Educate, Advocate, Integrate
MESSAGE FROM NAFA
We’re more than half way through the year, and NAFA’s efforts to “Educate. Advocate. Integrate.” show no signs of slowing. We held our seventh annual Annuity Leadership Forum June 21-23 in Washington, D.C., and enjoyed another very successful meeting. NAFA members from across the country attended to hear from key members of Congress discussing the status of the Department of Labor Fiduciary Rule. On Thursday afternoon, our members held more than 100 appointments at the offices of Senators and Congressmen to deliver our message directly to the Hill. That message has been unwavering since the rule was issued in final form: The rule is unworkable and will deprive American consumers of the advice and access to the products they need to retire well while putting our industry at risk of increased litigation. The rule will undoubtedly cause harm to insurance companies, IMOs, and registered reps, and cause many agents to shut their doors entirely.
The lawsuits that our industry and others have filed against the Department of Labor are in the appeals process and, by the time you read this publication, a hearing will have been held in New Orleans on the U.S. Chamber vs. the DOL case. The outcome of that hearing might not be known for many months, and the NAFA and the Market Synergy Group appeals will not be heard until later in 2017. These lawsuits are a labored, expensive process for all concerned but critical in our fight to protect our products, our people, and our clients.
Throughout the last few months, NAFA has met with the DOL in D.C. to express our views on key parts of the rule that are harmful to the insurance industry, specifically fixed and fixed indexed annuities. The DOL recently issued a request for information (RFI) from all parties to comment on extending the applicability date of certain aspects of the rule, as well as several other issues under the rule. NAFA will be submitting comment letters to reinforce our concerns with the rule, while we continue to work very closely with the other trade groups in the financial service industry to get our message heard.
In the meantime, we encourage you to celebrate the evolution of our NAFA brand by connecting with us on LinkedIn, Facebook, and Twitter to stay current on what’s happening. We are committed in our fight to defeat the DOL rule and to achieve the best possible outcome for our industry and for the American consumer. We thank you for your continued support during this long and arduous process.
Charles R. “Chip” Anderson
Executive Director, NAFA