Membership Renewal Time
If you are like most of us it’s been a while since you stopped to reflect on the services that NAILBA provides.

View a list of the benefits and services you receive through your NAILBA membership.

And it doesn’t stop there. In the next year, you will be presented with two educational conferences designed to provide you and your staff the training you need to be successful in today's economic environment, an updated Field Underwriting Guide, a BGA Contracts Manual, and, of course, FREE registration to NAILBA 29.

Watch your mailbox for the 2010 membership renewal package. This year, we included your agency’s database listing so that you can completely update all the information that we have on file – including agency contacts, titles and email addresses. This will ensure that everyone receives timely communications. As a reminder, annual membership dues must be paid by March 31, 2010.

Don’t miss out on all of the benefits and services your membership provides to you! If you have any questions about your renewal, please contact Naomi Romanchok at 703-383-3072 or nromanchok@nailba.org.

House Passes Regulatory Reform Package
On Friday, December 11, the U.S. House of Representatives approved sweeping legislation designed to overhaul the financial services industry.  H.R. 4173, the Wall Street Reform and Consumer Protection Act of 2009, was passed 223-202.   

Several provisions included in the bill are of interest to NAILBA:

• H.R.4173 imposes a fiduciary standard of care on broker-dealers.  NAILBA is vehemently opposed to this provision and is advocating against its inclusion both this and the Senate’s regulatory reform draft.
• H.R.4173 establishes a Federal Office of Insurance, which would be under the purview of the U.S. Treasury.  The office will serve as a clearinghouse of insurance information for the Federal government. 
• H.R.4173 establishes a Consumer Financial Protection Agency, which would be provided with regulatory authority over the provision of financial products and services.  Insurance products are exempted from CFPA oversight as they are already subject to state regulations.

On the Senate side, Senator Christopher Dodd (D-CT) authored the Senate’s regulatory reform draft proposal known as the Restoring American Financial Stability Act of 2009,  which is currently under consideration by the Senate Banking Committee. 

NAILBA has been working with agent groups to voice its strong opposition to any proposal that would impose a fiduciary standard of care on broker-dealers.  No movement is expected until the Senate completes its work on health care reform legislation.

SEC Commits to Delaying Implementation of Rule 151A Until 2013
On December 9, the U.S. Securities and Exchange Commission announced it will delay implementation of Rule 151A until January 2013.  Rule 151A reclassifies equity-indexed annuities as securities products subject to Federal regulation.  In addition, the SEC has opened a comment period on the effects of 151A implementation.

Support continues to build for the bills pending in Congress (S. 1389 and H.R. 2733) which repeal 151A.  NAILBA is an active part of efforts to continue expanding this support.  Visit our Legislative Action Center to learn how you can help!

New York State Moving Forward On Compensation Transparency; Schapiro Weighs In
On December 2, 2009 the New York State Insurance Department (NYSID) published proposed Regulation 194 in the New York State Register.  If implemented, the regulation would require insurance producers to fully disclose all information to clients as it relates to compensation from the sales of insurance products. 

Opposition has been voiced by a litany of agent groups including Independent Insurance Agents and Brokers of New York (IIABNY), AALU and NAIFA, with IIABNY threatening legal action against NYSID if the rule is implemented.

Furthermore, SEC Chairman Mary Schapiro commented in a speech before the Consumer Federation of America earlier this month that “retail investors should be provided…information about the compensation the professional will receive on each product being sold — and information about the conflicts that may be causing the advisor or salesman to steer the investor to a certain investment.”

Based on these developments, NAILBA believes compensation transparency could be an emerging issue at the Federal level with which it must be ready to engage.  We will continue to update you on this issue.

Registration for 2010 Executive Forum Now Open!
On January 28, 2010, NAILBA will once again host the NAILBA Executive Forum. This year’s Forum, to be held in New Orleans, is dedicated to proving the latest information and updates on the financial markets, trends in brokerage, and essential leadership training to help your business thrive!

REGISTER TODAY
MAKE YOUR HOTEL RESERVATIONS
VIEW THE CONFERENCE PROGRAM

After attending the 2010 Executive Forum, participants will understand:

• What they need to be aware of that may have a severe impact on their agency (and it's more than just regulation)
• Any issues/challenges on the 3-5 year horizon that might drastically devalue their business
• The changes needed to continue to grow their businesses for the next 3-5 years
• The importance of planning 1-3 years out, rather than quarterly
• The serious nature of changes in business potential in this volatile environment

Questions? Please contact Michele Liston at mliston@nailba.org or call (703) 383-3081.

Happy Holidays from NAILBA
During the Holiday Season more than ever, our thoughts turn gratefully to those who have made our progress possible.

Thank you and best wishes for the holiday season and a Happy New Year.

Please note: NAILBA's offices will close December 25 and reopen January 4.