Issues

*last updated October 30, 2017

Life Insurance Policy Database HB 152-FOR

House Bill 152 requires the Pennsylvania Insurance Department or its designee to maintain an electronic database of contact information for each life insurer that has life insurance policies, annuity contracts, or retained asset accounts in force in this Commonwealth. These life insurers must also provide a valid e-mail address to the Insurance Department or its designee. A member of a decedent's family or a personal representative of a decedent's estate may request a search of the database, provided the request is accompanied by a copy of the decedent's death certificate. This search must be conducted within 90 days and in accordance with procedures outlined in the legislation. The department may charge a fee of $10 for each search request processed through the database.

HB 152 has passed the House and is now being considered in the Senate Banking and Insurance Committee. NAIFA-PA thanks House members who voted for the measure and would urge Senators to also support this bill.

Sales Tax on Professional Services-AGAINST

Various legislation has been proposed to shift the burden of taxation from property taxes to income and sales taxes. These proposals have broadened the base of the sales tax to include many other products and services (including financial services) not previously subject to sales tax. They also raise the rate significantly. NAIFA-PA is opposed to adding a substantial percentage tax to investment and financial advice provided to consumers and businesses. We believe that this will have a chilling effect on the desire of Pennsylvanians to seek assistance when planning their financial futures. We believe that this is wrongheaded policy and that Pennsylvanians need assistance from financial professionals more now than ever.

Insurance Rebating Modernization-NEUTRAL

Senator Don White has introduced two bills to allow for up to $100 in inducements that may be offered by producers or insurers during the sale of insurance products. Senate Bills 877 and 878 are being considered in the State Senate.