Finseca sees chance to ‘go on offense’ amid changes in DC

Finseca believes the financial services profession and industry has an opportunity “to go on offense” now that a new administration and a new Congress has taken over the reins in Washington.

That was the word from Marc Cadin, Finseca CEO, who spoke with InsuranceNewsNet about his association’s legislative and regulatory priorities in the coming year.

“We're increasingly focused on what policies we can pursue that would help grow the profession and help the profession serve more people,” he said. “We’re looking at what public policy can drive consumer demand for our services and help us help more people.”

Extending tax cuts is a priority

Finseca’s No.1 legislative priority in 2025 will center on the Tax Cuts and Jobs Act of 2017. The individual tax cuts in that bill are due to expire at the end of this year unless Congress decides to extend them.

President Donald Trump and congressional Republicans have pledged to pass a bill that extends the tax cuts. Cadin said his association has two concerns about such a bill.

“One is that we want to ensure there’s certainty and predictability in the Tax Code as it relates to members of our profession and their clients,” he said. “Two is that we don’t want to pay for the tax bill with our products.”

Industry associations have feared that Congress could potentially change the rules to tax certain aspects of life insurance, such as the buildup within the policies or the payouts in specific scenarios.

Cadin added that Finseca also is concerned about the potential Social Security future insolvency and what legislation might be passed to shore up that program.

An opportunity to roll back regulations

A new administration brings an opportunity to roll back some regulatory challenges the industry has faced in recent years, Cadin said.

“The president campaigned on the promise that for every one regulation that administration put forward, they would eliminate 10,” he said. “I think there's no doubt that there will be a substantial pullback in the regulatory environment. As an example, the Department of Labor’s fiduciary-only approach would reduce access to financial advice for millions of Americans. I think there are real opportunities on the regulatory side, given the focus this president has, to eliminate some of the challenges we have faced.”

Cadin said the majority of Finseca’s members are optimistic about the impact a new administration and a new Congress will have on their business.

“Some have questions about the practical effects of the tariff strategy or the practical effects of the Department of Government Efficiency, but I think overwhelmingly the vast majority of our members are excited about the effort to dig into waste, fraud and abuse.”

In addition, he said, Finseca members have been frustrated about federal regulations in the past and look forward to seeing many of them rolled back.

“There has been a palpable frustration about the regulatory state being out of control, which not only impacts the profession that I represent but, equally important, the clients that it serves,” he said.

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