For Immediate Release
September 7, 2023
Contact: Pat Gilbert
(732) 201-4133

NCOIL SALUTES LIFE INSURANCE AWARENESS MONTH
Urges the Importance of Protecting Loved Ones

Belmar, NJ – The National Council of Insurance Legislators (NCOIL) is proud to highlight September as the 20th annual “National Life Insurance Awareness Month”. NCOIL focuses on this campaign to serve as a reminder to families of the value of life insurance and encourages them to perceive life insurance as an investment into their families’ security.

“Life insurance is an important financial tool that provides families with a safety net, offers financial protection in times of loss, and ensures that financial commitments are met, even in the
absence of a loved one,” said Arkansas Representative Deborah Ferguson, DDS, NCOIL President. “I encourage everyone to take the time to assess their need for coverage to make sure they avoid the uncertainty that comes with being uninsured or underinsured.”

NCOIL CEO, Commissioner Tom Considine, said, “Having sufficient life insurance coverage is an important component of a sound financial plan and provides resiliency during unexpected times.” He continued, “Two common misconceptions surrounding life insurance are that it is expensive and that it is not needed. However, many people can be insured for the price of a daily cup of coffee.”

“NCOIL urges consumers to consult with their financial advisor to get a quote to find a plan that fits their needs and budget. Consumers can choose from among many different varieties of life insurance. With the innovations in product development, consumers can now buy policies that also cover long term care needs from the same benefit. Everyone should understand the benefits of life insurance and the risks of going without it,” Considine concluded.

Additional information and resources about Life Insurance Awareness Month can be found at https://lifehappenspro.org/life-insurance-awareness-month

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NCOIL is a national legislative organization with the nation’s 50 states as members, represented principally by legislators serving on their states’ insurance and financial institutions committees. NCOIL writes Model Laws in insurance and financial services, works to preserve the State jurisdiction over insurance as established by the McCarran-Ferguson Act seventy-six years ago, and to serve as an educational forum for public policymakers and interested parties. Founded in 1969, NCOIL works to assert the prerogative of legislators in making State policy when it comes to insurance and educate State legislators on current and longstanding insurance issues.

CLICK HERE FOR MORE INFORMATION

CLICK HERE FOR MORE INFORMATION

For Immediate Release
August 7, 2023
Contact: Pat Gilbert
(732) 201-4133

NCOIL ADOPTS TWO NEW HEALTH INSURANCE MODEL LAWS AT SUMMER MEETING IN MINNEAPOLIS
Model Laws Include the NCOIL Biomarker Testing Insurance Coverage Model Act and NCOIL Hospital Price Transparency Model Act

Belmar, NJ – At the 2023 National Council of Insurance Legislators (NCOIL) Summer National Meeting in Minneapolis, the organization adopted two new NCOIL Model Laws. The Models
were first adopted by the group’s Health Insurance and Long-Term Care Issues Committee (Committee), Chaired by West Virginia Delegate Steve Westfall, and passed by NCOIL as a whole on Saturday July 22nd.

The two new Models are the NCOIL Biomarker Testing Insurance Coverage Model Act, sponsored by New York Assemblywoman Pamela Hunter, NCOIL Treasurer, and co-sponsored by Minnesota Senator Paul Utke, NCOIL Secretary, and the NCOIL Hospital Price Transparency Model Act sponsored by Texas Representative Tom Oliverson, M.D., NCOIL Vice President, and co-sponsored by Kentucky Representative Rachel Roberts, Vice Chair of the Committee.

Del. Westfall said, “The Committee has worked tirelessly to get these two Models to a place where they could be considered and I thank the sponsors and co-sponsors for listening to and
incorporating input from a wide range of perspectives during the drafting and deliberation process. Hospital price transparency and health insurance coverage for biomarker testing are two
issues of great interest to the public and these Models will provide effective guidance for legislators to bring back to their states.”

“I was pleased to see the committee adopt two bills that are so important in helping patients to navigate the healthcare marketplace,” said Arkansas Representative Deborah Ferguson, DDS,
NCOIL President, “I am confident that these Models will prove to be very useful to legislators and I’ll be watching with great interest as bills based on the Models are introduced in legislatures across the country.”

The NCOIL Biomarker Testing Insurance Coverage Model Act requires insurance coverage for biomarker testing for the purposes of diagnosis, treatment, appropriate management, or ongoingmonitoring of a covered person’s disease or condition. Approximately ten states have enacted similar legislation, with another ten states having introduced bills that largely mirror the Model. The Model is intended to only apply post-diagnosis, and will help give more patients the ability to have a biomarker test conducted to guide treatment decisions in instances when the test
provides clinical utility as demonstrated by medical and scientific evidence, including, but not limited to: labeled indications for a test approved or cleared by the Food and Drug Administration (FDA) of the United State government or indicated tests for an FDA approved drug; Centers for Medicare and Medicaid Services (CMS) National Coverage Determinations or Medicare Administrative Contractor (MAC) Local Coverage Determinations; or nationally recognized clinical practice guidelines.

“The passage of this Model is an important step in making sure patients are able to make the best-informed decisions about the treatment options available to them when they need it most,” said Asw. Hunter. “We heard a range of differing opinions on this issue, but as NCOIL continues to prove, we were able to come together and adopt a Model on a vitally important issue that can be used to protect patients all across the country.”

During the drafting and deliberation process, NCOIL legislators and staff heard from a wide array of interested parties including: America’s Health Insurance Plans (AHIP); the American Cancer Society Cancer Action Network; Biotechnology Innovation Organization (BIO); Blue Cross Blue Shield Association; California Health Benefits Review Program (CHBRP); ERISA Industry Committee (ERIC); GO2 Foundation for Lung Cancer; International Foundation for Autoimmune & Autoinflammatory Arthritis; National Comprehensive Cancer Network (NCCN); Ochsner Cancer Institute; and the UC San Diego Moore Cancer Center.

The NCOIL Hospital Price Transparency Model Act will enable states to implement laws and regulations that mandate healthcare facilities to disclose prices for specific items and services, offering patients accessible and transparent pricing information. Facilities will be required to maintain a list of standard charges for their items and services as well as provide a consumerfriendly list of shoppable services available at the facility. Non-compliance can result in a corrective action plan, administrative penalties, and a prohibition of collective debt actions against patients. The genesis for the Model and similar state laws is a very similar federal hospital price transparency regulation that hospitals have not been fully compliant with.

Rep. Oliverson said, “Lack of transparency in hospital pricing over the years has resulted in a lack of competition in the marketplace and led to rising healthcare costs across the nation. Unfortunately, this has made healthcare unaffordable for many Americans. This Model, combined with increased compliance with the federal regulation, will help ensure that consumers are empowered to make the best healthcare decisions for themselves and their families.”

During the drafting and deliberation process, the Committee heard from a wide array of interested parties including: the American Hospital Association (AHA); the Cicero Institute; the Council for Affordable Health Coverage; the National Academy for State Health Policy (NASHP); PatientRightsAdvocate.org; and the Texas Public Policy Foundation.

NCOIL CEO Commissioner Tom Considine said, “The passage of these two Models really underscores how NCOIL continues to be on the cutting edge of emerging healthcare public policy issues. It also shows NCOIL’s commitment to hearing different perspectives on all types of issues and being willing to make changes to Models throughout the drafting process. These are two issues that are very important to consumers so kudos to the Committee for working hard to reach a bipartisan consensus and getting these models over the finish line.”

Full copies of the Models can be found here: https://ncoil.org/health-long-term-care-health-retirement-issues-committee/

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NCOIL is a national legislative organization with the nation’s 50 states as members, represented principally by legislators serving on their states’ insurance and financial institutions committees. NCOIL writes Model Laws in insurance and financial services, works to preserve the State jurisdiction over insurance as established by the McCarran-Ferguson Act over seventy years ago, and to serve as an educational forum for public policymakers and interested parties. Founded in 1969, NCOIL works to assert the prerogative of legislators in making State policy when it comes to insurance and educate State legislators on current and longstanding insurance issues.

For Immediate Release
July 27, 2023
Contact: Pat Gilbert
(732) 201-4133

NCOIL CONCLUDES SUCCESSFUL SUMMER MEETING IN MINNEAPOLIS
Strong Attendance Continues; Three Model Laws Adopted; Timely Policy Discussions Held

Belmar, NJ – The National Council of Insurance Legislators (NCOIL) concluded a highly successful 2023 Summer National Meeting (Meeting) from July 19th – 22nd in Minneapolis. In what was the second of the organization’s three National Meetings in 2023, there were 338 participants consisting of 55 legislators from 30 states, 17 first-time legislators, 5 Insurance Commissioners (or equivalent), and 14 total insurance departments represented.

Arkansas Representative Deborah Ferguson, DDS, NCOIL President said, “The attendance at this meeting really highlights NCOIL’s continued commitment to being representative of America.
Over 50% of the legislators that attended were of gender or racial diversity, which is a great sign of progress from when that number was below 20% just five years ago and it is vital that it continue.”

“Additionally, we were able to adopt three model laws and advance numerous important issues all while having a near even split of Democrats to Republicans which really shows how NCOIL is a
national model for bipartisanship,” Ferguson continued. The packed agenda featured discussions on topics such as: insurance requirements for biomarker testing; different types of environmental, social and governance (ESG) policy; insurance issues related to catalytic converter theft; hospital price transparency; medical loss ratios (MLRs) for dental health care services plans; the recent failures of Silicon Valley and other banks; different ways to increase access to long term care services; mental health parity laws; and more.

“This meeting built on the strong momentum of the past few years and is a great indication of where NCOIL is heading from both substantive and legislative membership perspectives,” said NCOIL CEO Commissioner Tom Considine. “As a national organization, it is essential to have a wide range of viewpoints participating at our meetings, so having legislators from 30 states
including 17 first time legislators is a really positive sign for NCOIL’s future.”

The Meeting kicked off with the NCOIL Open Golf Outing to Benefit the Insurance Legislators Foundation (ILF) Scholarship Fund on Wednesday afternoon. The event helped reinvigorate the
ILF Scholarship Fund which helps legislators attend NCOIL National Meetings.

“Our second NCOIL Open was a great event, and I was glad to see so many people come together to help raise money for a worthwhile cause,” said Texas Representative Tom Oliverson, M.D.,
NCOIL Vice President. “The event will help further strengthen NCOIL as we have more legislators attending our Meetings than ever before.”

At the traditional Welcome Breakfast on Friday morning, attendees were greeted by Minnesota Insurance Commissioner Grace Arnold who spoke about her prior experiences implementing healthcare policy at the Center for Consumer Information and Insurance Oversight and her current role leading the Minnesota Department of Commerce.

Following the Breakfast, the focus shifted to part two of a year-long series of general sessions on ESG policy, with this session focusing on social aspects. The series is co-facilitated by New York
Assemblywoman Pamela Hunter, NCOIL Treasurer, and Rep. Oliverson.

“Our first session of this series sparked a productive dialogue among our members and I was glad to see the second session do the same as our focus shifted to the social components of ESG
policy,” said Rep. Oliverson. “We had a great panel that provided multiple perspectives on ESG policy and I look forward to seeing that thought diversity continue as we round out the series in
November.”

Asw. Hunter said, “ESG-related matters have undoubtedly become a focal point in state legislatures around the country and this series has allowed us to open a platform for diverse perspectives to come together and educate legislators on the complexities and potential impacts of ESG policy. I’m confident that our final session in Columbus will help complete our members understanding of the issue.”

The policy committee meetings then kicked off with the Joint State-Federal Relations and International Insurance Issues Committee, with Michigan Representative Brenda Carter, Vice Chair of the Committee, presiding. The Committee heard a presentation on recent federal healthcare reform proposals, received an overview of Minnesota’s “Basic Health Program”, and discussed the Internal Revenue Service (IRS) proposed regulation on captive insurers.

“This was a perfect time for the Committee to meet as there are many Federal initiatives being proposed right now that, if implemented, have massive implications for our state-based system of
insurance regulation,” said Rep. Carter. “This Committee will be watching those developments with great interest, and I look forward to our next meeting in November.”

The Health Insurance and Long Term Care Issues Committee, chaired by West Virginia Delegate Steve Westfall, then met and adopted both the NCOIL Biomarker Testing Insurance Coverage
Model Act, sponsored by Asw. Hunter and co-sponsored by Minnesota Senator Paul Utke, NCOIL Secretary, and the NCOIL Hospital Price Transparency Model Act, sponsored by Rep. Oliverson and co-sponsored by Kentucky Representative Rachel Roberts, Vice Chair of the Committee.

Del. Westfall said, “The Committee has worked tirelessly to get these two models to a place where they could be voted on and I thank the sponsors and co-sponsors for listening to and considering
input from a wide range of perspectives during the drafting and deliberation process. Hospital price transparency and coverage for biomarker testing are two issues of great interest to the public and these models provide effective guidance for legislators to bring back to their states.

The Committee also continued discussion on the NCOIL Medical Loss Ratios for Dental (DLR) Health Care Services Plans Model Act, sponsored by Del. Westfall and co-sponsored by Illinois
Representative Rita Mayfield, and heard a presentation on new at-home addiction treatment programs. Lastly, North Dakota Senator Jerry Klein introduced a Resolution in Support of Embedded Provision in the State Insurance Code to Protect Health Savings Accounts-Qualified Health Insurance Policies from Certain State Benefit Mandates.

The day concluded with the Financial Services and Multi-Lines Issues Committee, chaired by Oklahoma Representative Forrest Bennett. The Committee discussed and subsequently adopted the NCOIL Federal Home Loan Bank (FHLB) Insurer-Member Model Act sponsored by Indiana Senator Travis Holdman, NCOIL Immediate Past President and co-sponsored by Mississippi Senator Walter Michel, Chair of the NCOIL Articles of Organization & Bylaws Revision Committee.

The Committee also discussed proposed amendments to the NCOIL Insurance E-Commerce Model Act sponsored by Louisiana Representative Edmond Jordan, Chair of the NCOIL Property & Casualty Insurance Committee, a Resolution in Support of Existing Law Exemptions for New Data Privacy Laws sponsored by Rep. Bennett, and a Resolution in Support of Establishing National Standards and Procedures for the Reporting and Payment of Premium Taxes Due as a Result of Interstate Insurance Transactions sponsored by Rep. Oliverson.

“With a packed agenda in Minneapolis, I was glad to see the Committee get a new Model Law over the finish line and further discussion on the models and resolutions we are continuing consideration on. I look forward to another productive dialogue in November,” said Rep. Bennett.

Friday kicked off with a meeting of the Workers’ Compensation Insurance Committee, chaired by Ohio Senator Bob Hackett. The Committee heard a “State of the Line” presentation focused on the on the status of and trends in the overall workers’ compensation insurance marketplace, discussed trends in states that have adopted drug formularies, and heard about the latest developments in the Minnesota workers’ compensation system. The Committee also re-adopted four existing model laws.

“By discussing the latest workers’ compensation legislative and regulatory trends we were able to provide valuable information that legislators can bring back and use in their states. I look forward to having our next meeting in my home state in November to continue more worthwhile discussions,” said Sen. Hackett.

A very productive NCOIL-NAIC Dialogue was then held which included an strong lineup of NAIC representatives: Idaho Director and NAIC Immediate Past President Dean Cameron, Indiana Commissioner Amy Beard, Louisiana Commissioner Jim Donelon, Minnesota Commissioner Grace Arnold, and Oklahoma Commissioner Glen Mulready.

Rep. Ferguson stated, “Bringing legislators and regulators together to discuss how the decisions we make will impact the insurance market helps produce the best public policy for our mutual
constituencies. In this meeting, we made significant progress in discussing a wide array of issues and another strong turnout of Commissioners and Directors highlighted NCOIL’s continued positive working relationship with the NAIC.”

Connecticut Representative Tammy Nuccio, Vice Chair of the NCOIL Financial Services & Multi-Lines Issues Committee, then moderated a general session titled “Silicon Valley Bank, Signature Bank, and First Republic Failures: Are We in a Banking Crisis?” Rep. Nuccio said, “This is an extremely timely topic, and I was pleased to facilitate a conversation so that legislators can have a complete understanding of what led to the failures and what types of policy, if any, could be enacted in the future to prevent that from happening again.”

The Life Insurance and Financial Planning Committee, chaired by South Carolina Representative Carl Anderson then met. The agenda featured continued discussion of the NCOIL Life Insurance
is a Promise for Life Model Act sponsored by Sen. Holdman, a discussion on Minnesota’s project to increase access to long-term care services, and adoption of a Resolution Opposing the Return of a U.S. Department of Labor Fiduciary Rule sponsored by Rep. Anderson. The Committee also heard an update on the activities of the Interstate Insurance Product Regulation Compact (IIPRC).

Rep. Anderson said, “I’m proud of the productive dialogue the Committee held and greatly appreciated the testimony of our panelists as we discussed the issues at hand. It was also great to see my Resolution be adopted as it’s yet another example of NCOIL pushing back on unnecessary federal encroachment in the state-based system of insurance regulation. I look forward to the Committee’s continued work on the many other timely and important life insurance and financial planning related issues.”

Saturday began with a meeting of the Property & Casualty Insurance Committee, chaired by Rep. Jordan. The Committee introduced and discussed the NCOIL Catalytic Converter Theft Prevention Model Act, sponsored by Rep. Oliverson and Rep. Jordan, and the NCOIL Public Adjuster Professional Standards Reform Model Act, sponsored by Kentucky Representative Michael Meredith and co-sponsored by Indiana Representative Matt Lehman, NCOIL Immediate Past President. The Committee also introduced and discussed proposed amendments to the NCOIL
Model State Uniform Building Code, sponsored by Utah Representative Jim Dunnigan and cosponsored by Georgia Representative Matthew Gambill, and readopted six existing model laws.

“The models we introduced and issues we discussed certainly laid the groundwork for a busy rest of the year,” said Rep. Jordan. “It was great to see the Committee begin to take action on a number of pressing topics which really shows how NCOIL can lead on important issues in an efficient manner.”

Following that was a general session titled, “The Ongoing Effort to Achieve Mental Health Parity,” moderated by Rep. Roberts. “This session was beyond important because while great strides have been made to break the stigma surrounding mental illness, proper coverage for mental healthcare isn’t a reality for many Americans, often preventing them from seeking the care they need,” said Rep. Roberts.

The Summer Meeting concluded on Saturday afternoon with a meeting of the Executive Committee during which the Committee adopted a Resolution in honor of Past NCOIL President New Mexico Senator Carroll Leavell who passed away earlier this month.

“Senator Leavell was a great public servant and a truly good man. His leadership at NCOIL made the organization stronger and we all owe him a debt of gratitude. Our deep sympathy is with his
family and his community,” said Rep. Lehman.

“This meeting was another step in building upon the progress NCOIL has been making over the past several years. I’m looking forward to meeting again in Ohio in November where we can finish off the year in a productive and great way,” concluded Ferguson.

Committee minutes will be posted soon at www.ncoil.org.

The 2023 NCOIL Annual Meeting will take place in Columbus, OH at the Renaissance Columbus Downtown Hotel from November 15th – 18th. Registration will open in September.

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NCOIL is a national legislative organization with the nation’s 50 states as members, represented principally by legislators serving on their states’ insurance and financial institutions committees. NCOIL writes Model Laws in insurance and financial services, works to preserve the State jurisdiction over insurance as established by the McCarran-Ferguson Act over seventy years ago, and to serve as an educational forum for public policymakers and interested parties. Founded in 1969, NCOIL works to assert the prerogative of legislators in making State policy when it comes to insurance and educate State legislators on current and longstanding insurance issues.

CLICK HERE FOR PRESENTATIONS & MATERIALS

For Immediate Release
June 29, 2023
Contact: Pat Gilbert
(732) 201-4133

NCOIL OPPOSES FTC ENCROACHMENT OF THE STATE REGULATION OF INSURANCE
Urges the McCarran-Ferguson Doctrine Be Upheld

Belmar, NJ – The National Council of Insurance Legislators (NCOIL) has submitted a comment letter to the Federal Trade Commission (FTC) urging it to amend a proposed rule which, as
currently drafted, needlessly encroaches on the longstanding framework of the state regulation of insurance and violates the McCarran-Ferguson Doctrine.

“This Proposed Rule is yet another example of why it is important for state legislators and regulators to always be alert and ready to push back on any and all attempts to undermine the
state-based system of insurance regulation,” said Arkansas Representative Deborah Ferguson, DDS, NCOIL President. “Protecting consumers is always our number one priority and the statebased system of insurance regulation has proven time and time again that it is more than capable and that federal involvement is not needed.”

If promulgated as currently drafted, the Rule would abrogate the States’ authority to regulate service contracts, which have historically been recognized as an insurance-related product,
illustrated by the fact that state insurance departments, in whole or in part, currently regulate service contracts in 43 states. Many of those regulations include specific requirements on issues
such as cancellations and refunds, disclosures, demonstration of financial responsibility to pay claims, and entity registration with the state department of insurance.

Service contracts, like insurance, provide consumers the ability to protect themselves from financial hardship. In the case of service contracts the risk arises should some of their most
important purchases (i.e. mobile devices, motor vehicles, household systems and appliances) break down and require expensive repair, replacement, or maintenance. Specifically, service contracts ensure the repair, replacement, or maintenance for the operational or structural failure of property(or indemnity for the same) due to defects, accidental damage, normal wear and tear, or damages due to service interruption.

The FTC apparently has some concerns with certain companies’ use of service contracts. Having not yet studied them, NCOIL takes no position on those specific concerns at this time, other than
to condemn unfair and deceptive actions in all instances. However, state’s current level of service contract regulation dictates that under the express power given by Congress to the States to regulate insurance, States also have the express power to regulate certain products, such as service contracts, that fall within the regulatory penumbra of insurance regulation.

NCOIL CEO, Commissioner Tom Considine stated, “We at NCOIL urge the FTC to exempt service contracts from the Proposed Rule to ensure that the Rule does not violate the McCarran
Ferguson Doctrine and infringe on the Congressionally-delegated rights of the States to regulate the business of insurance. State insurance legislators and regulators have been effectively
overseeing insurance practices and consumer protections for decades, and this proposal needlessly threatens to disrupt a system that has led to the strongest and safest insurance market in the
world.”

For more information on the Proposed Rule and to view all public comments, please see this link: https://www.regulations.gov/document/FTC-2023-0033-0001

A full copy of the comment letter can be viewed here: https://ncoil.org/wp-content/uploads/2023/06/NCOIL-FTC-Negative-Option-Rule-Letter-6-26-23.pdf

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NCOIL is a national legislative organization with the nation’s 50 states as members, represented principally by legislators serving on their states’ insurance and financial institutions committees. NCOIL writes Model Laws in insurance and financial services, works to preserve the State jurisdiction over insurance as established by the McCarran-Ferguson Act over seventy years ago, and to serve as an educational forum for public policymakers and interested parties. Founded in 1969, NCOIL works to assert the prerogative of legislators in making State policy when it comes to insurance and educate State legislators on current and longstanding insurance issues.

For Immediate Release
June 27, 2023
Contact: Pat Gilbert
(732) 201-4133

NCOIL PUSHES BACK ON IRS ENCROACHMENT OF THE STATE REGULATION OF INSURANCE
Urges the McCarran-Ferguson Doctrine Be Upheld

Belmar, NJ – The National Council of Insurance Legislators (NCOIL) has submitted a comment letter to the Internal Revenue Service (IRS) urging it to retract a proposed rule which poses a
significant threat to the longstanding framework of the state regulation of insurance and violates the McCarran-Ferguson Doctrine.

“The Proposed Rule undermines the well-established and continually reaffirmed framework of the state-based system of insurance regulation,” said Arkansas Representative Deborah Ferguson,
DDS, NCOIL President. “This system has created the strongest, safest, and most successful insurance market in the world, and it is imperative that state insurance legislators and regulators
work together to prevent federal encroachment that has no basis in law.”

If promulgated, the Rule would abrogate the States’ authority in a number of ways related to the captive insurance area. Many businesses across America have established captive insurance
companies to mitigate against a wide range of extremely relevant risks. A significant subset of these are on the smaller to medium size of the range and are able to make a small insurance
company election, known as an 831(b) tax election.

The IRS has apparently expressed concerns regarding certain companies’ utilization of Section 831(b), something that NCOIL takes no position on other than to condemn fraud in all instances.
However, in its attempt to address its concerns, the IRS goes too far and seeks to insert itself into captive insurance companies’ loss ratios, an insurance business aspect which constitutes the very
heart and core of “the business of insurance” which, pursuant to the McCarran Ferguson Act, shall be “regulated by the States.”

NCOIL CEO, Commissioner Tom Considine stated, “We at NCOIL urge the IRS to retract the Proposed Rule and return to the drawing board to address its stated concerns in a way that is narrow, tailored, non-retroactive, and most importantly does not violate the McCarran-Ferguson Doctrine by infringing on the Congressionally-delegated rights of the States to regulate the
business of insurance.”

A public hearing on this matter will be held on July 19th. For more information on the public hearing and to view all public comments on the Proposed Rule, please see this link:
https://www.regulations.gov/document/IRS-2023-0017-0001

A full copy of the comment letter can be viewed here: https://33afce.p3cdn2.secureserver.net/wp-content/uploads/2023/06/NCOIL-Pushes-Back-on-IRS-Encroachment.pdf

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NCOIL is a national legislative organization with the nation’s 50 states as members, represented principally by legislators serving on their states’ insurance and financial institutions committees. NCOIL writes Model Laws in insurance and financial services, works to preserve the State jurisdiction over insurance as established by the McCarran-Ferguson Act over seventy years ago, and to serve as an educational forum for public policymakers and interested parties. Founded in 1969, NCOIL works to assert the prerogative of legislators in making State policy

For Immediate Release
June 7, 2023
Contact: Pat Gilbert
(732) 201-4133

NCOIL HIGHLIGHTS ANNUITY AWARENESS MONTH
Supports Effort to Educate Consumers on Long Term Financial Planning

Belmar, NJ – The National Council of Insurance Legislators (NCOIL) is proud to highlight June as Annuity Awareness Month. This month-long campaign aims to educate and inform consumers about the importance and benefits of annuities and promote sound financial planning for a secure retirement.

“During ever changing economic circumstances, annuities can play a key role in helping individuals and families achieve financial stability and peace of mind during their retirement years,” said Arkansas Representative Deborah Ferguson, DDS, NCOIL President. “By offering a predictable source of funds, annuities can serve as a valuable tool for long-term financial planning, allowing individuals to better navigate life’s uncertainties.”

Utah Representative Jim Dunnigan, Chair of the NCOIL Joint State-Federal Relations and International Insurance Issues Committee, said “As an insurance legislator and agent that helps consumers find the right annuities, I am proud to highlight Annuity Awareness Month. Annuities can play a vital role in one’s retirement plans and I encourage everyone to talk to an agent and evaluate your needs to ensure that your long term financial goals are met.”

“With their ability to offer stability and security, annuities can be a component to help provide financial resilience, empowering individuals to weather the storms of economic volatility,” said NCOIL CEO Commissioner Tom Considine. “However, just as each person’s financial situation is unique, so too are their needs when it comes to annuities. That’s why it’s crucial to work closely with a trusted financial professional who can provide personalized guidance and help navigate the
various options available.”

“It is also critical to be aware of the surrender fees associated with annuities, as well as various state and federal laws that are in place to protect consumers during the review and purchasing process of an annuity,” Considine continued. “Those selling annuities must abide by certain standards regarding transparency, honesty, and clarity in interactions with consumers. For more information on the laws governing those interactions, or to report any instances in which you feel you may not have been treated fairly, please contact your State’s Insurance Department.”

More information on Annuity Awareness Month can be found at: https://nafa.com/education/national-annuity-awareness-month/

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NCOIL is a national legislative organization with the nation’s 50 states as members, represented principally by legislators serving on their states’ insurance and financial institutions committees. NCOIL writes Model Laws in insurance and financial services, works to preserve the State jurisdiction over insurance as established by the McCarran-Ferguson Act over seventy years ago, and to serve as an educational forum for public policymakers and interested parties. Founded in 1969, NCOIL works to assert the prerogative of legislators in making State policy when it comes to insurance and educate State legislators on current and longstanding insurance issues.

For Immediate Release
May 4, 2023
Contact: Pat Gilbert
(732) 201-4133

NCOIL HIGHLIGHTS HURRICANE PREPAREDNESS WEEK
Urges Consumers to Have Adequate Insurance Coverage

Belmar, NJ – The National Council of Insurance Legislators (NCOIL) draws consumers’ attention to disaster preparedness during this Hurricane Preparedness Week which runs from April 30 – May 6. This campaign serves as a reminder to people in hurricane-prone areas how vital it is to be properly prepared and insured for these storms and the damages they cause.

“As hurricane season quickly approaches, it is imperative to understand the potential risks of having inadequate insurance coverage. I strongly encourage everyone to take the time to review their policies and ensure they have the necessary protections in place,” said Arkansas Representative Deborah Ferguson, DDS, NCOIL President. “Having the right policy can bring peace of mind in the face of the chaos that these storms can cause.”

“As important as this week is, these prudent steps should not just be limited to hurricanes, but to people in any areas at risk for natural disasters. For example, as an Arkansan, our risk is much more acute for tornados. For people in other states, it may be wildfires, mudslides, or earthquakes,” Ferguson concluded.

NCOIL CEO Commissioner Tom Considine, said, “Something as easy as making a call to an insurance agent can help ensure that homeowners don’t experience financial ruin when disaster strikes. After some particularly devastating storms these past few years, it is important now more than ever for people to evaluate the coverage they need and get insured.”

“Beyond the insurance coverage aspect, people should develop a well-rounded Hurricane Plan to make sure they are prepared and protected in the event a storm hits. This takes on even more importance as I look out of the NCOIL National Headquarters on the Shark River in New Jersey which feeds into the Atlantic Ocean and think back to the devastation caused by the aftermath of Hurricane Sandy,” Considine concluded.

Additional information and resources about Hurricane Preparedness Week can be found at https://www.noaa.gov/hurricane-prep

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NCOIL is a national legislative organization with the nation’s 50 states as members, represented principally by legislators serving on their states’ insurance and financial institutions committees. NCOIL writes Model Laws in insurance and financial services, works to preserve the State jurisdiction over insurance as established by the McCarran-Ferguson Act over seventy years ago, and to serve as an educational forum for public policymakers and interested parties. Founded in 1969, NCOIL works to assert the prerogative of legislators in making State policy when it comes to insurance and educate State legislators on current and longstanding insurance issues.