NAIFA-Texas Blog (23)

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87th #TxLege By The Numbers

By Bianca Alonso NAIFA-Texas Government Relations Manager on 6/22/21 1:30 PM

On June 8th, NAIFA-Texas members participated in the comeback of our Quarterly Lobbyist Updates. NAIFA-Texas lobbyist, Elizabeth Hadley, delivered a very comprehensive breakdown of bills our association had been working on, as well as, other big ticket priorities (COVID-19 relief, ERCOT reform, health care expansion, broadband expansion, voting integrity, etc.) for Speaker Dade Phelan, Lt. Governor Dan Patrick, and Governor Greg Abbott.

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June is Annuity Awareness Month!

By Bianca Alonso NAIFA-Texas Government Relations Manager on 6/17/21 2:34 PM

In 2010, the National Association for Fixed Annuities (NAFA) designated June as National Annuity Awareness Month (NAAM) to help educate Americans on the important role of annuities as part of a secure retirement savings plan. Annuities can be an integral part of your clients’ long-term retirement planning strategy, providing direction to help them overcome unnecessary risks and important optional benefits that help them to protect their financial future.

During the 87th Legislative Session, NAIFA-Texas played a key role in passing HB 1777. This piece of legislation will require agent and insurers to follow a "Best Interest" standard for annuity products. To act in the best interest of the consumer, the agent is required to satisfy four obligations – the care, disclosure, conflict of interest, and documentation obligations. HB 1777 will harmonize the standard of care for annuities across regulatory platforms.

NAIFA-Texas is very excited this bill passed in time for Annuity Awareness Month. Click here to read more about annuities!

TLRT Kickoff Event

By Bianca Alonso NAIFA-Texas Government Relations Manager on 6/16/21 5:59 PM

Mark your calendars for Texas Leaders Roundtable's Kickoff Event on Thursday, October 21, 2021. This will be an in-person event in Houston, Texas!

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NAIFA-TX & Principal Event - June 16th

By Bianca Alonso NAIFA-Texas Government Relations Manager on 6/9/21 2:17 PM

Join NAIFA-Texas sponsor, Principal Financial Group, on June 16th as they present a leadership directed virtual discussion panel!

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New Texas Law Enhances Protections for Annuity Consumers

By NAIFA on 6/8/21 10:46 AM

Legislation signed recently by Governor Greg Abbott enhances protections for Texas consumers seeking lifetime income through annuities. Championed by House Insurance Committee Chairman Dr. Tom Oliverson and Senate Business & Commerce Chairman Kelly Hancock, the new law enhances the standards financial professionals must follow while preserving consumers’ ability to access the tools they need for a secure retirement.

That's a Wrap On The 87th #TxLege!

By Bianca Alonso NAIFA-Texas Government Relations Manager on 6/2/21 5:10 PM

The 87th Texas Legislative Session is over... for now. This session has been anything but ordinary. However, that did not stop NAIFA-Texas from making our presence known, both inside the Capitol, as well as, virtually. Members- Find out how our legislative priorities stacked up next Tuesday, June 8th at 10 AM as our lobbyist, Elizabeth Hadley, provides a legislative review and an outlook of what is to come! Click here to register for this exclusive member-only virtual event!

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Brent Hill: June Member Spotlight

By Bianca Alonso NAIFA-Texas Government Relations Manager on 6/2/21 3:49 PM

This month, our member spotlight is on Brent Hill - one of the newest members of the NAIFA-Texas Board of Directors! Brent recently celebrated this 5 year NAIFA-anniversary which aligned perfectly with him being our member spotlight. We sat down with Brent and learned about his journey with NAIFA, his expectations upon starting out, and how he has grown with leadership opportunities.

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Quarterly Lobbyist Updates Are Back!

By Bianca Alonso NAIFA-Texas Government Relations Manager on 5/27/21 7:45 AM

After a little hiatus due to our virtual Day at the Capitol event earlier this year and the 87th legislative session kicking into high gear, the Quarterly Lobbyist Update series is back! This session was unlike any other due to the impacts of COVID-19 and an unpredictable winter storm (just to name a few), and it certainly was not boring.

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Texas Legislature Passes NAIC Model for Annuity Transactions

By NAIFA on 5/20/21 4:21 PM

NAIFA-Texas has been hard at work ensuring that the Texas legislature adopts the National Association of Insurance Commissioners (NAIC) model for a “Best Interest” standard for annuity products this legislative session. Partnering with Texas Association of Life and Health Insurers (TAHLI), we have met with multiple offices and other stakeholders to ensure clarity and support from those within the Texas Capitol. State Rep. Tom Oliverson, M.D. (R-Cypress), chair of the Texas House Insurance Committee is the bill's author.

On March 23, 2021, Jason Talley, NAIFA-Texas Past President, represented NAIFA-Texas by testifying in support of HB 1777 before the Texas House Insurance Committee. This bill passed unanimously out of committee and passed in the Texas House 144-1. Once it reached the Texas Senate, it was referred to the Senate Committee on Business & Commerce. Due to a time constraint before the first bill filing deadline of the session in early March, there was no Senate companion bill nor a Senate author. NAIFA-Texas and TALHI were able to get Chairman Kelly Hancock (R-Fort Worth) to carry this bill in his own committee. On May 13, 2021, this bill was heard in a formal hearing where NAIFA-Texas submitted written testimony in support. There was no opposition.