NAFA Grassroots Efforts Aid in ERISA Withdrawal of Proposed Fiduciary Rule
September 20, 2011
In a positive new development, the Department of Labor announced yesterday that it plans to withdraw its proposed ERISA fiduciary rule and re-propose the rule early next year. NAFA has been concerned about this complex and controversial proposal’s potential adverse impact on fixed annuities despite some helpful language that appeared to protect certain insurance product sales. Accordingly, NAFA along with its Washington, DC counsel, CapCity Advocates, and our grassroots network, actively engaged the Hill and worked with other industry groups to make sure our voice for fixed annuities was heard. As part of this effort CapCity conducted visits to key Senate offices, and NAFA members made calls and sent hundreds of letters and emails to the Senate. NAFA thanks it members for their hard work! Additionally, NAFA signed a joint industry letter to the Hill calling for the proposal to be withdrawn along with the American Bankers Association, the American Council of Life Insurers , the Association for Advanced Life Underwriting, the Financial Services Institute, the Investment Company Institute, the National Association of Insurance and Financial Advisors, the Securities Industry and Financial Markets Association, the Financial Services Roundtable, and the Insured Retirement Institute. NAFA will continue to monitor DOL actions and will work hard to secure the best outcome for fixed annuities as the rule is recrafted!