Redistricting is complete! The redrawn political maps for the Texas House, Texas Senate, and Texas Congressional seats were signed into law by Governor Greg Abbott on October 25, 2021. These maps were drafted and passed by the Texas Legislature during the third special session. Members, the Texas Tribune has a tool where you can view any changes to your district and representation!
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Members, if your business includes annuity products, then this post is for you!
As a continuation of HB 1777 passed by the 87th Texas Legislature, Texas Department of Insurance (TDI) adopts rules about the forms an agent must provide to a consumer before or when recommending or selling an annuity. Any NAIFA-Texas member who sells annuity products should review this adoption and familiarize themselves with the new required forms. The rules adoption can be found here.
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The Texas Department of Insurance (TDI) has issued a guidance of the new and revised annuities courses state-licensed agents and non-resident agents will be required to take if they are looking to sell annuities on or after January 1, 2022.
Topics: Annuities Continuing Education
The Life and Annuities Committee of the National Association of Insurance Commission (NAIC) has adopted FAQs regarding the February 2020 Best Interest Model brought forth and implemented by the committee.
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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!
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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.