Life, health and annuity groups have known what might come out of Tuesday’s midterm elections for weeks.
Political analysts were telling the groups that the most likely outcome was that the Democrats would win control over the House, and that the Republicans would keep control over the Senate.
Now… the most likely outcome is here. Members of legislative affairs committees and staff advocacy teams have deep thoughts to think.
Here’s a look at what some of the groups and their leaders are saying.
American Council of Life Insurers
The ACLI represents about 290 member insurers, about 95% of U.S. life insurer assets, and member companies’ relationships with 90 million U.S. families.
Alane Dent, the ACLI’s federal affairs senior vice president, said the following in a statement:
“This post-election period will be anything but a ‘lame duck’ for retirement savers as there will be a once-in-a-generation opportunity for Congress to act on comprehensive retirement security legislation.
“The House passed the Family Savings Act in September — an important first step toward enhancing America’s retirement system. Since 2016, the Senate has broadly supported the bipartisan Retirement Enhancement and Savings Act, which includes provisions that would go even further to help Americans saving for retirement as part of a final retirement package.
“The need for action is clear. More Americans need access to retirement savings plans. They need lifetime income guarantees like workers received more commonly in the heyday of the defined benefit pension plans. Enhancing the retirement system would help millions of Americans save for retirement and ensure their savings will last a lifetime.
“Between now and the end of the year, ACLI will pursue a campaign, backed by print and digital advertising and social media, in support of retirement savers. Our message: Congress should not miss this once-in-a-generation opportunity to support workers, retirees and business owners by passing comprehensive retirement security legislation this year. This message is supported by a number of stakeholders, including employers and financial planning professionals.”
National Association of Insurance and Financial Advisors
FALLS CHURCH, VIRGINIA
NAIFA represents about 200,000 financial professionals and member associates.
NAIFA Chief Executive Officer Kevin Mayeux said the following in a statement:
“Now that the campaigns have ended and all the votes cast, NAIFA looks forward to working with the senators and representatives of the 116th Congress and serving as a resource on the important legislative issues affecting advisors, their clients, and the American public. There will be dozens of new members of Congress who may not be fully aware of the vital role that insurance and financial advisors play in ensuring the financial security of 90 million American families, making our advocacy efforts and grassroots outreach as important as ever.
“As the only agent association with members who are taxpayers, employers, and voters in every congressional district, NAIFA is especially well suited to represent the interests of Main Street advisors and their clients from communities across the United States.
“As the preeminent advisor association with strong advocacy outreach in all 50 state capitals, NAIFA is similarly poised to work with newly elected state-level leaders around the country.”