Annuity Sellers Face Rolling Economic Headwinds

March 8, 2022 by John Hilton

The Federation of Americans for Consumer Choice, joined by a number of independent insurance agents and agencies, sued the Department of Labor last month, claiming the new rule improperly “broadens the agency interpretation of who is considered a fiduciary.”
For now, the new rules are the rules and will make selling annuities more difficult, said Sheryl Moore, head of Moore Market Intelligence.

“There will be required forms for agents to disclose their commissions and say that they don’t have a conflict of interest and show some due diligence to show the products considered,” she noted. “Any time there’s a change in the sales process, it has a negative effect on sales, at least temporarily.”

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Originally Posted at InsuranceNewsNet on March 1, 2022 by John Hilton.