IALC Files Lawsuit Challenging Fiduciary Rule
On Wednesday, June 8, 2016 the Indexed Annuity Leadership Council (IALC) filed a lawsuit challenging the Department of Labor’s (DOL) fiduciary rule. Click on the following link to view the IALC press release. North American Company for Life and Health Insurance is an IALC member.
IALC’s Position Behind the Challenge
The IALC unequivocally supports a best interest standard of care for financial professionals providing retirement advice to individuals. However, the IALC believes this challenge is necessary because the rule creates an unreasonable and unbalanced standard for independent agents and insurance companies. The DOL fiduciary rule will significantly restrict consumer access to products and retirement information. The end result is harm to millions of hard-working Americans who stand to lose the opportunity to save for retirement through fixed index annuities.
Watch your email for future DOL updates.