NAIC ‘greatly disappointed’ in DOL diss of state annuity sales rules
January 3, 2024 by John Hilton
The National Association of Insurance Commissioners reminded federal officials that the states are regulating annuity sales just fine and the Department of Labor should butt out.
In a letter sent last week, the NAIC took the rare step of commenting on federal rulemaking. The DOL’s controversial Definition of an Investment Advice Fiduciary rule essentially extends fiduciary status to every rollover transaction.