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September 26, 2011
Will States Be Left to Address MLR Impact on Commissions?
In June, a taskforce of the National Association of Insurance Commissioners (NAIC) voted to support HR 1206 by Rep. Mike Rogers (R-Mich.) to exempt broker commissions from the MLR calculation. Since then, however, the issue appears to have lost steam within the NAIC. NAIC President-Elect and Florida Insurance Commissioner Kevin McCarty, who chairs the task force and backed the bill, acknowledged that 'while we may be supportive of the Rogers bill in the task force, we have to be realistic about the opportunity of it becoming law.' Click here to view the article in its entirety.
September 21, 2011
NAIFA's LILI Program: Leadership and Business Development
This year, nearly 225 NAIFA members attended NAIFA's Leadership in Life Institute (LILI) courses which brought the number of LILI graduates to over 2,000 nationally since the program began 11 years ago. Click here to view the article in its entirety.
September 20, 2011
Did NAIFA's Day on the Hill Influence DOL's Redefinition of 'Fiduciary'?
NAIFA's last GovWatch relayed the news that the Department of Labor (DOL) intends to withdraw and redefine 'fiduciary' for advice given to retirement plan participants. A revised proposal will be published, along with clarified exemptions, for a new round of public comments. Click here to view the article in its entirety.
September 20, 2011
Deficit Reduction Plan Targets Insurance/Financial Advisor Industry
President Obama's $3.2 trillion deficit reduction plan includes 'tax breaks' as the main targets for bringing in more revenue. Many of the specific tax changes will hurt the insurance/financial advisor industry and its clients. Click here to view the article in its entirety.
September 15, 2011
Best Ever Day on the Hill Features Meetings with Numerous Congressmen/Senators
 NAIFA-Texas President Stephen Ehlers and Past President John Ruckel during their meeting with Rep. Gohmert on Capitol Hill.
Later, NAIFA-Texas members watched Gohmert live on CSPAN talking about the very concerns discussed earlier in his office about the Jobs Bill. 'If you apply for a job and you think that the reason you didn't get hired is because you were unemployed at the time, you're now a protected class,' said Gohmert. 'You've now got a cause of action, go get a lawyer.'
Ron Mullen (NAIFA-Texas National Committeeman), Les Littleton (former NAIFA-Texas President), Alan Kifer (NAIFA Committee on Political Action), and Joey Ussery (NAIFA-Texas Secretary/Treasurer) had a great meeting with Congressman Mike McCaul. Jason Talley's (NAIFA-Texas Government Relations Chair) meeting with his Congressman, Henry Cuellar went very well as did Michael Steadman's (NAIFA-San Antonio) meeting with Congressman Francisco Canseco. U.S. Senator Kay Bailey Hutchison's top staff provided a 'best ever' meeting as they assured NAIFA-Texas members of their support on agent issues.
At the end of the day, John Ruckel, who has attended many Day on the Hill events in Washington, summed up the whole experience as his 'best single Day on the Hill ever!'
September 14, 2011
NAIFA-Texans Meet with Senator Cornyn During NAIFA Day on the Hill
 From left to right: Des Taylor, Steve Whitbeck, Kristen Wheelock, Sen. John Cornyn, Ron Mullen, John Ruckel, and Les Littleton.
Approximately 40 NAIFA-Texas members met with U.S. Senators and Congressmen during NAIFA's Day on the Hill in Washington, DC.
September 14, 2011
NAIFA Outside Counsel Reports Legislative/Political Victories & Concerns
Scott Sinder, a partner at Steptoe & Johnson L.L.P. in Washington, DC who serves as outside counsel for the National Association of Insurance and Financial Advisors (NAIFA) in Falls Church, Virginia, talked about insurance industry victories at the 122nd Annual Meeting and Career Conference that will limit damage done by the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010. Click here to view the article in its entirety.
September 14, 2011
1,000 Attend NAIFA Day on the Hill
NAIFA President Headley Testifies Before House Subcommittee
NAIFA President Terry K. Headley testified Tuesday, Sept. 13, on behalf of NAIFA members and their clients at a congressional hearing on the regulation and oversight of broker-dealers and investment advisers. Headley told the the House Committee on Financial Services' Capital Markets and Government Sponsored Enterprises Subcommittee that:
- SEC and DOL regulations on standard of care are likely to harm the ability of lower and middle-market investors to receive personalized investment advice and other important services; and,
- NAIFA recommends that FINRA serve as the self-regulatory organization to conduct periodic examinations of SEC-registered investment advisers.
Click here to view the article in its entirety.
September 13, 2011
TDI Offers Opportunity for CE Self Study Credits to NAIFA Members
By sending a completed 'Association Credit Form' with actual time and detailed description of the number of hours in activities that the licensee is reporting for self-study CE credit, NAIFA members can claim up to 4 hours of self-study continuing education credits per two-year reporting period. Self study credit does not count towards the licensee's ethics, classroom or classroom equivalent CE requirements. Click here to view the article in its entirety.
September 13, 2011
Agents/Brokers Get Congressional Hearing on MLR Exclusion
A September 15th hearing of the U.S. House Energy and Commerce Subcommittee on Health will address a proposal to amend the Affordable Care Act to boost agent and broker compensation. Speakers will include National Association of Health Underwriters (NAHU) CEO and Steve Larsen, Director of the U.S. Department of Health and Human Services' Center for Consumer Information and Insurance Oversight. Click here to view the article in its entirety.
September 8, 2011
TDI Survey: RAAs Default Policy Settlement Option for Most Companies
According to a Texas Department of Insurance (TDI) survey of 160 life insurance companies, more than half of the 71 companies currently offering Retained Asset Accounts (RAAs) use the accounts as the default policy settlement option. Click here to view the article in its entirety.
September 8, 2011
Over $100 Million in Insured Losses from Texas Wildfires
Insured losses from wildfires that have burned tens of thousands of acres in east and central Texas will top $100 million, making this year the worst on record for fire losses in the state, according to the Insurance Council of Texas. Click here to view the article in its entirety.
September 8, 2011
Why Health Insurance Exchanges Need Agents
With open enrollment for health insurance exchanges beginning in September 2013, brokers don't have a moment to lose if they are to establish themselves as a key ingredient in helping individuals and families and employers make the best health insurance choices. Click here to view the article in its entirety.
September 8, 2011
Life Activity On the Rise
U.S. life insurers researched more requests for individual coverage last month than they did in August 2010 according to an analysis from MIB Group, Inc. Activity climbed particularly for applicants ages 60 and older - a 7.7% increase.
September 6, 2011
1,000+ NAIFA Members Take Grassroots Message to Washington
More than one thousand members of the National Association of Insurance and Financial Advisors will travel to Washington, D.C., and meet with members of Congress and staff members on September 14, to discuss the potential impact of healthcare, financial services legislation and tax reform on their careers, their business and their clients. Click here to view the article in its entirety.
September 6, 2011
GAO Says MLR Rules Causing Commission Cuts
The U.S. Government Accountability Office (GAO) came to the conclusion that most U.S. health insurers are responding to the new federal medical loss ratio (MLR) rules by cutting, or planning to cut, brokers' commissions. Click here to view the article in its entirety.
September 6, 2011
CFP Board Proposes Experience/Discipline Changes
The Certified Financial Planner (CFP) Board of Standards is seeking comments from professionals and stakeholders on proposed amendments to its 'experience requirement' for initial CFP certification as well as revisions to its Disciplinary Rules and Procedures. As of July 31, 63,398 planners held the CFP mark. Click here to view the article in its entirety.
September 6, 2011
HHS Begins Rate Review Authority Over Health Plans
On September 1st, federal Health & Human Services (HHS) under the Patient Protection and affordable Care Act (PPACA) moved to significantly tighten oversight of health insurance premiums. Coverage sold to individuals or small groups through an association will be subject to rate review that begins on November 1, 2011. Click here to view the article in its entirety.
September 6, 2011
U.S. House Republicans Aim to Preserve Grandfathered Health Plans
U.S. House Republicans plan to craft a bill that could loosen the current rules governing when an existing health plan can keep grandfathered status. PPACA grandfather rules protect plans that existed before PPACA took effect from having to comply with some PPACA benefits mandates such as the new minimum medical loss ratio (MLR) and certain preventive services without deductibles, co-payments or other fees. Click here to view the article in its entirety.
September 6, 2011
NAIFA's Bill Anderson Participates in National Insurance Panel
Bill Anderson, NAIFA Senior Vice President of Government Relations, served as a panelist for the Griffith Insurance Education Foundation's Insurance 101 Seminar at The Ohio State University which was attended by twenty state legislators from sixteen states. The seminar provided an overview of emerging trends and issues within both the Life & Health and Property & Casualty fields. Concepts ranged from the pooling of risks to workers comp and from globalization of insurance to the regulatory environment and health care reform. Click here to view the article in its entirety.
September 1, 2011
Gov. Perry Proclaims September Life Insurance Awareness Month
Gov. Rick Perry recently issued a proclamation declaring September to be Life Insurance Awareness Month in Texas.
The proclamation reminds Texans of the importance of life insurance in protecting their family's future.
The observance of Life Insurance Awareness Month in September is coordinated annually by the nonprofit Life and Health Insurance Foundation for Education (LIFE). Visit
lifehappens.org/life-insurance-awareness-month for more information and to access a planning toolkit.
Click here to view the proclamation.
September 1, 2011
TDI Commissioner Issues Life Settlements Bulletin
Texas Department of Insurance Commissioner Eleanor Kitzman issued a bulletin Aug. 31 regarding changes in law relating to life settlements. Click here to read the bulletin in its entirety. Basis for the bulletin is House Bill 2277, passed by the 82nd Texas Legislature and signed into law by Gov. Perry. Click here to view the article in its entirety.
September 1, 2011
TDI: Does Longevity CE Exemption Apply to Annuity Training?
Are agents who have obtained the longevity CE exemption exempt from the new annuity product training requirements of Texas House Bill 2277 which was passed by the 82nd Texas Legislature? Click here to view the article in its entirety.
September 1, 2011
TDI Requests More Time on MLR Requirements
The Texas Department of Insurance is asking the federal government for more time for health insurers in the state to meet the new medical loss ratio (MLR) requirements. Click here to view the article in its entirety.
September 1, 2011
SEC Hurries to Write Uniform Fiduciary Standard
The Securities and Exchange Commission (SEC) is speeding up the process to write a uniform fiduciary standard regulation according to Chair of the U.S. House Financial Services Committee, Rep. Spencer Bachus (R-Alabama). The Dodd-Frank Act requires the SEC to study the need for a uniform fiduciary standard before writing new fiduciary standard regulations. Bachus also said that it 'authorizes but does not require the SEC to promulgate rules that would apply the same standards to broker-dealers as to investment advisors,' and expressed concern that 'the economic analysis has not been done to justify the SEC moving forward on a proposed fiduciary rule.' Click here to view the article in its entirety.
September 1, 2011
NAIFA-Texas Looks Back to Clear Lake, Ahead to San Marcos
A month removed from the 2011 Career Conference & 86th Annual Meeting, NAIFA-Texas members are still abuzz with talk of the fantastic MDRT speakers, welcome dinner at the NASA Space Center, Presidents' Gala festivities, Local Leadership Training and other highlights from Clear Lake.
Relive a few of those memories from this year's conference by viewing the 86th Annual Conference Photo Gallery.
Now NAIFA-Texas President-Elect Doug Massey begins implementing his vision for the 2012 NAIFA-Texas Career Conference & 87th Annual Meeting, to be held in San Marcos on Monday, July 23 through Wednesday, July 25, 2012. He hopes to capture the momentum from this year's conference and build on its successes. Massey's schedule incorporates the Local Leadership Training and Leader's Recognition Dinner beginning Sunday, July 22-23, 2012.
 Spend your free time in San Marcos tubing on the Guadalupe (left), braving the newest water ride at Schlitterbahn (center), or hitting the Tanger Outlets (right).
September 1, 2011
NAIFA-Texas Lobbyists List “Top Ten”
Achievements
NAIFA-Texas representatives provide the following list as examples of
advocacy in action in Austin during the 82nd Texas Legislature:
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Passage of landmark legislation SB 567, increasing consumer
protections for annuities from $100,000 to $250,000 effective Sept. 1,
2011;
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Maintained exemption for agents/small businesses with less than $1
million in gross receipts from state’s primary business tax;
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Worked to insure the role of the agent in the creation of any state
based health insurance exchange or interstate compact;
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Protected agent commissions under state legislation relating to the
privacy of protected health and personal information;
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Supported change in the reporting requirements for annuity CE while
maintaining longevity exemption from attacks by AARP;
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Passage of 20-day “free look”/rescission period for
purchasers of annuities;
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Defeat of HB 504/SB 381 with onerous requirements for agents in the
withdrawal/partial surrender of annuities and life policies;
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Passage of reasonable suitability requirements/disclosures in the
sale, exchange, replacement of life insurance policies, annuities;
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Worked to insure that TDI sunset measure, as passed, would not provide
Commissioner with authority to modify agent commissions; and
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Passage of TWIA reform legislation in special session without
inclusion of laundry list of “trial lawyer” demands.
Additionally, NAIFA-Texas had one of the largest attended “Day
at the Capitol” luncheons at the beginning of the session and a
historic bill signing ceremony with Gov. Perry at the end of the
regular/beginning of the special session.
 NAIFA-Corpus Christi members meet with Rep. Cindy Burkett on Legislative Day 2011 (left). NAIFA-Texas leaders are present for Gov. Perry's signing of Senate Bill 567 (right).
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