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September 14, 2020 at 06:48 AM
A group for life, annuity and long-term care insurance distributors is asking independent insurance agents to help it fight the U.S. Department of Labor’s new sales standards regulation draft.
The Federation of Americans for Consumer Choice (FACC) has sent out an email asking FACC members and supporters to write to the White House, U.S. senators and U.S. representatives to oppose the current version of the regulation.
Resources
- The anti-fiduciary rule petition is available here.
- An article about the status of the DOL fiduciary rule project is available here.
The Labor Department is developing the new “Investment Advice for Workers and Retirees” regulation to replace an earlier version that was developed by the department during the administration of former President Barack Obama.
Obama-era regulators tried to develop a broad, tough fiduciary rule. That effort included a draconian set of guidelines for issuers of indexed annuities.
The administration of President Donald Trump let that version of the regulation die in court, by declining to defend the regulation against industry lawsuits.
DOL officials say they have tried to make their new draft regulation compatible with the U.S. Securities and Exchange Commission’s Regulation Best Interest.
The new version applies only to asset rollovers from retirement plans, such as 401(k) plans, into individual savings arrangements. That version lets agents and distributors collect sales commissions.
A number of insurer and distributor groups have expressed concerns about the new version of the regulation.
