PURPOSE OF LEGISLATIVE SPOTLIGHT
LEGISLATIVE SPOTLIGHT is produced by NAIFA and is supplied to the Society of Financial Service Professionals as a collaborative effort that seeks to raise federal and state regulatory awareness for financial service professionals. The essential purpose is to facilitate understanding and a more fruitful dialogue with constituents and/or clients with regard to these important issues.

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 Opposes Restrictions on Medigap Insurance

Congress is currently considering troublesome changes to Medicare Supplement Insurance (Medigap). Some of these proposals would either require seniors to pay a deductible or add other new charges for Medigap. Currently, more than 20% of those on Medicare rely on Medigap coverage for the peace of mind of predictable monthly health care expenses.

Medigap insurance mitigates the challenge of health care cost during the senior years. It is valuable coverage that if lost will result in senior paying more for their health care, or doing without needed care.

NAIFA supports the preservation of Medicare beneficiaries’ access to Medigap and other Medicare Supplemental offerings. On November 18, 2011, NAIFA sent out a GovAlert asking NAIFA members to tell their members of Congress to Preserve Medigap. NAIFA is a member of the Coalition to Promote Choice for Seniors and is committed to ensuring that seniors continue to have access to Medigap coverage including preserving first dollar coverage (no deductible) options.

Why It Matters: Restrictions on Medigap insurance will add to seniors’ costs, diminish their health in their later years, and do nothing to revamp a vital program on which virtually all aging Americans rely.

To Learn More: Contact Diane Boyle at dboyle@naifa.org.

NAIFA Staff Attends NAIC Fall Meeting

The National Association of Insurance Commissioners (NAIC) held its 2011 Fall Meeting in National Harbor, MD on November 3-6, 2011. The meeting was attended by approximately 2,089 regulators, industry and consumer representatives. The following items are just a few of those where actions were taken or considered and should be of interest to NAIFA members and others in the industry.

The NAIC elected the following officers for 2012:

• President: Florida Insurance Commissioner Kevin McCarty
• President-Elect: Louisiana Insurance Commissioner James Donelon
• Vice President: North Dakota Insurance Commissioner Adam Hamm
• Secretary-Treasurer: Montana Commissioner of Securities and Insurance Monica Lindeen

National Insurance Producer Registry - NAIFA’s Bill Anderson is Vice President of NIPR.

Interstate Insurance Product Regulation Commission (IIPRC) - The Commissions’ efforts aim at uniform standards for insurance products and a more efficient and timely approval of these products.

Long-Term Care Insurance - Worked on plans for a revised Shopper’s Guide.

Consumer Disclosures - Attempt to assess consumer understanding of standards of care in the sale of insurance products and take actions to address any problems that are revealed.

White Paper on the Use of Social Media in Insurance Marketing - The White Paper is intended to research and examine the role of social media within the insurance marketplace.

Why It Matters: The above and many other issues will affect the marketing of insurance in the United States. The NAIC meetings focus on matters which will ultimately result in laws or regulations which will affect consumers, producers and insurers and it is critical that their activities be followed closely and NAIFA comment and feedback be provided when appropriate.

To Learn More: Contact Bill Anderson at banderson@naifa.org.

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