18 Insurance Marketers Apply For DOL Exemption
October 25, 2016 by Cyril Tuohy
Eighteen independent marketing organizations have applied for a special exemption to sell fixed indexed annuities under the Department of Labor’s fiduciary rule, records show. The rule takes effect beginning in April.
The exemption would grant the marketing organizations “financial institution” status. This would allow agents under contract with the marketing organizations to sell commission-based FIAs.
Commission-based FIAs can be sold by independent agents under the DOL rule’s Best Interest Contract Exemption.
Seeking financial institution status is considered a “must have” for insurance marketers looking to recruit independent agents and advisors to sell FIAs, a market that surpassed $53 billion in sales last year.
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