IMO Exemption Rule Out Next Week, OMB Says

January 11, 2017 by Cyril Tuohy

The Office of Management and Budget hopes to publish a crucial exemption that would permit independent marketing organizations to sell under the new fiduciary rule by the end of next week.

OMB wants the exemption enabling IMOs to serve as financial institutions published by the inauguration of President-elect Donald J. Trump, said an attorney close to the proceedings.

“My reading of the tea leaves is that the DOL will move heaven and earth to get it out of OMB and get it published by Jan. 20, but then what happens to it who knows,” said Bruce Ashton, a lawyer with the firm Drinker Biddle & Reath, which represents many IMOs before the DOL.

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Originally Posted at InsuranceNewsNet on January 11, 2017 by Cyril Tuohy.