Insurance industry trade groups are having difficulty providing the basic data the Department of Labor says it needs to prepare an economic impact study that must be included in its new proposal for a revised definition of fiduciary in sale of retirement products.
In a letter dated today, the National Association of Insurance and Financial Advisors is telling DOL officials “it is not feasible for us to obtain any of the data” enumerated in the Dec. 15 letter DOL officials sent to all trade groups involved.
The letter was signed by Dr. Susan Waters, NAIFA CEO.
“The relationship of our members to their clients and affiliated companies is such that they likely would not have the right to share the client’s or company’s data even if they have some access to it,” Waters said.
DOL’s Employee Benefits Security Administration has given industry trade groups until Feb. 24 to fulfill the department’s request regarding what impact the conflicts of interest faced by brokers who advise IRAs have on IRA investors.
EBSA originally wanted the data by Jan. 15. At the request of various trade groups, it originally delayed the response date to today, and then to Feb. 24.
These groups include the Financial Services Institute, NAIFA, the Financial Services Roundtable, the Securities Industry and Financial Markets Association, the American Council of Life Insurers, the Insured Retirement Institute and the American Bankers Association.