NAIFA-NYS 97th Annual State of the State 2015
Transcript of NAIFA-NYS 97th Annual State of the State 2015
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WELCOMEMEMBERS HONOREES
GUESTS
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2015STATE -OF THE- STATETRANSLATIN
G VISION
INTO REALITY
Special Thanks to our Sponsors:
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Lawrence J. Holzberg,
LUTCF
PresidentNAIFA – NYS
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Welcome:
Steve Acunto
CINN Worldwide
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2015STATE -OF THE- STATETRANSLATIN
G VISION
INTO REALITY
Special Thanks to our Sponsors:
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Welcome:
Gregory V. Serio
Park Strategies
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Welcome:
Peter Molinaro
Park Strategies
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John HurleyPark Strategies
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Mark L. Yavornitzki, CAE
NAIFA – NYS Lobbyist
GR Inititiatives
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New York State Legislative/Regulatory &
Inter-Industry Panel Discussion
Participants:Gregory V. Serio
Peter Molina
ro
Mark Yavornitz
ki
David
Walsh
John Hurle
y
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NAIFA-NYSLegislative and Regulatory Issues
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Zombie BillsDefinition
Undead legislative measures that persist despite years or even decades of inaction
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Zombie Bills•Examples:
▫A3305 (Robinson) Requiring CFP Certification for Advising Seniors
▫S141 (Diaz) Imposes 50% franchise tax on COLI benefits
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Improving the speed-to-market conditions
•S3287 (Seward) – Senate Floor Calendar
•A5208 (Simotas) – Assembly Insurance Committee
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S3287/A5208
Interstate Insurance Product Regulation Compact
•Products Regulated:▫Life insurance, annuities, disability income,
and long-term care insurance
•Single point of filing•NYS DFS Continued Opposition
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S3287/A5208 Continued…• Currently 44 member states representing over 70% of the
premium volume nationwide▫ 6 of the largest Compacting states (according to premium):
Texas, Pennsylvania, New Jersey, Illinois, Ohio, and Michigan▫ 4 states with at least 2% of premium volume:
Massachusetts, Indiana, Maryland, and Wisconsin▫ 1 additional from each four regional zones:
Alabama, Alaska, Arkansas, Colorado, Georgia, Hawaii, Idaho, Iowa, Kentucky, Louisiana, Maine, Massachusetts, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, Oklahoma, Oregon, Puerto Rico, Rhode Island, South Carolina, Tennessee, Utah, Vermont, Washington, West Virginia, and Wyoming
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Rebating Exceptions for Non-Insurance Benefits
•S1672 (Seward) – Senate Floor Calendar
•A666 (Hevesi) – Assembly Insurance Committee
•Forum on modernizing anti-rebating laws?
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Fiduciary Disclosure Statement
•A6933 (Dinowtiz) – Assembly Judiciary Committee▫Fiduciary good, all others bad
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A6933“I am not a fiduciary, therefore, I am not required to act in
your best interests, and am allowed to recommend investments that may earn higher fees for me or my firm, even if those investments may not have the best combination of fees, risks, and expected returns for you.”
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Victory on Regulation 60•NAIFA-NYS recommended reforms accepted by DFS•Changes in effect now•Company Compliance•Implementation Issues
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Other Issues and Q&A•DFS – Changes at the top
•New Leadership in Legislature
ANY QUESTIONS?
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Welcome:
David J. Walsh
LICONY Chairman
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Welcome:Diane Boyle
Sr. Vice President of Government Affairs
NAIFA National