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June 01, 2024

Fred Reish Speaks to InsuranceNewsNet About Impact of New DOL Retirement Security Rule on Annuity Producers

In the InsuranceNewsNet article, “Annuities selling strong, but for how long?” benefits and executive compensation partner Fred Reish recently broke down possible incoming changes to the role annuity producers play resulting from the Department of Labor’s new Retirement Security Rule.

The rule, set to become effective Sept. 23, redefines financial and legal services as fiduciary in nature, ensuring the client’s best interests are prioritized. Reish said producers will need to ensure they are well-versed in the standards set by the new rule, which is no easy task for smaller independent producers. 

Reish emphasized that insurance companies and intermediaries will play a critical role in ensuring producers learn the compliance requirements in order to best serve consumers. 

“Of those, satisfaction of the duty of care and the duty of loyalty for rollover recommendations will be the most problematic,” Reish explained. “That is a big change and will require education and information support for independent producers.”

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