InsuranceNewsNet spoke to executive benefits and compensation partner Fred Reish about Prohibited Transaction Exemption (PTE) 84-24 and shared insights from a client alert. PTE 84-24 allows producers to receive commissions when retirement plans and individual retirement accounts purchase insurance and annuity contracts.
Reish disclosed, “I think that [PTE 84-24] will be amended to include more demanding conditions, such as requiring a best interest process, disclosures of conflicts of interest, and a fiduciary acknowledgement." He has long expected the Department of Labor to target the exemption in any fiduciary rule rewrite.
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