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Provision to kill DOL fiduciary rule included in new bill to replace Dodd-Frank
InvestmentNews; Sep 9, 2016 @ 3:50 pm
Republican lawmakers haven't given up on trying to kill a Labor Department rule that would change investment advice standards for retirement accounts.
House Financial Services Committee Chairman Jeb Hensarling, R-Texas, introduced a bill Friday that includes a provision to repeal the DOL rule, according to spokesman Jeff Emerson.
Mr. Hensarling started revealing details about the bill in June. The House financial panel will begin debating and voting on the bill Tuesday.
ThinkAdvisor; September 8, 2016
Annuity guru Moshe Milevsky contends that, concerning annuities, the Department of Labor’s fiduciary standard rule’s overriding emphasis on fees is deeply flawed.
All in all, he says, the rule—which will see the first phase of implementation in April 2017—cries out for the expertise of financial economists.
In an interview with ThinkAdvisor, Milevsky, finance professor at Toronto’s Schulich School of Business at York University and a leading annuities consultant to the financial services industry, discussed his views on the controversial rule, which holds advisors and insurance agents to a fiduciary standard for advice regarding retirement accounts.
Milevsky’s short-term forecast for the annuity industry: pessimistic.
InsuranceNewsNet; September 9, 2016
AmeriLife, a large insurance marketing organization (IMO) with 120,000 insurance agents, has applied to allow agents to sell fixed indexed annuities under a U.S. Department of Labor exemption.
The request by the Clearwater, Fla.-based IMO, which maintains business relationships with 250 insurance companies in all 50 states, makes it eight IMOs that have applied to sell FIAs under the exemption.
“The requested exemption would apply to transactions for AmeriLife Agents selling fixed indexed annuity products through AmeriLife contracts and utilizing the AmeriLife platform,” said Timothy O. North, chairman and CEO of AmeriLife, in a letter to the DOL.