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FLY-IN FOR FIAs - A BIG SUCCESS!
July 29, 2009
Washington, D.C.

Agents, IMOs and MGAs, and senior leaders of FIA insurance companies converged on our nation’s capitol on July 29th to meet with Congressional Members and Senators about our legislation - HR 2733 and 
S 1389.  It was an eventful and productive day with over 100 people in attendance helping deliver our message to protect FIA products and reverse SEC Rule 151A.

It was a long hot day in Washington - but everyone in attendance agreed it was well worth the trip.

In our morning kick-off session we heard from keynote speakers:  

  • Representative Tom Price of Georgia - a key co-sponsor of HR 2733 - urged everyone to deliver a simple two-part message that FIAs are: (i) protected from any loss due to market downturns and (ii) comprehensively regulated by the States

  • Senator Ben Nelson of Nebraska - chief author of S 1389 - spoke eloquently about why Rule 151A is duplicative of state insurance regulation and how this added regulatory burden will cause job dislocation during a period of economic downturn.

  • Iowa Commissioner Susan Voss - one of the key leaders of the NAIC - shared her passion and views as to why state insurance regulators have the best expertise to effectively protect consumers.

 
After hearing from our distinguished speakers, fly-in participants headed over to the House and Senate office buildings for a full day of meetings.  In all there were over 100 meetings with Senators, Representatives, and key staff members.  One thing was clear - our message is being heard and we have a growing number of friends in Washington.  At this point, we have over 30 co-sponsors of HR 2733 and 7 co-sponsors of S. 1389.  And we expect even more sponsors to join our cause as we follow up on this highly successful day in Washington.  

Much work remains to be done.  More than ever we need every agent and IMO to reach out to their respective elected officials asking them to sponsor or support our bills.  We believe - thanks to all of you - we have momentum.  Keep up the great work!