Market Synergy Gets Support in DOL Lawsuit
June 21, 2016 by John Hilton
The Department of Labor’s fiduciary rule will damage fixed indexed annuities’ primary channel of distribution, one that is rarely cited in consumer complaints, according to one of eight affidavits filed to support a lawsuit against the rule.
The affidavits were filed today to support Market Synergy, which is among five groups who have sued to stop the DOL fiduciary rule from taking effect. Represented by Carlton Fields Jorden Burt, a Washington D.C. law firm, Market Synergy sued in the U.S. District Court for the District of Kansas.
The lawsuit and subsequent filings ask the court for a preliminary injunction to stop DOL activities related to the new rule.
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[In particular, fixed indexed annuities, said Sheryl Moore, president and CEO of Moore Market Intelligence and Wink Inc., publisher of Wink’s Sales & Market Report.
About 80,000 independent insurance agents sell fixed indexed annuities, most of which are small businesses, Moore wrote. Independent agents not affiliated with broker/dealers combined for 64.5 percent of FIA sales last year. The average commission percentage for those sales was 5.68 percent.]
