NAIFA-Iowa focused its efforts on encouraging passage of the Iowa version of the Senior Safe Act. Our goal was to provide protections for advisors so they could encourage review of transactions identified as possible exploitation of the Senior members of our communities. The Insurance Commissioner of Iowa, members of NAIFA-Iowa, the Iowa Bankers Association and other interested parties have been shaping this legislative effort over the past three years. Our hope is that this action will protect our elderly clients and not create undue burdens for advisors as they work with their clients and families in Iowa.
Following the NAIFA Day on the Hill on March 23, the House scheduled and debated House File 839, legislation dealing with financial exploitation of elders, and passed the bill 96-0. That legislation is now attached to its companion bill, SF 583 and it awaits Senate action on the Appropriations Calendar. The Iowa Senate companion bill, SF 391, has been approved by a subcommittee in the Senate and will move to the full Commerce Committee for a vote. Senate Appropriations Committee Chair and NAIFA member, Senator Kraayenbrink, voted to support the bill
Due to the Covid restrictions, we modified our usual Day on The Hill effort. This year NAIFA Iowa offered legislators an early morning opportunity to share orange juice, coffee, breakfast burritos, and conversation with our Iowa Patriot Club members. We were able to refresh established relationships, as well as make new friendships with several of the freshman House and Senate members as they made their way up the stairs to the opposite chambers of the Rotunda.
Small groups of 4-6 members met with House and Senate leadership to discuss NAIFA Iowa’s priorities. Specifically, we asked for support for the passage of the Senior Safe Act in the 2021 legislative session. Additionally, we reminded legislators of the importance of promoting health insurance choices, expanding opportunities to fund education, building stronger retirement choices, and broadening opportunities for Iowans to contribute to charities. We also began laying the groundwork for future conversations about state-wide financial literacy issues while reminding legislators of the importance of not passing laws or rules that restrict Iowans from being able to work with financial advisors.
Barry Delp, Grassroots Chair, NAIFA-Iowa
Craig Adamson, IFAPAC Chair, NAIFA-Iowa