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DOL Fiduciary News: September 28, 2016

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IMO makes targeted claim against DOL rulemaking procedures

BenefitsPro; Sep 27, 2016

Oral arguments were heard last week in U.S. District Court for the District of Kansas on behalf of Market Synergies Group, a Topeka, Kansas-based consortium of 11 independent marketing organizations that accounted $15 billion worth of fixed indexed annuity sales in 2015 through more than 3,000 independent insurance agents.

In Market Synergies Group, Inc. v. United States Department of Labor, the independent marketing organization is not asking the Kansas court to block the Labor Department’s entire fiduciary rule — just the provision that affects the regulation of fixed indexed annuities.

That targeted approach makes Market Synergies’ claim distinct from other lawsuits brought against the Labor Department, and could enhance its chances of success, say two legal experts.

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