History of advocacy success

Finseca, created in 2020 by the union of AALU and GAMA, is the leading organization for financial professionals who provide life insurance and retirement planning solutions for individuals, families, and businesses.

Headquartered in Washington, D.C., Finseca is committed to providing members with the tools and services required to grow their businesses, serve their clients, and protect the financial and retirement security of the American people.

Finseca brings an unparalleled history of advocacy successes on behalf of the financial security profession.

  1. In 2020 Update to section 7702 of the Internal Revenue Code ensuring that a robust marketplace for permanent life insurance continues to be available for the protection of consumers and small businesses.

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  1. In 2019 Treasury clarifies that life insurance professionals are eligible for the full 20% small business deduction under Section 199A.
  2. In 2018 Onerous Department of Labor Fiduciary Rule Vacated by 5th Circuit Court of Appeals.
  3. In 2017 Inside Buildup of Life Insurance Taken off the Treasury Department’s Tax Expenditures List.
  4. Tax Cuts and Jobs Act (TCJA) Key Results:

Read more on the legacy of AALU’s leadership in tax reform.

  1. In 2015 Inside Buildup of Life Insurance Taken off the Joint Committee on Taxation’s Tax Expenditure List.
  2. In 2014 Tax Reform Legislation Dies; Included $60 Billion in Taxes Against Carriers and Products.
  3. In 2009-2013 Series of Taxes on COLI & DRD Rebuffed.
  4. In 2012 Estate Tax Reform with Reunification Made Permanent.
  5. In 2010 Reunification of Estate and Gift Tax and Exemptions Enacted.
  6. Language in Dodd-Frank to Study and Safeguard Standards of Conduct at the SEC.
  7. In 2003-2006 COLI “Best Practices” and Benefits Legislation Signed Into Law.
  8. In 2002 Non-Qualified Deferred Compensation (NQDC) and COLI Attacks Repelled.
  9. In 1998-2000 Attacks on COLI, Annuities, Variable Life, and More Defeated.
  10. In 1992 Tax on Corporate Owned Life Insurance (COLI) and Annuities Defeated.
  11. In 1990 Legislation to Change Treatment of Business Uses of Life Insurance Proposed; Does Not Advance.
  12. In 1984-1985 Tax on Life Insurance Inside Buildup Defeated.

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