DOL clarifies fiduciary rule for insurance companies
July 11, 2016 by Melanie Waddell
Meanwhile, a House Appropriations bill states that no DOL fiduciary rule ‘shall have an effective date or have any legal effect.’
The Department of Labor has issued technical corrections to the fiduciary rule, specifically clarifying whether insurance companies can use the best interest contract exemption as well as principal transaction exemption clarifications.
Meanwhile, the first hearing has been set in the string of lawsuitsthat have been filed to kill the rule, and the House Appropriations Committee’s fiscal 2017 funding bill seeks to torpedo it.
Micah Hauptman, financial services counsel with the Consumer Federation of America, told ThinkAdvisor on Friday that the technical corrections DOL issued are “fixing typos and making other minor clarifications for the avoidance of any doubt about the rule.” Click HERE to read more... LifeHealthPro article may require free sign-in to view.