CNO Financial: DOL Rule to Cost $8-$10M in 2017

November 5, 2016 by Cyril Tuohy

CNO Financial Group plans to spend between $8 million and $10 million in 2017 to comply with the Department of Labor fiduciary rule.

In addition to initial implementation costs, the company will spend between $2 million and $3 million a year to comply with the rule, said Gary Bhojwani, president of CNO Financial Group, a Carmel, Ind.-based holding company for middle market life insurers.

The rule, which raises investment advice standards for retirement accounts, is expected to cost the industry hundreds of millions of dollars as companies restructure product lines, adjust compensation grids and adapt technology systems.

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Originally Posted at InsuranceNewsNet on November 4, 2016 by Cyril Tuohy.