Tom Currey Elected NAIFA Secretary

Texas' own Tom Currey, CLU, ChFC, LUTCF was elected to the office of NAIFA Secretary in a sweeping victory at the NAIFA Convention, September 8-12. In the three way race with Florida's Glen Malcom and Louisiana's Linda Ray, Currey captured over 60% of the vote, winning on the first ballot.    

Texas was one of only a few states to register a 100% delegation, as more than eighty Texans made the trip to Washington, D.C. to support Currey.  Texas volunteers organized a strong grassroots campaign in support of Currey, seeking every opportunity to secure support from the more than 1,300 delegates at the convention.  This was possible, in part, due to the popularity of the Texas suite, which attracted more than 250 visitors each night with a traditional Border Buttermilk party. 

Currey had a strong message in his main platform speech, calling upon Hernan Cortez's fictional command to "burn the ships."  "We simply can't go back to something that no longer exists," Currey said, urging the Delegate Council's support of the NAIFA 21 proposals. 

Overall, it was Currey's optimistic vision for the future of NAIFA and challenge to join in the process of revitalization that carried the day, leading to a victory that puts him in line to become the president of NAIFA. 

National Council Approves Dues Increase

NAIFA's National Council, gathered in Washington, D.C. September 12, 2007, approved a dues increase at the national level, to take effect January 1, 2007.  The increase, proposed as a funding mechanism for the NAIFA in the 21^st Century proposals, passed despite a projected loss of membership of up to 17% across the federation.  Per the bylaws amendment, the $49/year increase in national dues will take effect on January 1, 2008.  A $24/year dues increase at the state level, passed at the NAIFA-Texas Annual meeting in July, will have the same effective date as the national increase. 

In addition to passing the dues increase amendment, NAIFA's National Council voted down two bylaws amendments, including one that would adopt a new mission statement and another that would reallocate the votes given to states at the National Council based on membership rather than the number of locals within a state.  The new mission statement failed due to concerns that it excluded a large number of members who are multi-line agents, while the reallocation of votes was defeated based on concerns from smaller states in the federation. 

Other bylaws amendments passed, including those which require the use of a consistent NAIFA-(location) name for all state and local associations, the development of a standing committee on communications and a change in the membership structure of NAIFA, making all NAIFA members individual members of the local, state and national associations. 

Taylor Elected to AEAC

NAIFA-Texas CEO/ CLO Des Taylor became the newest member of NAIFA's Association Executives Advisory Committee following his election September 6, 2007.  Taylor, a seasoned association executive, is in his sixth year of leadership at NAIFA-Texas.  "Des has done an exceptional job leading our state association," said Alan Carl, 2007-2008 NAIFA-Texas President, "and it is time that his insight and experience be shared at the national level to help guide NAIFA in the 21^st Century." 

Taylor steps into the position following NAIFA-New York executive Mark Yavornitzki, as a representative from the seven largest states in the NAIFA federation. 

2008 Day on the Hill Report

More than seventy Texans gathered on Capitol Hill in Washington, D.C. on Tuesday September 11, 2007 to take part in NAIFA's largest-ever Day on the Hill event.  Meeting with thirty of Texas' members of the House of Representatives and both Senators, the day was a great opportunity for NAIFA-Texas members to discuss the issues facing the 250,000+ insurance and financial advisors across the country. 

"With increasing federal pressure to tax insurance incentives such as the inside buildup of life insurance, it is vital that NAIFA have a loud voice on Capitol Hill," said NAIFA-Texas PIC Chair Lane Boozer.  He added, "by getting out and building relationships with lawmakers, the 60,000 members of NAIFA are doing the heavy lifting for all 250,000 of the nations agents and financial advisors.  It's time that more agents join the fight for our industry and our customers." 

New IRS 403(b) Regulations Prompt Questions

The finalization of new IRS regulations governing the 403(b) annuity/account market has produced numerous questions from NAIFA members. Even though the regulations were first published in December 2004, many agents working in the 403(b) market did not seem to be aware that the regulations were in the works. To address the many and varied questions that NAIFA members have raised, NAIFA's outside consultant (the law firm of Steptoe & Johnson) has prepared a Frequently Asked Questions (FAQs) memorandum addressing issues raised so far.

The FAQs memo is written from the employers' perspective since it is they in most instances who will be responsible for compliance. Nonetheless, many employers will look to their agent/advisor for much needed guidance. The FAQs memo is available online at www.naifa.org/advocacy/documents/403bFAQ.pdf.

One of the many tricky questions surrounding the new IRS regulations is how they interact with ERISA requirements. The FAQs document refers to a Labor Department Field Assistance Bulletin, FAB No. 2007-02 for guidance. The bulletin is available online at www.naifa.org/advocacy/documents/DOL07242007.pdf.

Personal Lines License Coming Soon

Future agency producers and support staff who handle personal lines exclusively will have a new license option in a few weeks.  Authorized by lawmakers during the recently concluded 80^th session of the Texas Legislature, the personal lines license will benefit agencies that find it difficult to prepare new personnel for the current general lines property and casualty license that covers both commercial and personal lines.  TDI testing vendor Prometric is developing a new personal lines-only exam outline that is expected to be available for test-takers in October.