DOL - Fiduciary Rule - Gaps

  • 2023 - GOV -
    • Aren't any Gaps
      • SEC - Best Interest Rule
      • NAIC - Annuity Suitability
    • GAP - Life Insurance - Indexed Universal Life / Universal Life /
      • 401k, 72T, SEPP, IRA
      • Doug Andrew, etc
      • CFA - Consumer Federation of America
        • 2017 0731 - Letter - CFA to NAIC (Annuity Suitability Working Group) - re: Regarding “Best Interest” Amendments to the NAIC Suitability in Annuity Transactions Model Regulation - 5p
          • 1. The standard of care for consumers should be a fiduciary standard that obliges the insurer or producer to act in the best interest of the consumer.
          • 2. The best interest standard provisions must be stronger than the current suitability standard. Relabeling “suitability” as “best interest” would be a sham.
          • 5. The application of the enhanced model should be broadened to investment-type life insurance products. The same standard of care – best interest of the consumer – is clearly as appropriate for investment-type life insurance – for example, indexed universal life – as it is for annuity products. A uniform standard of care across all types of investment products means both consistent consumer protection and a level regulatory framework preventing one type of investment product from regulatory arbitrage.
      • CEJ -
        • 2018 0718 - InvestmentNews.com - State insurance commissioners don't include life products in their annuity suitability reform, by Mark Schoeff Jr. - [link]
        • “We see no rationale for applying a best-interest standard or ‘suitability-plus’ standard of care to a fixed-indexed annuity transaction but not to an indexed universal life insurance transaction, or for applying a best-interest standard of care to a variable annuity transaction but not to a variable life insurance transaction,” the Center for Economic Justice wrote in a June 20 comment letter to NAIC.
      • GAP - Ponzi Schemes - Life Insurance
        • MetLife
        • Doug Andrew