WHAT IS IFAPAC?
The Insurance and Financial Advisors Political Action Committee (IFAPAC) is a term used to describe collectively the PAC sponsored by NAIFA at the federal level and the PACs sponsored by each state association. Each PAC is a fund that supports the campaigns of candidates for public office who understand issues important to insurance agents and financial advisors. IFAPAC’s goal is to help the associations advance the legislative and regulatory interests of the members of NAIFA. While any U.S. citizen can contribute to IFAPAC, only members of local NAIFA associations may be solicited to do so. Contributions must be voluntary. Contributions are not tax deductible for federal income tax purposes. Of approximately 4,600 political action committees registered with the Federal Election Commission, IFAPAC ranks in the top tier. IFAPAC is the largest insurance PAC in the country. In the last election cycle, the national IFAPAC contributed approximately $1.1 million to federal candidates and committees.
The IFAPAC network is needed even in years when there aren't federal elections. The candidate evaluation and support processes go on all the time. PACs that have the resources to make contributions when candidates need them most are highly visible in the political arena. IFAPAC occasionally makes debt-retirement contributions following elections and some states hold elections in odd-numbered years.
On the national level, a panel of ten NAIFA members, appointed by the Executive Committee of NAIFA, determines which candidates for federal office will receive PAC contributions. This group is called the Candidate Selection Group. Input from state and local association officers and current contributors is vital to the ability of the national selection committee to make informed decisions regarding which candidates to support. IFAPAC encourages contributors to provide factual information on candidates.
NAIFA's Political Action Committee is the top PAC in the insurance industry and ranks among the top one percent of all 3,700 PACs registered with the Federal Election Commission. In the last election cycle, the national IFAPAC and the 50 state IFAPACs contributed approximately $3 million to federal and state candidates and committees.
The term Insurance and Financial Advisors Political Action Committee (IFAPAC) describes the PAC sponsored by NAIFA at the federal level and the PACs sponsored by each state association.