WELCOMEMEMBERS HONOREES

GUESTS

2015STATE -OF THE- STATETRANSLATIN

G VISION

INTO REALITY

Special Thanks to our Sponsors:

Lawrence J. Holzberg,

LUTCF

PresidentNAIFA – NYS

Welcome:

Steve Acunto

CINN Worldwide

2015STATE -OF THE- STATETRANSLATIN

G VISION

INTO REALITY

Special Thanks to our Sponsors:

Welcome:

Gregory V. Serio

Park Strategies

Welcome:

Peter Molinaro

Park Strategies

John HurleyPark Strategies

Mark L. Yavornitzki, CAE

NAIFA – NYS Lobbyist

GR Inititiatives

New York State Legislative/Regulatory &

Inter-Industry Panel Discussion

Participants:Gregory V. Serio

Peter Molina

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Mark Yavornitz

ki

David

Walsh

John Hurle

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NAIFA-NYSLegislative and Regulatory Issues

Zombie BillsDefinition

Undead legislative measures that persist despite years or even decades of inaction

Zombie Bills•Examples:

▫A3305 (Robinson) Requiring CFP Certification for Advising Seniors

▫S141 (Diaz) Imposes 50% franchise tax on COLI benefits

Improving the speed-to-market conditions

•S3287 (Seward) – Senate Floor Calendar

•A5208 (Simotas) – Assembly Insurance Committee

S3287/A5208

Interstate Insurance Product Regulation Compact

•Products Regulated:▫Life insurance, annuities, disability income,

and long-term care insurance

•Single point of filing•NYS DFS Continued Opposition

S3287/A5208 Continued…• Currently 44 member states representing over 70% of the

premium volume nationwide▫ 6 of the largest Compacting states (according to premium):

Texas, Pennsylvania, New Jersey, Illinois, Ohio, and Michigan▫ 4 states with at least 2% of premium volume:

Massachusetts, Indiana, Maryland, and Wisconsin▫ 1 additional from each four regional zones:

Alabama, Alaska, Arkansas, Colorado, Georgia, Hawaii, Idaho, Iowa, Kentucky, Louisiana, Maine, Massachusetts, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, Oklahoma, Oregon, Puerto Rico, Rhode Island, South Carolina, Tennessee, Utah, Vermont, Washington, West Virginia, and Wyoming

Rebating Exceptions for Non-Insurance Benefits

•S1672 (Seward) – Senate Floor Calendar

•A666 (Hevesi) – Assembly Insurance Committee

•Forum on modernizing anti-rebating laws?

Fiduciary Disclosure Statement

•A6933 (Dinowtiz) – Assembly Judiciary Committee▫Fiduciary good, all others bad

A6933“I am not a fiduciary, therefore, I am not required to act in

your best interests, and am allowed to recommend investments that may earn higher fees for me or my firm, even if those investments may not have the best combination of fees, risks, and expected returns for you.”

Victory on Regulation 60•NAIFA-NYS recommended reforms accepted by DFS•Changes in effect now•Company Compliance•Implementation Issues

Other Issues and Q&A•DFS – Changes at the top

•New Leadership in Legislature

ANY QUESTIONS?

Welcome:

David J. Walsh

LICONY Chairman

Welcome:Diane Boyle

Sr. Vice President of Government Affairs

NAIFA National