Lawyer: Why FIA Sellers Can Challenge the DOL on Fiduciary
April 8, 2016 by John Hilton
The Department of Labor did what everyone expected with its fiduciary rule: came out swinging, took in comments and criticism with a smile, then backed off in the final rule.
It’s classic, tried-and-true policymaking. So how does that explain the DOL’s curious decision to take an opposite tack with fixed indexed annuities?
While the department’s preliminary rule left FIAs in the Prohibited Transaction Exemption 84-24, the final rule was a different story. It was published with FIAs moved into the much tougher Best Interest Contract Exemption.
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Originally Posted at Insurancenewsnet on April 7, 2016 by John Hilton.
Categories: Industry Articles
