Opinion: Why the DOL’s Retirement Security Rule is the emperor of all public policy mistakes
June 6, 2024 by David Macchia
Wink CEO, Sheryl Moore, was kind enough to share annuity sales data with me. In 2023, the largest segment of annuity sales was represented by multi-year guarantee annuities. MYGA sales totaled $153 billion. On those sales, insurance agents received an average commission of 1.9%.
The second largest category was fixed index annuities. FIAs paid agents an average commission of 6.5%. At $2 billion, fixed annuities represented the smallest share of sales, paying agents and average commission of 5.6%. Please keep in mind that these are one-time payments. After reviewing the facts about commissions, the reasonable conclusion is that insurance agents are far from overpaid. This fact did not prevent the DOL from introducing the RSR in dramatic fashion.
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