Leaders Blog

This is an election year, and a number of NAIFA members are taking their political involvement to the next level. At least three NAIFA members are running for state-level offices:

• NAIFA Trustee Wes Booker, Arkansas State House of Representative, District 71
• John Raley, Iowa State Senate, District 45
• Adam Solano, Illinois State Senate, District 31

If you know of any other NAIFA members who are running for state or national office this year, please let us know using the contact button below. We would like to create a profile article featuring NAIFA's advocacy efforts and our members running for office. (We love our members who are running for local positions, too, but NAIFA does state and federal advocacy, so that will be our focus for this piece.)

NAIFA partners with one of the best state legislative tracking services in the country and is now able to offer each state a customized bill tracker (see, for example, NAIFA's bill tracker for New York State). States can either link to the bill tracking site by copying and pasting a web link or by embedding the tracker into their website using html code. 

NAIFA continues to urge the states to consider and adopt recent amendments to the NAIC’s Suitability in Annuity Transactions Model Regulation, and NAIFA state chapters should reach out to their state’s insurance commissioner or director and encourage him/her to support and promote the adoption of the NAIC amendments. The adoption of these amendments by the states remains a top advocacy priority for NAIFA.

Maybe you’re thinking “What’s this all about?” Good question! In early 2020 after nearly two years of extensive discussion and debate the NAIC adopted amendments to the NAIC Suitability in Annuity Transactions Model Regulation, which regulates producer and insurer recommendations for all annuities (NAIC model laws and regulations often serve as the basis for state insurance laws and regulations). The amendments consist of enhanced consumer protections and other revisions, and the revised NAIC Model requires producers and insurers to act in the best interest of annuity purchasers and to not put their own financial interests ahead of the consumers’ interest. The amended Model, which aligns well with the SEC’s Regulation Best Interest, will raise the standard of care required of financial professionals while preserving consumers’ access to valuable financial advice, services and products. NAIFA was an active participant in the development of these revisions and supports the amended Model regulation. As stated above, the adoption by the states of these amendments is a top advocacy priority for NAIFA, and our state chapters should encourage their state insurance regulators to seek the adoption of these NAIC amendments.

Here’s a chart showing the states that have already adopted, and those that are currently considering, the NAIC amendments.



Please contact either Gary Sanders or Julie Harrison with any new developments on this important issue in your state. NAIFA’s Government Relations team stands ready to assist and wants to promote the good work being done across the states.

Gary Sanders, VP & Counsel – gsanders@naifa.org
Julie Harrison, State Chapter Director – jharrison@naifa.org