Hold the Parade
March 22, 2018 by Kerry Pechter
The indexed and variable annuity industries celebrated this week when a federal appeals panel in the Fifth District ruled that the Obama administration’s Department of Labor overstepped its authority by applying the standard of conduct for retirement plan fiduciaries to people who sell annuities to IRA owners (especially rollover IRA owners).
The annuity industry certainly needed some good news this week.
LIMRA Secure Retirement Institute and Wink’s Sales & Market Report both released figures showing that, despite a demographic tailwind and a strong economy, sales of indexed and variable annuities are at their lowest levels in years—thanks to depressed interest rates and regulatory uncertainty.
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