The Department of Labor remains amenable to allowing commissions on lifetime income annuities, as well as the marketing of proprietary annuity products, according to the leadership of the Insured Retirement Institute, which represents the interests of insurance companies, among others.
In a press conference laying out the trade association’s 2016 agenda, Cathy Weatherford, president and CEO of the IRI, and Lee Covington, IRI’s general counsel, said they remain confident the DOL is taking seriously the insurance industry’s concerns with the DOL’s proposed fiduciary rule, and the restrictions it would place on the sale of annuity products.
The rule is expected to be finalized in a matter of months.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
