NAIFA Letter Urges OMB to Ensure DOL Fiduciary Rule Is Workable

February 23, 2016

NAIFA has submitted comments to the White House Office of Management and Budget urging OMB to ensure that the Department of Labor’s proposed fiduciary rule “reflects a careful assessment of the economic and other impacts it will have on American investors, small businesses, or the investment advisor community.”   DOL sent the proposed regulation to OMB for mandatory review on January 28. The current version of the rule has not been made public, but earlier versions contain provisions t...

The Great American Story

February 19, 2016

To commemorate the 50th anniversary of IFAPAC , the NAIFA Blog will run occasional posts by NAIFA members highlighting their political involvement and action. By John A. Davidson, LUTCF, FSS When we loaded 16 motor coach buses with more than 1,000 well-trained NAIFA members on Tuesday, September 13, 2005, in the middle of NAIFA’s Baltimore Convention and headed to Capitol Hill, we had to alert the Capitol Hill Police that our convoy was for "peaceful purposes!"   Never before ...

As DOL Prepares Fiduciary Rule, NAIFA and Industry Partners Gear Up to Act

February 5, 2016

The Department of Labor sent its fiduciary duty rule to the White House Office of Management and Budget for mandatory review on January 28. The OMB review can take up to 90 days, but media reports suggest the administration will expedite the process. DOL could issue the final rule in late February or early March.   “We don’t know what is in the final rule, but the version DOL proposed last year is unworkable and would have serious consequences for advisors, small businesses and individu...

NASAA Model on Senior Financial Fraud Would Make Reporting Mandatory

February 3, 2016

The North American Securities Administrators Association (NASAA), the trade group representing the state securities regulators, has approved model legislation that requires financial advisors and firms to report suspected financial exploitation of seniors to states' securities commissioners and adult protective services offices. The model is designed to address the increasing problem of financial exploitation of seniors. "While NAIFA appreciates the intent of the NASAA model law to prot...

When It Comes to Advocacy, Personal Relationships Can Be Key

February 1, 2016

To commemorate the 50th anniversary of IFAPAC , the NAIFA Blog will run occasional posts by NAIFA members highlighting their political involvement and action. By John C. Johns, LUTCF 2015-2016 National Chair, NAIFA Committee on Political Action When I came into the business 35 years ago, my manager insisted that I join NALU (National Association of Life Underwriters, now NAIFA) and contribute to LUPAC (Life Underwriters Political Action Committee, now IFAPAC).   For years, ...