New York Life Signs on to the NAIFA Capital 50 Fund for State Advocacy
FALLS CHURCH, Va. -- New York Life Insurance Company has agreed to provide a supporting gift to the NAIFA Capital 50 Fund, an initiative launched by the National Association of Insurance and Financial Advisors to strengthen advocacy by the life insurance industry at the state level.
“Part of being there when our policyholders need us most is advocating for sound public policy,” said George Nichols III, Senior Vice President in New York Life’s Office of Governmental Affairs. “There are no better public policy advocates for our industry and clients than our agents, whose job it is to advise and serve the constituents of elected officials. By supporting the NAIFA Fund, we can help more life insurance agents educate elected officials about how our industry provides financial security to millions of Americans. ”
The NAIFA Capital 50 Fund is part of a coordinated industry effort to leverage NAIFA’s structure as a federation to promote a collaborative approach to advocacy in every state capital.
“New York Life’s participation in the Capital 50 Fund will help NAIFA build upon our already strong state advocacy efforts,” said NAIFA Chief Executive Officer Kevin Mayeux, CAE. “By partnering with the leading companies in the industry, NAIFA is postured to make an even greater impact on state-level advocacy with a strong and unified voice on behalf of the industry, advisors and their clients.”
New York Life’s contribution follows a Leadership Gift from Northwestern Mutual earlier this year. Momentum is building for the fund, and NAIFA expects additional corporate partners to participate in the near future, Mayeux said.
The coordinated industry effort will involve a range of activities in state advocacy, including:
- Reaching lawmakers through successful “Day on the Hill” events at statehouses.
- Educating existing legislators and regulators, as well as candidates for state office, about issues and policy positions.
- Formalizing procedures to evaluate, form positions on, and raise awareness about the impact of proposed state regulations and legislation on advisors and their clients.
The NAIFA Capital 50 Steering Committee will meet in early 2017.