Securing America’s Future

NAIFA exercises considerable political influence, not only as a lobby at the federal level, but also in the state capitals. Its political activity is motivated by an eagerness to ensure the integrity of the marketplace so that qualified agents can work in an environment of fair competition where ethical business practices prevail. Take a look at the legislative accomplishments over the last 125 years:

1913: Exclusion from federal income tax of the life insurance death benefit, dividends and cash value

1935: NAIFA convinces US Treasury not to pursue attempt to tax death benefits

1938: NAIFA begins the fight to preserve private health care, offering consumers more choice and options in their health care providers

1945: Passage of the McCarran-Ferguson Act which preserved state insurance regulation

1962: Keogh plans were established in 1962 by the Self-Employed Individuals Tax Retirement Act

1968: NAIFA is credited with a plan to encourage private funding of higher education by allowing parents to set aside tax deductible funds in insurance contracts to pay future tuition

1974: Creation of IRAs, which in turn led to 401Ks and HSAs

1977: NAIFA helps defeat plans to tax the inside build-up enjoyed by annuities products

1982: NAIFA efforts were successful in liberalizing the limits on Keogh plan in the Tax Equity and Fiscal Responsibility Act

1983: Passage of Life Insurance Company Tax Act, which preserved inside build-up of life insurance and annuities

1986: Tax Reform Act – preserved inside build-up of life insurance and annuities

1990: Creation of single premium life insurance distributions

1993: NAIFA fights threat of so-called “Hillary Care”

1996: Phased in health insurance deduction for self-employed and MSAs created

1998: NAIFA Chairs NCOIL’s IEC and has continued to serve on the IEC board in succeeding years

2000: NAIFA is instrumental in the creation of NAIC’s Producer Licensing Model Act and its adoption throughout the states

2002: NAIC Producer Licensing Model Act enacted

2002: NAIFA develops and publishes “Insurance Producer Privacy Guide” to assist members in complying with federal and state privacy requirements

2003: HSAs created

2006: COLI best practices adopted, tax-free charges against cash value to pay for LTC premiums, LTC Partnerships and State High Risk Pool Funding

2006: NAIFA participated in development of the Interstate Insurance Product Regulation Commission and has served on the Industry Advisory Committee since

2006: NAIFA plays key industry role in development of producer training amendments to NAIC’s Long-Term Care Model

2007: Through meetings, comment letters and testimony, NAIFA urges NAIC to address issue of the use of senior designations

2007: NAIFA works with NAIC to develop anti-STOLI amendments to its Viatical Settlements Models

2008: Genetic information non-discrimination and sick student coverage enacted

2008: NAIFA plays integral role in NASAA and NAIC adoption of model rules on use of senior designations

2009: NAIFA begins four-year term as Vice President of NIPR

2010: NAIFA assists NAIC in developing amendments to NAIC models on annuities suitability, annuities disclosure and annuities buyers guide

2010: Thirty states have adopted anti-STOLI laws

2010: Congress passes new 401(k) fee disclosure law, rejecting NAIFA-opposed provisions that would increase limit employees’ access to an advisor

2010: Preserved role for the agent in health reform and avoided excessive regulation in Wall Street reform

2010: Defeated excessive regulation efforts included in The Dodd-Frank Act

2011: NAIFA succeeds in having an untenable DOL rule redefining “fiduciary” for ERISA and IRA accounts withdrawn

2011: The CLASS Act – an unsustainable long term care bill included in the passage of the Affordable Care Act – is suspended by the Administration

2011: Free choice vouchers and expanded 1099 reporting are repealed, and co-op funding is reduced, helping to protect employer-based health coverage

2012: Political Involvement “Influence Training” for NAIFA members is launched

2012: NAIFA takes industry lead in NCOIL adoption of resolution supporting NAIC and NASAA senior designation models

2012: Congress passes NAIFA-backed legislation that forces the SEC to narrowly tailor municipal advisor registration

2013: The CLASS Act is officially repealed and replaced with a long term care study commission

2013: Over 1,000 NAIFA members attended NAIFA’s first ever Congressional Conference in Washington, DC to meet with their lawmakers

2014: NAIFA successfully launches the Congressional Council

2014: Stretch IRA tax provisions are removed from funding the Highway Trust Fund after strong NAIFA opposition