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NAFA asks D.C. Circuit to delay DOL rule deadline

In an emergency motion seeking to delay implementation of the fiduciary rule by at least 10 months, NAFA says members are being forced to reorganize a massive product distribution system that has been in place for decades.

By Nick Thornton | Updated on November 30, 2016
On April 10, 2017, insurance carriers, insurance agents and independent marketing organizations will have to act as fiduciaries when selling fixed indexed annuities. (Photo: iStock)

In the latest legal gambit in what is becoming an uphill battle for opponents of the U.S. Department of Labor’s fiduciary rule, the National Association of Fixed Annuities is asking the U.S. Court of Appeals for the District of Columbia to delay implementation of the fiduciary rule by at least 10 months.

The first so-called applicability date for compliance with the rule is April 10, 2017, at which point NAFA members — insurance carriers, insurance agents and independent marketing organizations — will have to act as fiduciaries when selling fixed indexed annuities to IRAs.

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Nick Thornton

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.

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