Today marks a big step toward making sure that consumers nationwide receive strong, harmonized protections when they receive financial guidance. The National Association of Insurance Commissioners (NAIC)—made up of each state’s head insurance regulator—virtually unanimously adopted a model regulation that puts consumers’ interests first. The NAIC’s Suitability in Annuity Transactions Model Regulation makes sure that consumers receive better information, in plain English, to help them make informed decisions, while preserving access to valuable financial services. And it brings the regulation in closer alignment with the SEC’s Regulation Best Interest. Now, the American Council of Life Insurers and our allies will … Continue reading "A Big Win for Retirement Savers at the NAIC"
Three months from tomorrow, the 2020 election will take a backseat to another political race – one that is more crowded, but also more collegial. Make no mistake – the competition at this race will be fierce. But this isn’t a typical Democrat vs. Republican contest. It’s a race against the clock. The American Council of Life Insurers (ACLI) is proud to host the ACLI Capital Challenge on Wednesday, May 13 at 8 a.m. in Washington D.C.’s Anacostia Park. This will be the 39th time that Washington’s leaders have laced up their sneakers for this three-mile road race. It is open to members … Continue reading "ACLI Capital Challenge: A Fierce Race With Many Winners, Especially Financial Literacy"
Today, the American Council of Life Insurers (ACLI) was proud to host the Council for Economic Education (CEE) as the group released its biennial Survey of the States report on financial education. Fortunately, this year’s report shows that after years of stalled progress, more high schools across America are requiring economics and personal finance classes to graduate. Among the key findings are: 21 states now require high school students to take a course in personal finance. 25 states now require high school students to take a course in economics. However, 5 states plus the District of Columbia still do not include personal … Continue reading "Lifting All Boats Through Financial Education"
This op-ed originally appeared in the South Florida Sun Sentinel. Much more is at stake than advertised in a bill — HB 1189/SB 1564 — titled, “Genetic Information for Insurance Purposes,” sponsored by Florida House Speaker-designate Chris Sprowls and state Senator Kelli Stargel. It is not just about people being able to keep private genetic information gained from an entertaining Ancestry.com or 23andMe at-home genetic testing kit. If that was the only issue at stake, we’d support the measure. It’s about denying the consideration of any and all genetic information in the life insurance policy application process, not just information generated by an at-home test. If … Continue reading "Consumers’ Own Interest at Stake with Genetic Privacy Bill"
Last month President Trump signed a spending bill that included the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The SECURE Act will provide a huge boost for America’s retirement savers. Among other benefits, the bill will enable more small businesses to offer retirement plans, allow older workers to contribute more to their retirement accounts, and make it easier for retirement plans to include options for lifetime income. My colleagues at the American Council of Life Insurers (ACLI) and our member companies are very familiar with this legislation. We advocated for these provisions for years. Most Americans are unaware … Continue reading "ACLI Supports Junior Achievement, Financial Literacy"
Massachusetts is about to impose an elitist, fiduciary-only standard for those seeking financial services. Sadly, as the industry that helps small- and moderate-savers to plan their financial futures, we know this would hurt the very people it claims to protect. I offered testimony at a related hearing today, as did Paul Quaranto of Boston Mutual Life Insurance Company. Every day, 252 Massachusetts residents reach age 65. Many are concerned about how they’ll finance their way through retirement. They’re seeking answers while the Commonwealth Secretary’s fiduciary proposal would curb their access to life insurance and annuities. It doesn’t add up. People … Continue reading "Elitist Proposal Denies Choices to Bay State Retirement Savers"
Earlier today President Trump signed the 2020 spending package, which wisely included the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. This is a huge win for millions of retirement savers, groups like Gold Star families, and bipartisanship. With the SECURE Act now the law of the land, our nation has taken a major stride forward in modernizing the way new generations of Americans prepare for retirement. The American Council of Life Insurers (ACLI) applauds the president for signing the SECURE Act into law as part of the spending package. And we commend the bill’s bipartisan champions in Congress, including Ways and Means Committee Chairman … Continue reading "Retirement Savers Win Thanks to SECURE Act Becoming Law"