Industry Groups React to... THAT

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.

(Related: How Life Insurers (Just Barely) Escaped a Tax Bill Catastrophe…)

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

WASHINGTON

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.”

Insured Retirement Institute

WASHINGTON

IRI represents insurers, banks, asset managers, broker-dealers, distributors, financial advisors, and support products and services providers with an interest in retirement income.

IRI President Cathy Weatherford said the following in a statement:

“IRI congratulates our fellow citizens who were elected yesterday to federal, state and local offices to represent the American people and address serious issues facing our nation. For our newly elected and returning U.S. senators and members of Congress, we urge you to put the campaign behind you and look ahead to find common ground that advances the interests of our nation and its citizens.

“Retirement security is a well-documented, major concern for many Americans. Declining access to traditional pension plans means that today’s workers are more responsible for their own retirement financial security. And increasing lifespans means more years in retirement requiring secure, guaranteed income.

“IRI has put forth a retirement security agenda that identifies bipartisan policy solutions to help Americans reach a financially secure and dignified retirement. This includes policies to help make retirement plans more widely available, encourage saving, and increase access to retirement planning advice and lifetime income strategies.

“In its last weeks, the current Congress can achieve a major accomplishment by passing bipartisan retirement legislation that has been debated and remains under consideration in the House and Senate. Such an effort would signal to the American people that our elected leaders want to advance issues that unite rather than argue over issues that divide. It would set a strong example for the next Congress to strive for and to achieve bipartisan progress for all Americans.

“We urge all policymakers to support these initiatives, and we look forward to working with our nation’s leaders to help enhance retirement security in the United States.”

America’s Health Insurance Plans

WASHINGTON

AHIP represents health insurers in Washington and in state capitols.

AHIP President Matt Eyles said the following in a statement:

“Americans want health care and coverage that are affordable, accessible, and comprehensive, and that protects those with pre-existing conditions.

“Health insurance providers are committed to delivering for them. We will continue to work with all policymakers on solutions that promote choice and competition, and that strengthen our ability to deliver for the nearly 300 million consumers our industry serves, whether they receive coverage through their employer, Medicare, Medicaid, or the individual market. We will continue to advocate for approaches that bring down out-of-control drug prices. And we will continue to offer new ways to promote access, affordability, and simplicity for consumers.

“Affirmative votes on ballot initiatives in Idaho, Utah, and Nebraska to expand Medicaid demonstrate the value of Medicaid. AHIP and our Medicaid health plan members will continue to work with states to deliver coverage through programs that are effective, affordable and accountable to enrollees and hardworking taxpayers.

“AHIP looks forward to working with the administration, all members of Congress, state policymakers, and every Governor – new and returning – to improve health care, affordability and coverage for all Americans.”

— Read Health Care Helped House Democrats Win: Pelosi, on ThinkAdvisor.

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