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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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.
