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Fiduciary Rule-Related Updates

March 16, 2018 - The National Association for Fixed Annuities released the following statement on a decision by the U.S. Court of Appeals for the Fifth Circuit regarding a legal challenge to the Department of Labor's fiduciary rule:

"The court’s decision ensures that millions of Americans will have access to fixed annuities and other financial products, along with advice from agents and financial planners, as they plan for and live in retirement.  NAFA is pleased to see the Court has struck down this unnecessary intrusion into the realm of financial regulation."

View the Press Release here.

View the Court Decision here.

Feb. 26, 2018 - NAFA submitted a comment letter to the New York Department of Financial Services regarding the Department’s proposed First Amendment to NY Insurance Regulation 187, Suitability in Life Insurance and Annuity Transactions (11 NCRR 224).  The proposed amendment would greatly expand the current NY regulation to apply not only to annuity transactions but to all life insurance sales  and would add a new best interest of standard for life insurance and annuity transactions.

View Comment Letter here.

Jan. 22,2018 - NAFA submitted a comment letter to the NAIC, Annuity Suitability Working Group in response to their request for feedback on proposed revisions to the NAIC Suitability in Annuity Transactions Model Regulation (#275).  The proposed draft would amend the current model rule to include a new Best Interest Standard of Conduct.  NAFA’s comment letter discusses in detail concerns regarding the proposed revisions, primarily focusing on the difficulty of supervising – and ensuring – producer compliance with a best interest standard that is inherent in the independent agent distribution system – under which the fixed annuity industry largely operates.

View Comment Letter here.

Sept. 15, 2017- NAFA, the National Association for Fixed Annuities, submits this letter in strong support of the Department of Labor’s proposed 18-month extension of the current transition period and delay of the applicability dates for the Best Interest Contract Exemption (PTE 2016-01), the Class Exemption for Principal Transactions in Certain Assets Between Investment Advice Fiduciaries and Employee Benefit Plans and IRAs (PTE 2016-02), and the Prohibited Transaction Exemption 84-24 (PTE 84-24) as set forth in the Department’s recent Notice of Proposed Rulemaking.

View Comment Letter here.

Log in as a NAFA member to follow key coverage of this issue, as well as NAFA's advocacy on behalf of the fixed annuity marketplace, and stay up to date on how you can help protect your business from this unworkable regulation.

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Donate to NAFA's DOL Legal Action Fund

As a NAFA member, you can be part of the solution to this problem by contributing to our NAFA legal action fund HERE.  Without your contribution, we will not be able to formally challenge this rule, and it is entirely possible that the rule will survive and cause irreversible damage to the fixed annuity industry.  To learn more, click HERE.

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About NAFA

NAFA, the National Association for Fixed Annuities, is the premier trade association exclusively dedicated to fixed annuities. Our mission is to promote the awareness and understanding of fixed annuities. We educate annuity salespeople, regulators, legislators, journalists, and industry personnel, about the value of fixed annuities and their benefits to consumers. NAFA’s membership represents every aspect of the fixed annuity marketplace covering 85% of fixed annuities sold by independent agents, advisors and brokers. NAFA was founded in 1998.

View the latest issue of NAFA Annuity Outlook Magazine.


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