Bill Anderson, NAIFA’s senior vice president of government relations, participated in a “Special Discussion of the Dodd-Frank Act” today at the annual convention of the National Conference of Insurance Legislators (NCOIL) in Santa Fe, N.M.
Anderson told the legislators that NAIFA is concerned overly rigid fiduciary standards imposed on broker-dealers by the SEC or Department of Labor could harm middle-income investors who rely on NAIFA members for affordable financial services and advice. He also presented the results of a NAIFA/LIMRA survey showing that most NAIFA members feel regulatory and liability burdens resulting from a rigid universal fiduciary standard would hurt their ability to serve the middle market.