NAIFA-Texas remains a powerhouse on the advocacy front. Our members have always set the example of the importance of having relationships with legislators. As the 87th Legislative Session adjourned on May 31, 2021, NAIFA-Texas worked until the final deadline to ensure our priorities passed.
The veto period goes until June 20, 2021. Stay tuned for a more comprehensive legislative wrap-up!
Questions? Contact Bianca Alonso, firstname.lastname@example.org.
During the 87th Legislative Session, NAIFA-Texas worked with associations and stakeholders to pass our top legislative priorities.
SB 1063 by Senator Carol Alvarado (House Sponsor: Rep. Ken King) – Personal financial literacy is the foundation for a stable financial future. Without it, our financial decisions, and the actions we take—or don't take—lack a foundation for success. SB 1063 will bring personal financial literacy to the graduation coursework for Texas Public High Schools. This bill will give the future business owners and entrepreneurs of Texas the tools and resources for a strong financial future! SB 1063 was signed by Governor Abbott on June 8, 2021.
HB 1777 by Representative Tom Oliverson, M.D. – In February 2020, the NAIC (National Association of Insurance Commissioners) finalized a model “Best Interest” standard that will ensure all agents and insurers must act in the best interest of the consumer. The model requires agents and carriers to act with “reasonable diligence, care, and skill” in making recommendations for annuity products. NAIFA National played a large role in the building of this “Best Interest” model and has asked all state legislatures to adopt this rule on the local level. During the 87th legislative session, Texas became the 12th state to adopt this model. We are honored to have partnered with TALHI (Texas Association of Life and Health Insurers) on supporting HB 1777. Governor Abbot signed HB 1777 on June 4, 2021.
Our biennial Day at the Capitol event looked a little different this year. What was supposed to be a hybrid event became a fully virtual experience due to the aftermath of the Texas snowstorms. Despite this last-minute change, NAIFA-TX members met virtually with dozens of legislators or their policy staff between Feb. 23 and Feb. 25. To read more, please click here.
Based on dues and the number of bills that could affect your book of business, it would have cost you $1.07 per bill, per day to watch each each of the bills that NAIFA-Texas watched for you at the state level during the 86th Legislative Session. If you tried to watch, analyze, and respond to all of the bills - 703 of them that affected our industry - you would lose valuable time and money. NAIFA-Texas does all of this for you!
During the 86th Legislative Session, NAIFA-Texas worked with associations and stakeholders to pass four bills.
For more detailed information about each of the above bills, please click here.
When the legislature is not in session, NAIFA-Texas is still working hard to protect your industry and the interest of your clients. We monitor the Texas Department of Insurance, the Texas State Securities Board, the Texas Ethics Commission, the Teacher Retirement System, and other agencies/organizations for new and changing rules. We want to ensure we are present when there is a request for comments, subject matter expertise, or testimony. The campaign season is our opportunity to monitor candidates who are running for office and cultivate relationships in preparation for the next legislative session.
NAIFA is the only organization representing insurance and financial advisors regardless of the products they sell or the focus of their practice.
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