September 2012 • Vol. 4, Issue 9
PURPOSE OF LEGISLATIVE SPOTLIGHT
Speaking as one, we can and will make a difference.
Comments on Legislative Spotlight: Contact Ron Panneton with comments or suggestions concerning this newsletter.
NAIFA Responds to WSJ Editorial on Life Insurance, Tax Reform
Recently, The Wall Street Journal published an editorial stating that elimination of the tax status of inside build-up of life insurance products is “on the table,” as Congress looks toward tax reform.
In response to this editorial, NAIFA President Robert Millet issued the following to the Wall Street Journal:
Why It Matters: Changing the tax status of the inside build-up of life insurance products will impair the efforts of American families to protect their retirement and the financial security of their homes and their businesses.
To Learn More: Contact Diane Boyle at email@example.com.
NAIFA Attends NAIC 2012 Summer Meeting
The 2012 Summer NAIC National Meeting was held in Atlanta, Georgia August 10-14, 2012. Bill Anderson, Ron Panneton and Gary Sanders attended the meeting on behalf of NAIFA. The following matters of interest to NAIFA and other producers/advisors were among the many that were discussed and/or acted upon:
NAIC CEO Announces Departure- Dr. Therese M. (Terry) Vaughan announced plans to step down as CEO of the NAIC during the first quarter of 2013. Naturally, the NAIC will be conducting a national search for her successor.
NIPR- The National Insurance Producer Registry (NIPR) Board of Directors announced the addition of an Interactive Tool to make Appointments and Terminations easier for companies and producers. Bill Anderson is currently serving his fourth year as NIPR Vice President.
Producer Licensing Task Force- The Task Force continued its work on the Development of a Life Insurance Exam Content Outline in an attempt to make licensing exams more uniform. The Task Force also, for the first time, discussed the Role of Navigators in the Affordable Health Care Act. It was obvious from the discussion that much more work is needed to tackle this complex issue.
Standards for Insurer Disclosures to Consumers- The Consumer Disclosure Working Group continued its work developing general guidelines for insurer disclosures to consumers. The Working Group discussed a draft of the proposed Best Practices and Guidelines for Consumer Information Disclosures.
Viatical (and Life) Settlements- The Viatical Settlements Working Group continued its work considering amendments to the Viatical Settlements Model Regulation needed to conform the Model Regulation to the revisions made to the Viatical Settlements Model Act.
Suitability in Annuity Transactions Model Regulation- The NAIC reported that 19 states have implemented/promulgated the Model. NAIFA had endorsed the Model and a number of states have indicated that they will be considering the Model during the coming year.
Why It Matters: Monitoring and participating in deliberations with the NAIC is necessary since the NAIC’s work is often the catalyst and guide for states to take action on a particular issue.
To Learn More: Contact Contact Bill Anderson at firstname.lastname@example.org.
For more on NAIFA: