DOL ‘relief’ would kill small annuity marketers, groups say
March 3, 2017 by Allison Bell
An Obama administration offer to put an air hole for indexed annuity marketing firms in its fiduciary rule is a sham, insurance industry groups argue.
The administration’s proposed exemption for independent marketing organizations is so narrow that it would let most suffocate, the groups say in comment letters sent to the Employee Benefits Security Administration.
Charles Anderson, executive director of the Washington-based National Association for Fixed Annuities, says a minimum size requirement included in the proposal would probably shut out most of the 200 or so major IMOs directly affected by the proposal.
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