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News & Press: CalAdvisor Newsletter

NAIFA-California Legislative Victories

Friday, March 2, 2018   (0 Comments)
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Your Legislative and Regulatory Watchdog
In Sacramento for MANY Years and MANY Years to Come

It Pays to Belong…

2003-Successfully lobbied Sen. Scott to amend his earlier proposal to ban the sale of annuities to seniors. The final result (SB-620) provided key senior protections while preserving the annuity marketplace for consumers and agents.

2004-Fought successfully to defeat Commissioner Garamendi’s efforts to require agents and brokers to disclose any and all commissions earned in the sale of insurance products.

2005-In the aftermath of the San Diego firestorms, successfully fought proposed regulations that would have decimated the homeowner marketplace.

2005-Defeated a proposal that would have made insurance agents mandatory reporters of elder financial abuse, something for which they are not trained to do, nor should be held liable for.

2008-Successfully amended the statute to eliminate Stranger Owned Life Insurance (STOLI) from the California marketplace.

2009-Defeated AB 1521 which would have required insurance agents to disclose all commissions received when selling health insurance products and would have created new fiduciary duties insurance agents would owe to their clients.

2010-Successfully stopped AB 989 which would have allowed trial lawyers to sue insurance agents and brokers for Insurance Code violations in addition to any action taken by the Commissioner.

2011-Worked with others groups in the business community to defeat legislation that would have imposed costly and burdensome record-keeping requirements for independent contractors (agents and brokers).

2012-Supported legislation to provide agents’ life insurance policyholders a 60-day grace period for premium payments and allow policyholders to designate additional persons to receive notices of lapses or cancellations.

2013-Secured amendments to SB 161 to preserve the right for small employers to self-insure for their health insurance needs and strongly supported SB 281 to allow insurance companies to provide accelerated death benefits to their life insurance policyholders.

2014-Worked with Covered California to ensure agents had a role within the Exchange and that they would be properly compensated for their work.

2015-Stopped a fiduciary standard bill from being introduced in California thanks NAIFA-California’s lobbyist and local member to educating the Senator who was considering it.

2016-Successfully secured an amendment to Senator DeLeon’s California Secure Choice Retirement Savings Program bill, SB 1234, to direct the Board to collaborate with and evaluate the role of licensed insurance agents and financial advisors in assisting and providing guidance for eligible employers and employees.

2017-Helped to stall the Single-Payer bill that would have resulted in NAIFA-California members no longer being able to sell health insurance in California.

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