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NAIFA Leadership Seeking Member Support Of OFC 'With Caveats'

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Winning member support for a resolution backing federal legislation that balances an optional federal charter with continued support for dual state oversight is a key goal for the National Association of Insurance and Financial Advisers at its annual meeting, according to Jeff Taggart, NAIFA’s outgoing president.

The meeting began Sept. 6 in San Diego, and ends Sept. 10 with a vote by NAIFA’s National Council on a resolution supporting an OFC with caveats.

“Our proposed position regarding an OFC substantially differs from that of other organizations supporting such legislation,” Taggart said.

For example, he said, “We support an OFC with strong caveats, such as true agent choice, strong consumer protection, single federal voice for international treaties and continued support for a dual track approach to state regulation.

“Our balanced approach should make it easier for our members to support such legislation, but, at the same time, allow us to be involved in crafting balanced legislation,” Taggart added. “And we are optimistic our members will support our approach, based on feedback we have had.”

On other issues, Taggart said NAIFA strongly opposes proposed Securities and Exchange Commission regulation of equity-index annuities. “We don’t believe EIAs are securities; they are an insurance product that should be regulated by state regulators rather than an SEC that we believe is overstepping its bounds,” he said.

Taggart said NAIFA leadership will also be looking for member reaction to new initiatives the trade group has rolled out over the past year designed to help agents of all types increase their business, and appropriately plan for retirement.

He also said it stands ready to help its associated group, the Association of Health Insurance Advisers, deal with the upcoming debate on health insurance issues.

AHIA is holding its meeting in San Diego in conjunction with the NAIFA meeting. “We stand ready to represent our members in Congress and advocate for greater consumer access to the market, and more affordable and more accessible healthcare,” Taggart said. Growing the long-term-care insurance market is part of that, Taggart added.


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