NAIC Releases Statement on the Final DOL Fiduciary Rule
The National Association of Insurance Commissioners (NAIC) released the following statement today on the final fiduciary rule announced April 23 by the U.S. Department of Labor:
“We continue to have significant concerns about the potential impact of the Department of Labor’s (DOL) final fiduciary rule on access and choice for American retirees to certain life insurance and annuity products. These products have been recognized by multiple Administrations of both political parties as an important option for retirees to manage their risk of outliving their savings. The final rule, which was rushed through the administrative process at DOL and the Office of Management and Budget with virtually no coordination with state insurance regulators, also discounts the work of 45 states and counting to enhance consumer protections for these products by adopting the NAIC’s Suitability in Annuity Transactions Model Regulation, which extends a level playing field to products sold within and outside a retirement plan."
The NAIC has previously released statements calling attention to the hard work of state insurance regulators to protect consumers who buy annuities and commented on the DOL's proposed fiduciary rule. The full comment letter can be read here.
About the National Association of Insurance Commissioners
As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally.