New DOL Fiduciary Rule Defies Court Ruling, Insurance Groups Argue
July 23, 2024 by Melanie Waddell
A coalition of trade groups for life insurance and annuity issuers told a federal court in Texas on Friday that the Labor Department’s new fiduciary rule should be halted because DOL exibited “outright defiance” of the court’s decision to vacate the 2016 rule in crafting the new one.
“DOL’s lead argument — that ERISA’s text is broad and authorizes DOL to go beyond the common law — all but ignores” the court’s 2018 decision, the insurance groups said, in ”relying on the same authorities the Fifth Circuit considered in holding precisely the opposite when invalidating the 2016 rule.”
Click HERE to read the full story via Think Advisor