Below are a few updates on the bills we are actively working on:

The OCI technical bill had a hearing yesterday in the Senate.  Sen. Felzkowski and Rep. Petersen are the authors.  OCI and Life Insurers testified, but there were no questions from committee members.  Introduction had been delayed from an earlier draft to work out a fix needed to the new cybersecurity law which provided an overly broad, unintended exemption.  I registered NAIFA in support of the bill.    

A new draft of the best interest standard for annuities bill was released yesterday and appears OK to the NAIFA and other national groups that were reviewing it for consistency with the model.  Hopefully it will now get introduced quickly.    The draft is attached.  Sen. Stafsholt and Rep. Petersen are the authors. 

Sen. Kooyenga has return from his deployment.  It is expected that he will allow the elder abuse bill to move forward, despite Sen. Stafsholt’s opposition in his committee.  The bill has already passed the Assembly. 

New data security standards for the insurance industry passed the Wisconsin State Senate on June 9, 2021 on a voice vote.

NAIFA strongly supported this bipartisan bill, based on a national model, to provide regulatory uniformity and to protect consumer information.

Senate Bill 160 includes exemptions for small businesses that were supported by NAIFA-WI. The Senate also added an amendment that our Wisconsin members suggested, providing an exemption for securities brokers that are already subject to cybersecurity regulations by FINRA.