A second lawsuit challenging the Department of Labor's fiduciary rule has been filed in U.S. District Court for the District of Columbia by the National Association for Fixed Annuities.
NAFA's membership of insurance carriers, independent insurance agencies, and individual agents accounts for 85 percent of fixed annuities sold in the marketplace.
The D.C.-based trade organization is asking the court to vacate DOL's rule and its two provisions that are expected to significantly impact the sale and distribution of Fixed Indexed Annuities: the Best Interest Contract Exemption; and the rule's new amendment to Prohibited Transaction Exemption 84-24.
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