WASHINGTON (Dec. 1, 2016) — NAFA, the National Association for Fixed Annuities, announced Tuesday that it has filed an emergency motion for an injunction pending appeal with the U.S. Court of Appeals for the District of Columbia Circuit. The appeal is from an order and memorandum opinion of the federal district court issued Nov. 4 [...]
NAFA Will Seek Expedited Review
WASHINGTON (November 7, 2016) — The National Association for Fixed Annuities (“NAFA”) announced today, following a federal district court decision upholding the Department of Labor’s fiduciary rule, that it will appeal to the D.C. Circuit Court of Appeals.
“We are obviously disappointed by the court’s decision, but we have always assumed this [...]
WASHINGTON (Oct. 26, 2016) — NAFA, the National Association for Fixed Annuities, announced Dr. Jack Marrion as the recipient of its 2016 Bo Johnson Spirit Award for Lifetime Achievement at its eighth annual Annuity Distribution Summit this month. The award recognizes courage, spirit and determination that challenges the status quo, inspires others to achieve, contributes [...]
NAFA Filed Amicus Curiae Brief, Pushed for Published Decision
WASHINGTON (Sept. 21, 2016) — After three years of agency and court litigation, the Illinois Appellate Court for the Fourth District has ruled that, under Illinois law, fixed indexed annuities are only to be regulated as insurance products and not as securities. This comes as a [...]
Last Thursday, a hearing on a motion for preliminary injunction and summary judgment was held in the United States District Court for the District of Columbia in Washington, D.C. in NAFA’s lawsuit against the Department of Labor. This is the first hearing in a string of lawsuits challenging DOL’s fiduciary rule. Attorney Philip D. Bartz [...]
Pam Heinrich, NAFA’s General Counsel, has provided the following summary of the Court’s decision, as well as the anticipated next steps in the case.
On July 29, 2016, a 3-judge panel of the Appellate Court of Illinois for the Fourth District issued a unanimous Order reversing the circuit court’s decision and the Illinois Secretary of State’s final order against [...]
Association Files Suit Alleging ‘Irreparable Harm’ to Members
WASHINGTON (June 2, 2016) — NAFA, the National Association for Fixed Annuities, announced today that it has filed a federal lawsuit in the D.C. District Court challenging the Department of Labor’s new “fiduciary rule.” The lawsuit seeks a preliminary injunction to stay the rule, which is currently scheduled [...]
WASHINGTON (Apr. 26, 2016) — NAFA, the National Association for Fixed Annuities, announced official support for Congressional resolutions issued in both the House and the Senate last week that stand to derail the Department of Labor’s recently finalized rule on investment advice for retirement accounts. Offered under the Congressional Review Act, which allows Congress to [...]
WASHINGTON (Apr. 21, 2016) — NAFA, the National Association for Fixed Annuities, announced today that its Board of Directors authorized staff to consider all options for challenging the Department of Labor’s recently issued fiduciary rule, including efforts seeking legislative relief as well as possible litigation. In preparation for the rule’s release, the association formed a [...]
NAFA, the National Association for Fixed Annuities, and Executive Director Chip Anderson released the following statement in response to the U.S. Department of Labor’s issuance of its fiduciary duty rule:
WASHINGTON (Apr. 6, 2016) — “For the past year, NAFA has worked with fellow trade organizations to address deep concerns about the proposed Department of Labor [...]