More than 125 NAIFA members took their advocacy message directly to Congress, yesterday. The advisors, who were in town for NAIFA’s annual political involvement and political action training session, visited more than 175 congressional offices.
They told members of Congress and their staffs that agents and advisors play a vital role in ensuring the financial security of more than 75 million American families.
The issues NAIFA members discussed with their Senators and Representatives include:
- Tax Reform – The current tax rules for insurance and annuity products; pension plan contributions; and employer-provided health, disability and long-term care insurance benefit all of society as well as the people for whom they provide a financial safety net.
- The Department of Labor and expansion of fiduciary duty – A pending proposal by the DOL that would place a legal fiduciary duty on all advisors could threaten the business model many NAIFA members have used to help clients and could limit consumers’ access to advice on retirement investments.
- The Affordable Care Act – NAIFA supports a number of revisions to the law, including removing agent compensation from the medical loss ratio calculation, reversing the 3.8 percent tax on annuities and other unearned income, and expanding the 3:1 age rating restriction.
- NARAB II – NAIFA urges Congress to pass the legislation that would ease licensing burdens that make it difficult and costly for agents to operate in multiple states.
Before the Day on the Hill, participants heard remarks from NAIFA CEO Dr. Susan Waters, NAIFA President John Nichols, the NAIFA Government Relations Team, and Rep. David Scott (D-Ga.).
Rep. Scott told NAIFA members that Congress needs to hear their stories, and only they can tell legislators how laws and regulations affect their businesses and their clients.