News & Analysis as of

Best Interest Contract Exemptions

Did Santa Give the Insurance Industry a Lump of Coal or a Diamond in the Rough? The Proposed Suitability and Best Interest...

by Carlton Fields on

As reported in our November 28 client alert, the National Association of Insurance Commissioners’ (NAIC) Annuity Suitability Working Group (Suitability WG) circulated the proposed Suitability and Best Interest Standard of...more

The DOL Fiduciary Rule: Charting a Course, Avoiding Collisions & Potential Litigation Q&A #4 - Q&As on Annuity Sales Practices,...

by Carlton Fields on

For the past several months, we have written about potential litigation issues under the “revised temporary” DOL Rule involving the offer and sale of annuities in the IRA market. This article continues that discussion. ...more

Understanding the Standard of Care for Broker-Dealers and the Department of Labor’s Fiduciary Rule

Until recently, broker-dealers operating in the United States weren’t subject to a fiduciary standard when dealing with their retail clients. The passage of the Dodd-Frank Act in 2010 included a provision enabling the...more

New York Proposes “Best Interest” Standard for Life and Annuity Sales Alongside NAIC Proposal for Annuities

On December 27, 2017, the New York Department of Financial Services (NYS-DFS), the regulatory authority for the insurance industry in New York, published a proposal (New York Proposal) to add a “best interest” standard to...more

ERISA Fiduciary Rule Facing Precarious Future

Since its original release as a proposed rule in April 2015 and as a final rule a year later, the Department of Labor’s (DOL's) so-called fiduciary rule — which expands the “investment advice fiduciary” definition under the...more

New York Department of Financial Services Rings in the New Year with New Suitability Requirements for Insurance Companies

by Carlton Fields on

New York’s Department of Financial Services decided to bid farewell to 2017 and ring-in the new year by proposing to amend Suitability in Annuity Transactions, 11 NYCR 224 (the Annuity Suitability Rule). On December 27, 2017,...more

DOL Again Delays Implementation of ERISA Fiduciary Rule

The department extends non-enforcement policy until July 1, 2019 and plans to propose a new streamlined class exemption under the Fiduciary rule. The DOL finalized its delay of certain portions of the Fiduciary rule until...more

DOL Finalizes 18-Month Fiduciary Rule Delay, Extends Enforcement Policy

by McGuireWoods LLP on

The Department of Labor (DOL) on Nov. 29 finalized additional delays to major aspects of its fiduciary rule by formally extending, by 18 months, certain transition period deadlines and applicability dates. Consequently, in...more

Chris Lazarini Comments on Court’s Preliminary Injunction Against DOL's Enforcement of its "Anti-arbitration" Rule

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini commented on Thrivent's case seeking to enjoin the U.S. Department of Labor (DOL) from prohibiting the nonprofit's mandatory use of individual dispute resolution processes. Once the...more

US Department of Labor Extends Transition Period for Fiduciary Rule Exemption

by Shearman & Sterling LLP on

The US Department of Labor issued a notice extending the transition period for the Best Interest Contract exemption (the “BIC”), and other exemptions, from the prohibited transaction provisions of the Fiduciary Rule for an...more

Department of Labor Extends Transition Period for Exemptions Under the Fiduciary Rule

On November 27, 2017, the U.S. Department of Labor (DOL) extended the transition period for its conflict of interest regulation (commonly referred to as the "fiduciary rule") until July 1, 2019....more

The DOL Fiduciary Rule: Charting A Course, Avoiding Collisions & Potential Litigation Q&A #4 - Q&As on Annuity Sales Practices,...

by Carlton Fields on

For the past several months, we have written about potential litigation issues under the “revised temporary” DOL Rule involving the offer and sale of annuities in the IRA market. This article continues that discussion. Recall...more

The DOL’s Fiduciary Rule: An Update And Practical Advice

by Carlton Fields on

This updates our August 15 blog entry, which targeted employers who sponsor retirement or welfare plans and are concerned about their fiduciary liabilities for properly selecting service providers....more

Plan Sponsors Should Take Action during the New Fiduciary Rule Transition Relief Period

On November 29, the Department of Labor (DOL) announced an extension to July 1, 2019, of the previously established deadline for transition relief from many provisions of the new fiduciary rule applicable to investment...more

DOL kicks fiduciary rule enforcement until 2019

by Ary Rosenbaum on

As expected, the Department of Labor (DOL) has delayed enforcement of the main provisions of the new fiduciary rule. Provisions covering exemptions for best-interest contracts and principal transactions will now go into...more

Department of Labor Finalizes 18-Month Extension for Simplified Compliance With the BIC Exemption Under the ERISA Fiduciary Advice...

On November 29, the US Department of Labor (DOL) finalized its 18-month extension of the transition period under the Best Interest Contract Exemption (the "BIC Exemption"). As described in Katten's earlier advisory,...more

It’s Official! DOL Finalizes Delay

by Morgan Lewis on

The Fiduciary Rule transition period is extended until mid-2019, with financial institutions having flexibility in complying with the impartial conduct standards during this period....more

Department of Labor Finalizes 18-Month Delay of Fiduciary Rule Exemptions

On November 27, 2017, the Department of Labor (“DOL”) finalized the delay of the applicability date for certain conditions for exemptions to the fiduciary rule until July 1, 2019. This delay was initially proposed in late...more

The Final Rule: Considerations and Analysis of the DOL’s 18-Month Transition Period Extension

By a notice published in the Federal Register on November 29, 2017, the Department of Labor (DOL) extended from January 1, 2018, until July 1, 2019, the date for compliance with the full conditions in its new “investment...more

2017 End of Year Plan Sponsor “To Do” List Qualified Retirement Plans (Part 4)

by Snell & Wilmer on

As 2017 comes to an end, we are pleased to present you with our traditional End of Year Plan Sponsor “To Do” Lists. This year, we are publishing our “To Do” Lists in four separate Employee Benefits Updates. Part 1 covered...more

Expect Focus - Life Insurance, Volume III - September 2017

by Carlton Fields on

EXPECTFOCUS® is a quarterly review of developments in the insurance and financial services industry, provided on a complimentary basis to clients and friends of Carlton Fields Jorden Burt, P.A. Please see full Publication...more

Expect Focus - Life Insurance, Volume III - September 2017

by Carlton Fields on

EXPECTFOCUS® is a quarterly review of developments in the insurance and financial services industry, provided on a complimentary basis to clients and friends of Carlton Fields Jorden Burt, P.A. Please see full Publication...more

Certified Financial Planner Board Proposes Fiduciary Obligations for All CFP Financial Advice

by Carlton Fields on

In June, the Certified Financial Planner (CFP) Board released proposed revisions to its standards of professional conduct that would require CFPs to adhere to a fiduciary standard at all times when providing any "financial...more

The DOL Fiduciary Rule: Charting a Course, Avoiding Collisions & Potential Litigation Q&A #2 - Q&As on Annuity Sales Practices,...

by Carlton Fields on

Last month, we wrote about potential litigation issues under the “revised temporary” DOL Rule involving the offer and sale of annuities in the IRA market. This paper continues that discussion. I emphasize to the reader that...more

The Fiduciary Rule Status Update

by Carlton Fields on

On April 8, the Department of Labor published the so-called "Fiduciary Rule." It defines who is an employee benefit plan’s "fiduciary" for purposes of the Employee Retirement Income Security Act (ERISA) and the Internal...more

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