‘Hit Pause’ on DOL Fiduciary Rule, Insurer’s Lawyers Urge Federal Judge
September 23, 2016 by ThinkAdvisor staff
Lawyers representing insurer Market Synergy in its case against the Department of Labor’s fiduciary rule told a Kansas judge Wednesday that Labor failed to prove that the current state-based regulation of fixed-indexed annuities is broken, and that the judge should “hit the pause” button on including them in the rule.
In arguing their case in Topeka before Judge Daniel Crabtree in the District of Kansas, attorneys for Market Synergy characterized the insurer’s request for an injunction as a “rifle shot” and repeatedly emphasized that the relief the insurer is seeking is limited in scope and is not “intended to undo the DOL’s entire fiduciary rule,” Erin Sweeney, counsel at Miller & Chevalier, told ThinkAdvisor Wednesday after attending the hearing.
Crabtree presided over the second hearing against DOL’s rule. Judge Randolph Moss, U.S. District judge for the District of Columbia, heard oral arguments on Aug. 25 in the first hearing in the case brought by the National Association for Fixed Annuities.
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