January 4, 2017

Bruce Ashton Quoted in Investment News

Bruce Ashton was quoted in an Investment News article titled, “Office of Management and Budget reviewing proposed exemption under DOL fiduciary rule for some indexed annuity distributors.” The Department of Labor sent a proposal titled, “Exemption for Insurance Intermediaries” to the Office of Management and Budget (OMB) that may ease the compliance process for some distributors selling fixed annuities under the fiduciary rule.

If the proposal is accepted, it would likely grant a class exemption under the fiduciary rule’s best interest contract exemption to independent marketing organizations (IMOs.) However, the fiduciary rule does not qualify IMOs as financial institutions, creating a big hurdle for IMOs to continue selling indexed annuities, Bruce noted.

Read “Office of Management and Budget reviewing proposed exemption under DOL fiduciary rule…”

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