GRAPEVINE, TEXAS — The life insurance industry needs all the help it can get with explaining its products to new members of Congress.
Leon Huffman, a 2010 government affairs committee co-chair at the National Association of Independent Life Brokerage Agencies (NAILBA), Fairfax, Va., delivered that message here today during the opening general session at NAILBA’s 29th annual meeting.
“This is an all-hands-on-deck call,” Huffman said.
As a result of the recent fall elections, one-fifth of all members of Congress and one-third of the Republicans in Congress are new, Huffman said.
The National Commission on Fiscal Responsibility and Reform, a group created by President Obama to look for ways to cut the federal budget deficit, has posted a draft report showing that it is considering the idea of lowering the marginal tax rate and increasing revenue by eliminating all “tax expenditures” — including the treatment now accorded the inside buildup of life policy value.
“We have been put on notice that our products will be on the table when there are discussions about raising revenue,” Huffman said.
We’re “live tweeting” NAILBA 29 here, under the Twitter name NatUndLife.
NAILBA must continue to work with other industry groups to talk about the value of its products to consumers and to society, but NAILBA — a group for independent wholesalers — has a unique role in explaining how life distribution works, Huffman said.
Mark Rosen, the outgoing NAILBA chair, said he himself had resisted volunteering at NAILBA until persistent NAILBA recruiters wore him down.
Rosen said volunteering at NAILBA has helped him professionally. “I feel like I’ve developed a more well-rounded view” of the industry, he said.
Volunteering at NAILBA also matters, Rosen said, because “it’s important to give back to the industry that’s been so good to you.”