Insurers ponder court challenge to DOL rule
May 17, 2016 by Arthur D. Postal
WASHINGTON — The American Council of Life Insurers (ACLI) took a strong step this week toward challenging in court the Department of Labor’s new fiduciary standard, saying its board has approved a resolution “exploring the details of a legal challenge” to the new regulation.
However, some industry lawyers privately believe the ACLI statement was aimed at determining which financial industries and companies would join them in such a lawsuit ahead of the first deadline, which is June 7. That is the date the rule goes into effect.
These lawyers believe the ACLI will make its final decision as to whether to sue based on how much support it has from other interested parties. They see a steep climb to challenging it, both in court and in Congress. Click HERE to read more…
