Washington, D.C., May 8, 2017 – NAFA, the National Association for Fixed Annuities, released the following statement today from its Executive Director Chip Anderson:

“NAFA expresses its gratitude to those members of Congress who have signed letters calling for delay of the June 9th implementation of the DOL fiduciary rule.  In separate letters, key members of the Senate HELP Committee led by Chairman Lamar Alexander, Chairman Hensarling with Congresswoman Wagner and Congressman Huizenga and 124 Representatives led by Congressman Phil Roe, have urged the Department of Labor to delay the rule in its entirety.”

“While NAFA greatly appreciates the support from Congress, make no mistake about it, NAFA still appeals directly to President Trump and Secretary Acosta to exercise their authority to stop any part of this Rule from going into effect before the DOL has completed its reexamination of the Rule as called for by the President’s own February 3rd memorandum.”

“If the Rule itself, along with the so-called Impartial Conduct Standards, are allowed to take effect on June 9th, it will be extremely traumatic for our industry, and, worse yet, it will be very harmful to consumers who will lose access to advice and products that are badly needed.”

“NAFA has launched a White House grassroots campaign because we want the Administration to understand the disappointment and anxiety being felt by our membership, which thought President Trump would never allow such a far-reaching excessive regulation to get this far.  We can report over 2000 members have already written the White House, and we anticipate hundreds more will be doing so in the weeks ahead.”

“NAFA feels strongly DOL must examine the Rule in accordance with the White House memorandum because there has yet to be an objective analysis of the Rule’s adverse effects.  In its recent comment letter submitted to DOL, NAFA pointed out the regulatory impact analysis used to justify the rule was flawed in numerous ways, and axiomatically defective because it failed to account at all for the positive effects of commissions in the fixed annuity industry which encourage agents to help consumers purchase annuities as opposed to leaving money in low-earning CDs or riskier investments.”

“We have a little more than a month to stop this runaway train.  NAFA is pulling out all the stops to try to prevent any part of this rule going live on June 9th.”


Download the Press Release HERE.

Alexander Acosta Appointed Secretary of the Department of Labor

Washington, D.C., April 28, 2017 – NAFA, the National Association for Fixed Annuities, released the following statement from Chip Anderson, NAFA’s Executive Director, on the confirmation of Alexander Acosta as the Secretary of the Department of Labor.

“NAFA, extends its congratulations to Alexander Acosta on his confirmation as Secretary of the Department of Labor. We look forward to working with Secretary Acosta and are hopeful that he will bring much-needed leadership to the agency and will direct his immediate attention to delaying the June 9th implementation date of the fiduciary rule.”

“President Trump’s February 3 Memorandum was unequivocal in its directive to the Secretary that his Department conduct a full examination of the rule and to prepare an updated economic and legal analysis of the likely impacts of the rule before moving forward with any implementation of the rule’s new requirements.  The Department’s decision to implement certain parts of the rule on June 9th – including the new fiduciary definition and the impartial conduct standards – is in direct violation of the President’s order.

“NAFA strongly urges Secretary Acosta to take immediate action to delay the June 9thimplementation date while the Department conducts its required review of the rule.”


Download the Press Release HERE.

Act Now! Tell the President to Repeal the DOL Rule!

The DOL fiduciary rule will take effect in just four weeks – on June 9, 2017 – unless President Trump acts to stop this ill-conceived rule that will hurt our industry and our clients.  Over 3000 of you have already written President Trump!  But we need many more of you to get letters into the White House.

To those of you who have responded already – a huge THANKS.

To those of you who have not yet responded – this is your chance – it is urgent to act NOW.


We must tell President Trump to stop this unworkable rule immediately.

Make your voice heard now! – Click Here


It is easy to do and can make a big difference.  We need as many of you as possible to deliver this critical message to President Trump.

And please watch for more NAFA alerts on how you can help make sure our voices are heard.

NAFA submitted a letter to the Department of Labor

April 17, 2017- In a letter submitted to the Department of Labor, NAFA, the National Association for Fixed Annuities is urging a further delay of the fiduciary duty rule beyond its current June 9 partial applicability date, while the Department completes its comprehensive examination of the rule as directed by President Trump in his February 3rd White House Memorandum.

View the comment letter here.

NAFA has submitted a comment letter to the DOL regarding the proposed 60-day delay of the fiduciary rule’s applicability date

March 14, 2017- NAFA has submitted a comment letter to the DOL regarding the proposed 60-day delay of the fiduciary rule’s applicability date. As the comment letter makes clear, NAFA strongly supports a proposed delay to give the DOL time to review significant questions of law and policy raised by the rule and in support of the memorandum issued by the President on February 3, 2017.

View the comment letter here.

NAFA files a comment letter in general opposition to the Department’s Proposed Best Interest Contract Exemption for Insurance Intermediaries

February 17, 2017 – NAFA files a comment letter in general opposition to the Department’s Proposed Best Interest Contract Exemption for Insurance Intermediaries. Recognizing that the Proposed Exemption would have devastating effects on IMOs – particularly on small and mid-size organizations, many of which are NAFA members – NAFA’s comment letter addressed, in particular, the arbitrary and unjustifiable $1.5 billion premium threshold and the 1%-of-premium ‘financial responsibility’ set-aside requirement that IMOs would need to meet in order to qualify under the exemption.

View the comment letter here.

NAFA Files Emergency Motion for Injunction in Continued Fight to Stay DOL Rule


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 denying NAFA’s application for a preliminary injunction and motion for summary judgement in NAFA’s lawsuit against the Department of Labor’s fiduciary rule, and a subsequent district court order issued Nov. 23 denying NAFA’s motion for an injunction pending appeal.

“We are aggressively moving forward with our appeal of the lower court’s decision, but our immediate concern is to stay the rule’s implementation date set for April 10, 2017. With every passing day NAFA members are incurring excessive and unrecoverable expenses as they attempt to navigate the rule’s byzantine compliance regime. Moreover, we are extremely concerned about how quickly consumers may face an environment in which they no longer have access to the products and professional advice needed to retire with confidence,” said Chip Anderson, NAFA’s Executive Director.

View the complete PDF HERE.

NAFA to Appeal Court Decision on DOL Fiduciary Rule

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 case would get decided by a higher court and we are pleased the issues will get de novo review by the Circuit Court,” said Chip Anderson, Executive Director of NAFA. De novo review means the appellate court will consider the case without being bound or influenced by the lower court’s decision.

NAFA filed its lawsuit last June seeking a preliminary injunction to stay implementation of the rule, which is scheduled to go into effect in April 2017. Judge Randall Moss denied the preliminary injunction and at the same time ruled in favor of the DOL on the merits in upholding the rule. NAFA’s lawsuit, one of four lawsuits against the rule, challenges the DOL’s authority to issue the rule, asserts the rule creates an impermissible private right of action, contends the rule contains unconstitutionally vague requirements that compensation be reasonable, and alleges the manner of adoption of the rule by DOL was arbitrary and capricious.

View the complete PDF HERE

Dr. Jack Marrion Honored with Bo Johnson Spirit Award for Lifetime Achievement


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 unselfishly to others, and works ethically and conscientiously to improve the fixed annuity marketplace.

The award was presented to Dr. Marrion by current NAFA board members Chris Conroy, senior vice president of sales for broker-dealer and national accounts at CreativeOne, and Paul McGillivray, director of special projects for M&O Marketing, both of whom nominated Dr. Marrion for the award. During the presentation, the two shared a colorful look at Dr. Marrion’s career thus far and why he truly epitomizes every aspect of the award through his continued outstanding industry contributions.

View the complete PDF HERE.

Illinois Court Declares Fixed Indexed Annuities Are Not Securities


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 major victory for the fixed annuity industry as a whole, in addition to the more than 20,000 agents and advisors licensed to sell fixed annuities in the state.

The case began as an administrative action brought by the Illinois Secretary of State against Richard Van Dyke. The Secretary eventually ruled that fixed indexed annuity products should be regulated not only as insurance, as they had been for almost 50 years, but also as securities under the Illinois Securities Department. Miscategorizing the product in this way would have added another complex layer of regulation to indexed annuity sales and created an unworkable environment for agents and ultimately hindering consumer access to these valuable products. After this ruling by the Secretary of State (which was later affirmed by the Sangamon County Circuit Court), NAFA established a working group to address the matter. The Association then engaged the Chicago law firm of Quarles & Brady to assist in preparing an amicus brief in support of Van Dyke’s appeal, emphasizing how the Secretary of State’s ruling could devastate the industry in Illinois. NAFA’s brief also explained how the ruling had no support in any statute, rule or case law.

View the complete PDF HERE.