The standard of care insurance agents would have to meet when selling investment products remained to be decided as a conference panel began meeting last week to try to reconcile differing House and Senate versions of financial services reform legislation.
The so-called fiduciary issue is a critical one for insurance agents, as they seek to retain the current suitability standard while the Securities and Exchange Commission continues to study the issue.
Other issues remaining before the conference panel included the powers of a federal insurance office.
The panel began its work last week on the bill, H.R. 4173. The plan was to complete its work in time for the full House and Senate to vote on the bill by July 2.
Final action on creating a federal insurance office within Treasury was delayed over a dispute between the House and Senate on the scope of the authority the office would have to preempt state insurance laws in negotiating bilateral trade pacts.
The conference panel did agree to empower the new agency to study whether and in what ways the federal government should regulate insurance.