DOL – Fiduciary Rule

  • 2016 04 – DOL – Regulating Advice Markets Definition of the Term “Fiduciary” Conflicts of Interest Retirement Investment Advice Regulatory Impact Analysis For Final Rule And Exemptions, Department of Labor – 395p
  • 2016 – Legal Cases
    • 2016 – LC – ACLI vs. Perez (DOL – Department of Labor) – Fiduciary Rule – Case 3:16-cv-01476-M – Perez, District Court Northern Texas  —  [BonkNote]
    • 2016 – LC – Chamber Of Commerce of the United States of America et al. v. Perez et al., Civil Action No. 16-cv-1476 (N.D. Tex., filed June 1, 2016) (Lynn, C.J.);
    • 2016 – LC – National Association for Fixed Annuities v. Perez et al., Civil Action No. 16-cv-1035, (D.D.C., filed June 2, 2016) (Moss, J.); and
    • 2016 – LC – Market Synergy Group, Inc. v. United States Department of Labor et al., Civil Action No. 16-cv-4083 (D. Kan., filed June 8, 2016)
  • 2022 0407 – 2022-1, NAIC Proceedings –  LIAC – Life Insurance (A) Committee
    • 3. Heard a Federal Update on the Implications of the DOL Fiduciary Rule – Brooke Stringer (NAIC)
      • Patrick C. Reeder, American Council of Life Insurers-ACLI … said a fiduciary standard is not a bad standard, and it is an appropriate legal standard for situations where there is an ongoing relationship providing financial advice.
        • He said the problem with the DOL proposal is that it is a fiduciary-only approach, which would eliminate commission-based sales; i.e., the way that lower and mid-range clients buy products.
        • He said the DOL should recognize the changes that have taken place since 2017.
        • He said both the SEC’s Regulation Best Interest standard and the NAIC best interest revisions to the Suitability in Annuity Transactions Model Regulation (#275) provide a strong standard of care that is vigorously enforced.
        • He said state insurance regulators have a strong story to tell, and the DOL needs to hear from the NAIC.
      • Micah Hauptman (Consumer Federation of America-CFA) said there are gaps in the current regulatory framework.
        • He said he does not believe consumers’ reasonable expectations are being met.
        • He said the DOL should require a fiduciary duty, regardless of what products are being sold or how they are being sold.
        • He said consumers all expect and deserve high quality advice without the taint of conflicts of interest.