Reg BI Ruling Could Help Annuity Issuers, Commission-Based Agents
July 1, 2020 by Allison Bell
The American Council of Life Insurers (ACLI) says a new federal appeals court ruling should help an annuity sales standard it likes spread.
A three-judge panel at the 2nd U.S. Circuit Court of Appeals ruled Friday that the U.S. Securities and Exchange Commission did have the authority to adopt Regulation Best Interest, and that Reg BI is not arbitrary and capricious.
ACLI President Susan Neely said in a statement that she believes the court made the right call. “It affirmed enhanced consumer protections,” Neely said. “The result is continued progress in safeguarding access for all consumers and securing harmonized standards across the country,”
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