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DOL Fiduciary News: January 5, 2017

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DOL Sends IMO Fiduciary Rule Exemption to OMB

InsuranceNewsNet; January 4, 2017

An exemption granting independent marketing organizations financial institution status under the Department of Labor's fiduciary rule has been sent to the Office of Management and Budget for review.

OMB has 90 days from Dec. 29 to review the details, though the review isn’t expected to take that long, an OMB official confirmed Wednesday.

Any changes requested by OMB’s Office of Information and Regulatory Affairs to the Labor Department document must be made within the 90-day period, the OMB official said.

Top insurance industry issues in 2017 [PwC]

Ongoing changes in technology, demography, and consumer needs and expectations continue to disrupt the insurance industry. Combined with recent regulatory and financial reporting developments, these changes are putting severe strain on traditional business models. Many insurers are responding by reimagining their internal operations and business strategies, but the pace of change outside the industry has been relentless and even proactive companies are struggling to remain on the cutting edge. Top Insurance Industry Issues in 2017 focuses on changing business and operating models and the key developments that are causing and being influenced by this change.

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