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July 27, 2010 Sign up today! $100 Discount for “Crisis is Opportunity” Series NAIFA-Texas members will receive a $100 discount through August 6, 2010 on registration for the new 15-week professional development series, “Crisis is Opportunity – Success in Times of Change.” The Series begins on August 10 and August 12. You can choose your start date.
Developed by NAIFA-Florida with Ian Hill, an award winning change agent and business leader, NAIFA-Texas is joining with other NAIFA state associations to provide this unique series of classes to introduce and unpack new concepts that will generate sustained performance improvement and teach new success skills in today’s changing world.
Presentations will feature:
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live video workshops;
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interactive video chat coaching sessions;
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a discussion forum for peer to peer support; and,
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an online portal that archives all materials for on demand use to accommodate everyone’s schedule.
NAIFA-Texas members: $229 through August 6 or $329 after August 6
Non-Members: $329 through August 6 or $429 after August 6.
Click here to register, begin the series, and find new success.
July 27, 2010 NAIFA GOV Alert! Agents Excluded on HHS Healthcare Information Web Portal Healthcare agents continue to find themselves squeezed out of the healthcare services industry during the set-up phase in progress at the U.S. Department of Health and Human Services (HSS). On July 1, 2010, HSS unveiled its new health web portal - www.healthcare.gov - required by the Patient Protection and Affordable Care Act (PPACA). However, despite best efforts, the web portal does not reference consumer services provided by licensed health insurance agents.
Consumers should be made aware of the personalized assistance provided by state-licensed health insurance agents. NAIFA and industry partners have strongly encouraged U.S. Department of Health and Human Services Secretary Kathleen Sebelius to include agent language on the new portal. On September 21, several members of Congress joined U. S. Representative Charlie Melancon (3rd District, Louisiana) in making a similar request of HHS.
Contact Secretary Sebelius by clicking this TAKE ACTION link to request that agent language be added to www.healthcare.gov.
TAKE ACTION no later than OCTOBER 1, 2010 when the portal is scheduled to be finalized.
July 27, 2010 NAIFA-TX Officer & Trustee Election Held at 85th Business Meeting On July 17, NAIFA-Texas leaders and representatives of the 26 local NAIFA associations in Texas held its annual business meeting to elect a President-Elect, Secretary/Treasurer and three Trustees.
Stephen Ehlers LUTCF of NAIFA-Houston was elected President-Elect, and Doug Massey CLU, ChFC, FSS of NAIFA-San Angelo was elected Secretary/Treasurer.
Lane Boozer LUTCF of NAIFA-Texoma, Stella Castaneda of NAIFA-Corpus Christi and Kirk Haworth CLU, ChFC of NAIFA-Amarillo Area were elected Trustees.
That evening at the Presidents’ Gala, the 2010-2011 Officers and Trustees were sworn in by 1994-1995 NAIFA President R. Keith White of NAIFA-Dallas. Cylinda Clark of NAIFA-Dallas was sworn in as President after serving one year as 2009-2010 President-Elect/2010 Annual Meeting Chair. Cylinda’s theme for this year is “Success in Times of Change.”
Jason Talley LUTCF of NAIFA-San Antonio, Frank Correa LUTCF of NAIFA-Fort Worth and Joey Ussery CLU, ChFC, LUTCF will continue to serve as Trustees. Outgoing President Randy Robertson LUTCF of NAIFA-Lubbock will serve as Immediate Past President. Ron Mullen CLU, ChFC will serve as National Committeeman. Lee Ripley of NAIFA-Dallas was appointed Trustee by the NAIFA-TX Board on July 18 to fill the one year unexpired term of Doug Massey.
June 17, 2010 Will Healthcare Reform Put Squeeze on Agent Commissions? Medical Loss Ratio (MLR) rules imposed by federal regulators for the Affordable Care Act (ACA) are putting a squeeze on agent commissions. Insurance regulators require insurers to spend at least 85% of the premiums collected from large groups and at least 80% of the premiums collected from small groups and individuals on medical costs.
Commissions for brokers and agents may be trimmed to cover administrative costs due to narrow MLR definitions that could cut spending on case management, wellness, disease management, and fraud and abuse prevention. During the next few years, state-run insurance exchanges will change the way individuals and small employers purchase coverage and possibly leave commission structures under the control of state regulators. For insurance agents and brokers, these new rules and programs could represent an opportunity for new business or the need to find a new career.
In a letter to Health and Human Services, NAIFA President, Thomas D. Currey promoted the unique role of insurance agents and brokers in selecting health insurance. He emphasized that "dramatic increases in health care costs," as well as newly enacted risk pools and tax credits, make "the licensed insurance professional an increasingly important part of the health care equation."
June 3, 2010 CE "Grandfather" Exemption Is Not Automatic, Says TDI Agents who are continuously licensed for 20 years but fail to request a CE exemption upon reaching the 20 year mark are not automatically exempt from continuing education requirements. Agents must file Form LHL216 to request the CE exemption and are at risk of the imposition of heavy fines for the failure to do so. This form and others are available at www.tdi.state.tx.us/forms/form11.html
May 20, 2010 TDI Clarifies Rule for "Grandfathered" Annuity Producers The Texas Department of Insurance (TDI), at a compliance seminar in Austin May 12th, provided clarification to the new continuing education (CE) rules as they relate to annuity producers who are grandfathered from CE. These rules implement legislation passed by the 81st Texas Legislature last year.
Deputy Commissioner Matt Ray says that an agent who has obtained from TDI a "longevity exemption" (20 years or more continuously licensed) need only complete an initial 4-hour annuity certification course prior to the agent's license renewal date and, thereafter, the grandfathered agent will be exempt from the ongoing 4-hour annuity CE follow-up requirement.
Click here for more information relating to the certification and CE requirements for the sale of annuities and Medicare related products and plans, and to agents who wish to obtain voluntary specialty certification to market to small employer groups.
May 20, 2010 NAIFA-Texas Official Forecasts "The Perfect Storm" In his travels across the State, NAIFA-Texas CEO/Chief Legislative Officer Des Taylor reports on "The Perfect Storm" that has hit the industry, first in our nation's Capitol during the 111th Congress. This "storm," says Taylor, appears to be headed, with clouds gathering already, to our state Capitol in Austin, where three major issues - healthcare reform, regulatory reform and tax reform - are likely to converge during the 82nd Texas Legislature that convenes in January 2011.
While the specifics of these issues differ at the national and state levels, the impact poses a daunting challenge: agents and financial advisors must be prepared to withstand these storms or risk being swept away. The Texas Legislature will be asked to address creation of state mandated health insurance exchanges, re-creation of the Texas Department of Insurance and new revenue measures that include a hard look at current exemptions in the State's franchise tax.
"Where is agents' safe harbor?" Taylor asks, adding that NAIFA (since 1890) and NAIFA-Texas (since 1925) continually provide daily protection for all agents/financial advisors. "We are fighting on the front lines to keep agents in business and to protect the products that serve the needs of millions of families. Now more than ever, you need us and we need you."
Taylor provided this message recently to NAIFA-San Angelo, NAIFA-Texas Gulf Coast, NAIFA-Greater East Texas and to a meeting of New York Life agents in Austin.
April 15, 2010 TDI to Adopt NAIC Annuity Disclosure Model Rules TDI has posted informal draft rules implementing the Annuity Disclosure Model and requiring the distribution of annuity buyer's guides. The purpose of the rules is to provide standards for the disclosure of certain information and assist purchasers to understand certain basic features of annuities.
Comments to the informal working draft rules should be submitted no later than 5:00 p.m. on April 29, 2010 to Deputy Commissioner Ana M. Smith-Daley, Ana.Smith-Daley@tdi.state.tx.us
April 1, 2010 State Costs to Implement Healthcare Reform at $27 Billion Estimated costs to the state to implement the recently enacted healthcare reform legislation will run into the billions, according to a state official who provided testimony March 31 before a joint hearing of the Senate State Affairs and Senate Health and Human Services Committee.
Health and Human Services Executive Commissioner Tom Suehs told Senators that he believes costs may be as high as $27 billion beginning in 2014 and carrying forward, adding that health costs likely will surpass education as the number one appropriation category in the state budget. The HHSC official said in Texas alone, 2.1 million people will be added to the Medicaid and Children's Health Insurance rolls as a result of the health care reform bill.
Click here for answers to Frequently Asked Questions (FAQ)about the new healthcare legislation.
March 29, 2010 Should Same Fiduciary Standard Apply to All Advisors? SEC Commissioner Luis Aguilar, speaking to a conference of investment advisors March 26 in Washington, defended the idea of applying a fiduciary standard of care to all advisors who give retail clients personalized investment advice, requiring them to act solely in the interests of the consumer with undivided loyalty. Today, the government requires investment advisors to meet a fiduciary standard, but it requires broker-dealers, and life insurance agents affiliated with broker-dealers, to verify only that the products sold to consumers suit the needs of those consumers.
Broker-dealers and life agents argue that the suitability standard fits their role, because they openly sell financial products for just one company, or a limited number of companies, and cannot necessarily sell consumers what appear to be the very best products not on the list of products that they are allowed to sell.
 The Senate Banking, Housing and Urban Affairs Committee has been working on a bill, the Restoring American Financial Stability Act of 2009, that originally was going to apply the same fiduciary standard to all providers of retail personalized investment advice. The version of the bill approved by the Committee in March requires only that the SEC study the issue and report to Congress on its findings. NAIFA opposes the position taken by the SEC Commissioner and called, instead, for a study.
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