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Life (Insurance) in the Fiduciary Lane
Bob Veres in Inside Information Link to more items from this source
[Opinion]
July 30, 2018
"[A] new amendment to the New York State Department of Insurance Regulation [imposes] a mashup of the infamous DOL Rule and the recent SEC regulatory proposals on life insurance salespeople operating in their state. The word 'fiduciary' doesn't appear anywhere. But the gist of the new rules is that life and annuity recommendations, if they are made inside the borders of the Empire State, now have to be in the best interests of the customer. Whoever wrote these regulations knows full well that the life insurance 'advisor' is actually selling products."

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