“2014 Day on the Hill Success!”
We had over 75 attendees at this year’s “NAIFA Washington Day on the Hill”. Here are the Talking points:
I. Protect the Role of NAIFA Members with Respect to Retirement Planning—Oppose Bills Allowing the State to Deliver Retirement Programs to Private Employers/Employees—Section 134(1), HB 2185/SB 6002 (Supplemental Budget Appropriation) and Policy Bills Yet to be Introduced
(a) These Bills Would Authorize the Creation of Retirement Accounts to be Offered by the State Department of Retirement Systems to Private Employers and Employees;
(b) The State Should Not Compete with NAIFA Members and Other Licensed Securities Professionals Who Assist Private Employers and Employees with Retirement Planning and Investments;
(c) These Bills Threaten Jobs within NAIFA Membership. These Bills Will Cost the State Money in Lost Tax Revenue in the event that Services Currently Provided by NAIFA Members are Transferred to the State. These Bills Expose the State to New Liabilities if the State Takes on a Fiduciary Responsibility for Investors.
II. Support HB 2134/SB 5976—Exempting Term Life Insurance Policies from Confusing Disclosure Requirements Under Washington’s Life Settlement Law
(a) The current notice requirements were included in legislation that was enacted to prohibit “Stranger-Originated Life Insurance”. The current notices impose obligations to notify policyholders of their options regarding investment-grade life insurance policies, and have little application to term policies. These notices simply confuse policyholders about options that have little value or applicability to term life insurance policies.
(b) HB 2134/SB 5976 provide an opportunity to reduce policyholder confusion regarding notices that have little relationship to term life insurance products, and to relieve life insurers from the administrative burdens associated with such notices.
Thank you to everyone that attended and making this a success!
Finally, there were two “Call to Action” Alerts that many of you stepped up to contact your Legislators and we made a difference!
· Call Senate and House Representatives to “Protect the Role of NAIFA Members with Respect of Retirement Planning – Oppose HB2474 which would Allow the State to Deliver Retirements to Private Employers/Employees. **SENATE: Did not get out of committee. HOUSE: Passed per Partisan votes. So far, without Senate it will not go anywhere.
· Call House Appropriations Committee and ask them to VOTE NO on proposed substitute on HB2201. “Section 211 of the proposed substitute contains the current tax treatment of insurance producers. Section 401 terminates these rates on July 1, 2015….” **STILL PENDING
Stay engaged and when called to action….be there to be counted on to ACT!
Sharon L. Sparling, CIC
NAIFA-Washington Advocacy Chair