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DOL Fiduciary News: September 8, 2016

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Industry Attorney: DOL Rule Could Spark Downturn in FIA Markets

Best's News Service via Bestwire -- September 07, 2016 02:49 PM

KANSAS CITY, Kan. -- Implementation of the U.S. Department of Labor’s fiduciary rule could initiate a downturn in the currently robust fixed indexed annuities marketplace, according to an attorney representing an industry group seeking to derail parts of the rule.

“The department’s final actions threaten the continued existence of the independent insurance agent distribution channel, including IMOs (independent marketing organizations) and tens of thousands of agents,” said attorney J. Michael Vaughan. “The effects are just now beginning to reveal themselves.”

“These include an anticipated decline in sales of fixed indexed annuities in the second half of 2016 continuing through 2017,” Vaughn wrote in a legal brief. “This sales decline has been attributed to ‘DOL paralysis.’”

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