The U.S. Department of Labor (DOL) issued its finalized fiduciary rule yesterday.
Over the past year, CreativeOne has worked diligently with the National Association of Fixed Annuities (NAFA) to provide constructive comments to the DOL about its proposed fiduciary rule. We are in the process of completing an in-depth analysis of the rule and its potential consequences in order to provide you with direction and support needed to navigate the requirements of this regulation. CreativeOne’s DOL Task Force is committed to providing our producers with accurate information and solutions for helping you meet your compliance requirements.
Here’s what we do know upon initial review:
- The rule will not start to go into effect until April 2017, with full implementation slated for January 1, 2018.
- Fixed indexed annuity (FIA) sales will be covered under the Best Interest Contract Exemption (BICE).
The rule is currently being reviewed, specifically changes regarding the BICE and how that impacts FIA sales practices. After we consult with other industry experts and attorneys, we will make more information available.
We remain committed to our Agent Development Organization (ADO), which includes protecting your ability to deliver the quality annuity products your clients rely upon to help reach their retirement income planning needs. We will keep you updated on the implications of this new rule and advocate on your behalf.