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Congressional Conference What You Need to Know April 28, 2015.

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Presentation on theme: "Congressional Conference What You Need to Know April 28, 2015."— Presentation transcript:

1 Congressional Conference What You Need to Know April 28, 2015

2 Diane R. Boyle, HIA Senior Vice President Government Relations NAIFA’s Advocacy Strength

3 Industry Protection Protecting the insurance industry is a multi-faceted advocacy approach involving agents, companies, and their associations. Together, the industry forms a strong alliance, with each entity bringing unique assets to advancing our missions.

4 Successful Advocacy Public Policy People PAC Public Relations

5 Public Policy Unified industry messages communicated consistently by all industry groups to each of the 535 U.S. Senators and Representatives.

6 NAIFA’s Public Policy Strength Members serve middle-income American families - the population that all policymakers want to help. Industry expertise puts policy into context, promoting mutual understanding and giving a voice to this important constituency.

7 People Constituents & Key Contacts Company CEOs Association Leadership Industry Experts Professional Lobbyists

8 NAIFA’s People Strength NAIFA member contact for every member of Congress. Annual gathering of NAIFA members from every state on Capitol Hill. NAIFA members regularly organize in-district meetings. Long-term state level relationships with NAIFA members that carryover when state officials are elected to national office.

9 Political Action Committees Help fund campaigns Establish industry credibility Enhance relationship development Strengthen existing relationships

10 NAIFA’s PAC Strength Insurance PACs 1. National Assn of Insurance & Financial Advisors 2. New York Life Insurance 3. AFLAC Inc 4. Independent Insurance Agents & Brokers/America 5. USAA 6. Massachusetts Mutual Life Insurance 7. Council of Insurance Agents & Brokers 8. Association for Advanced Life Underwriting 9. Metlife Inc 10. Liberty Mutual Insurance Top PACs 1. National Assn of Realtors 2. National Beer Wholesalers Assn 3. National Auto Dealers Assn 4. Honeywell International 5. Lockheed Martin 6. American Bankers Assn 7. AT&T Inc 8. Intl Brotherhood of Electrical Workers 9. Credit Union National Assn 10. Operating Engineers Union 11. Northrop Grumman 12. National Assn of Insurance & Financial Advisors Largest Insurance Industry and 12 th Largest in U.S.

11 Public Relations Advertising Media outreach Industry voice & influence Social media & community

12 NAIFA’s PR Strength Represent middle-market American households Members in all major media markets Members’ range of financial services expertise Interviews sought by industry and business media

13

14 Jill E. Hoffman Vice President Government Relations Objectives & Preparation

15 Meeting Objectives 1.Establish that our products contribute to the common good. 2.Express concern that public policy could create barriers for personal financial security. 3.Establish yourself and NAIFA as resources.

16 Preparation Preparation Read the Issue Papers Department of Labor Fiduciary Rule Tax Reform/Revenue Challenges Relate the Topics to Your Practice and Your Clients Be prepared to share those examples Review the State Fact Sheets

17 Preparation Know Your Members of Congress Republican/Democrat/Independent Committee Assignments Insurance Connections NAIFA’s Legislative Action Center at

18 MemberChamberPartyStateIndustry Connection Tony CardenasHouseDCALife Insurance Salesman John GaramendiHouseDCAFormer Insurance Commissioner Mark TakanoHouseDCAMother NAIFA member Juan VargasHouseDCAVP Safeco Ins & Liberty Mutual Group Ken BuckHouseRCOWife Agent John LarsonHouseDCTAgent Tom CarperSenateDDEFather Nationwide Agent Bill NelsonSenateDFLFormer Insurance Commissioner Austin ScottHouseRGAAgent/NAIFA Member Mark TakaiHouseDHIAgent Mike BostHouseRILLicensed Agent Randy HultgrenHouseRILAgent Adam KinzingerHouseRILBrother Northwestern Mutual Bill CassidySenateRLAFather New York Life Agent Jamie MayoHouseDLAAgent/Operations Manager Richie NealHouseDMAMassMutual Agent Susan CollinsSenateRMEFormer Insurance Commissioner Gary PetersSenateDMIFinancial Advisor Tom EmmerHouseRMNInsurance Attorney Claire McCaskillSenateDMOFather Prudential Agent William Lacy ClayHouseDMOFather Life Insurance Co Manager Emmanuel CleaverHouseDMOMother MetLife Agent Blaine LuetkemeyerHouseRMOAgent Jason SmithHouseRMOPreviously Licensed Agent Insurance Industry Connections

19 MemberChamberPartyStateIndustry Connection Thom TillisSenateRNCProvident Insurance Staff Walter JonesHouseRNCAgent Adrian SmithHouseRNEFather State Farm Agent & NAIFA Member Frank GuintaHouseRNHAgent Donald NorcrossHouseDNJBrother owns an insurance agency Donald PayneHouseDNJFather Prudential Employee Tom MacArthurHouseRNJChairman & CEO York Risk Services Carolyn MaloneyHouseDNYFather Agent Sean Patrick MaloneyHouseDNYFather and Brother Agents Jim InhofeSenateROKInsurance Executive Mike DoyleHouseDPAAgent Scott PerryHouseRPAAgent Tim ScottSenateRSCAgent/NAIFA Member Mike RoundsSenateRSDInsurance Agency Owner Kristi NoemHouseRSDStaffer married to an agent Jim CooperHouseDTNSon Northwestern Mutual Kay GrangerHouseRTXAgent Gerry ConnollyHouseDVAFather MetLife Executive Randy ForbesHouseRVAFather "debit" agent for VA Ins Co Rob WhitmanHouseRVABrother-in-law agent

20 Magenta M.R. Ishak Vice President Political Affairs Logistics

21 36 Hours of Motion! Tuesday Event Locations Hotels Galore! Bring Your Walking Shoes! Breakfast on Wednesday Getting to Congressional Appointments on Wednesday

22 Crystal City Hilton, Hampton Inn (Arlington), Radisson at National Airport Capitol Hill Meetings, Reserve Officers Association Residence Inn Marriott, Hampton Inn at National Harbor

23 Shuttle Bus Schedule for Tuesday, May 19th Shuttle Bus Round Trip Between: Residence Inn National Harbor & Hilton Crystal City in Arlington Shuttles will run continuously during the hours of: 10:30 am – 2:15 pm (Last pick-up at the Residence Inn is at 2:15 pm) & 6:30 pm – 9:15 pm (Last pick-up at the Hilton Crystal City is at 8:30 pm) Please note: The shuttle will not run between 2:15 pm and 6:30 pm

24 Agenda Tuesday, May 19, :00 pm-7:00 pmRegistration/Congressional Appointments Desk (Hilton Crystal City Hotel) 1:30 pm-4:00 pmAdvocacy Briefing (Hilton Crystal City Hotel) 4:15 pm-5:00 pm State Caucuses (Hilton Crystal City Hotel & Crystal City Sports Pub) * 5:30 pm-6:30 pmWelcome Reception (Crystal City Sports Pub) Wednesday, May 20, :00 am-10:00 amRegistration/Congressional Appointments Desk 7:00 am-8:30 amBreakfast at Your Own Hotel 8:00 am-5:00 pm Congressional Appointments Desk/Luggage Storage/Refreshments/ Debriefings (Reserve Officers Association) 9:00 am-4:00 pmCongressional Appointments on Capitol Hill * Location assignments will be available at NAIFA registration

25 State Caucuses Review Congressional Meeting Protocol Study Talking Points & State Facts Select the Personal Stories to Tell Decide Who is Doing What: –Opening the Meeting –Discussing Each Issue –Asking the Lawmaker to Join the new Caucus –Closing the Meeting

26 Luggage Storage, Refreshments, Debriefing

27 Guest Speakers Rep. Ann Wagner (R-MO) Member, House Financial Services Committee Dirk Kempthorne President & CEO, American Council of Life Insurers

28 Maggie Fogg Political Involvement Program Manager Advocacy Preparation

29 Participate in Webinar & On- site Preparation Attend Your State’s Caucus For a state fact sheet sneak peak visit:

30 Advocacy Preparation Understand the Leave-Behinds –NAIFA Issue Papers –State Fact Sheet –NAIFA Business Card Jacket –Your Business Card Only Congressional Appointment Organizers (CAO) Should Be Making/Organizing the Congressional Appointments A list of CAOs can be found at

31 GR Mobile Use GR Mobile for easy access to: Talking Points Up-to-date Appointment Schedule Meeting Debriefing form Much more!

32 Pocket-Sized Talking Points+ Agenda Talking Points GR Mobile Metro Map Map of Congressional Office Buildings

33 Remember: Meeting with Staff is Important! Tell Them that You Are Representing NAIFA & Your Clients You May Only Have 10 Minutes, So Get Down to Business ASAP Not to Discuss $!! Stay on Message Wear Business Attire & Your NAIFA Name Badge Debrief NAIFA After Your Meetings Congressional Appointments

34 Talking Points/Messages to Be Delivered on Capitol Hill Judi A. Carsrud Director Government Relations

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36 Thank you for meeting with us – we’d like to make you aware of three important issues that impact our ability to serve the families and businesses in our communities. Talking Points

37 Department of Labor Expansion of Fiduciary Tax Reform Proposals Retirement Readiness and Industry Products Education Three Topics

38 The DOL rule is very lengthy and complex – generally, it defines all advisors who receive compensation of any type as “investment advisor fiduciaries,” including advisors to employer plan sponsors, participants and IRA owners. DOL rules do not allow advisors to have a conflict of interest under fiduciary rules, and therefore commissions, mutual fund fees and other 3 rd party compensation are “prohibited compensation.” DOL Background

39 However, the DOL included with the release of the rule an “exemption” so that some prohibited compensation would be permitted if certain very detailed conditions are met. Generally, if the retirement saver, the advisor and the advisor’s financial institution (e.g., broker dealer) sign a contract stating the advice will be in the client’s best interests, that conflicts will be mitigated and disclosed and other numerous requirements, including a public website with copious amounts of data, then conflicted advisor is permitted to work with the saver. DOL Exemption

40 The DOL requirements are costly and complex and we fear that affordable advice and access to advisors will shrink as a result of the burdensome conditions of the new rule. The rule does not provide an exemption for prohibited compensation when advising savers at the time of distribution from plans, or at time of a rollover from a plan to an IRA, or at a rollover from one IRA to another. This will leave millions without advice when they are most vulnerable to making a wrong decision with their retirement assets. DOL Talking Points

41 The DOL rule also limits advice on the purchase of an annuity to certain types, and excludes the ability to recommend or sell a variable annuity without violating the “conflicted compensation” prohibition. We appreciate the DOL’s improvements over a prior proposal and ask Congress to work with the DOL and stakeholders to create a workable best interest standard. DOL Talking Points

42 Tax reform proposals from the last Congress included reductions in retirement savings plan contributions, limits on the amount that can be saved in retirement plans and elimination of some business uses of life insurance, and new taxes on insurance companies. Life insurance, annuities, long term care products and disability income protection are all critical elements of overall retirement planning. Tax Reform Talking Points

43 Helping 75 million American families manage financial risks of death, longevity, and illness is what only life insurance products do. Congress should not make it more difficult for companies, agents, and advisors to provide reliable and affordable risk protection options for families and businesses. Public policy should encourage this private sector partnering with strained government programs for the financial security and assure that no new taxes undermine this partnership. Industry Talking Points

44 Education is the key! The Financial Protection and Life Insurance Caucus has been created to focus on the importance of education and understanding of industry issues. The bi-partisan, bi-cameral coalition is co-chaired by Sen. Murphy (D-CT), and Reps. Tiberi (R-OH) and Neal (D-MA). Caucus Talking Points

45 Congressional Ask Work with stakeholders and the DOL to create a workable best interest standard. Preserve current tax laws that encourage individuals and businesses to manage risks affordably, to save, and to plan for the future in a self-reliant manner. And…

46 Join the Caucus

47 Questions?


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