HOLLYWOOD, FLA.–The National Association of Independent Life Brokerage Agencies is working to address the many efforts to curtail insurance business protections, but it can’t do it alone, said a speaker here.
“We need your help,” said Leon Huffman, co-chair of NAILBA’s government affairs committee during the opening session of the association’s 28th annual meeting.
Some of legislative efforts now underway present “ominous threats to our livelihood,” said the president of Huffman & Associates, Orlando, Fla.
The economic problems have caused “a rise in skepticism unlike anything we have experienced” and a breach of trust between the people and the financial services industry, Huffman said.
People see the industry “portrayed as the epitome of everything that is wrong with corporate America,” he said.
“Add to that an administration and Congress that in the battle over health care reform has created a toxic legislative environment, and the opportunity for sweeping partisan policies to be enacted….While it’s hard to get things done, what does get done can be very, very bad, with little or no balance.”
Efforts are being made pass one-sided legislation created under the guise of consumer protection, he said.
There is an “overarching and aggressive move to regulate our business, our fiduciary role, our suitability role, and even our supervisory responsibility over our own agencies.”
The battle is on a number of fronts, Huffman said.