IMOs: BICE for Insurance Intermediaries Arbitrary and Onerous

March 8, 2017 by Cyril Tuohy

Dozens of industry voices over the weekend joined the chorus of objections to an exemption under which insurance marketing organizations (IMO) could sell fixed indexed annuities (FIA) as part of a far-reaching fiduciary rule.

The proposal for IMO exemption eligibility sets premium thresholds and fiduciary liability insurance too high, IMOs said in comments on the controversial rule.

Also, it unnecessarily burdens IMOs with financial disclosures, omits agent exclusivity contract clauses and even ignores life insurance sales from the exemption, other comments noted.

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Originally Posted at InsuranceNewsNet on March 7, 2017 by Cyril Tuohy.