessee enacted bills to allow employers to offer group family leave insurance.
•
Texas and Florida now authorize agents who already transact life insurance policies to also offer family leave products.
Financial Literacy •
West Virginia, Idaho, Indiana, Alabama, Montana, Minnesota, Connecticut, and Wisconsin enacted legislation that will require high school students to complete a personal finance course to satisfy graduation requirements.
s
Producer Licensing •
Washington, Alabama, and Tennessee eliminated insurance producer prelicensing mandates.
•
Indiana - 15th State to allow CE credit for association membership.
•
Texas - Enacted legislation allowing remote ink notary (RIN) within existing statutory Remote Online Notary (RON) framework.
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FEDERAL WINS
2023 Federal Wins
s
House Passes Employer Reporting Act
NAIFA President Testifies Before DOL NAIFA president, Bryon Holz, and his client, Chuck, brought authentic voices to the DOL proceeding concerning the proposed fiduciary rule and complemented the testimony of industry lobbyists.
s
The House passed the NAIFA-supported Employer Reporting Improvement Act, which provides employers flexibility about what personal information they have to provide on behalf of their employees and their families.
House Passes Senior Protection On January 30, the House passed a bill that would give financial services professionals better tools to deal with suspected financial exploitation and abuse of seniors.
s
On April 12, the Centers for Medicare and Medicaid Services finalized rules governing practices involving advising/selling Medicare Advantage (MA) and Part D (prescription drug) plans. The rules cover practices applicable to plan sponsors, agents, brokers, and third-party marketing associations.
s
s
CMS Rules with NAIFA Changes
Congress Reauthorizes NFIP
s
On January 19, 2023, the president signed legislation that extends the National Flood Insurance Program’s authorization to March 8, 2024.
On July 21, the National Conference of Insurance Legislators adopted a NAIFA-backed resolution to oppose any new fiduciary rule from the DOL.
IRS Provides Retirement Plan Relief
s
House Passes SECURE Notarization On February 27, the House passed the NAIFAsupported SECURE Notarization Act of 2023 by a voice vote.
s
NCOIL Adopts DOL Resolution
This new guidance, requested by NAIFA, provides a much-needed transition period for certain SECURE 2.0 changes to ensure that financial professionals and plan sponsors can get the proper systems in place and ensure that retirement savers understand how they will be impacted by the changes.
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Government Relations Team Diane Boyle Senior Vice President dboyle@naifa.org
Cody Schoonover PAC Manager cschoonover@naifa.org
Mike Hedge Senior Director mhedge@naifa.org
Bianca Alonso Weiss State Government Relations Manager bweiss@naifa.org
Stephanie Sheridan Senior Political Director ssheridan@naifa.org
Gianna Dinnini Government Relations Coordinator gdinnini@naifa.org
Jayne Fitzgerald Director jfitzgerald@naifa.org
Shanika Thomas PAC Coordinator sthomas@naifa.org
Roger Moore Policy Director rmoore@naifa.org
Donna Singleton Executive Assistant dsingleton@naifa.org
Andrew Holt Grassroots Manager aholt@naifa.org
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