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DOL 'Best Interest' Proposal Not Aligned With Federal, State Rules
James F. Jorden, Esq. in Bloomberg Law Link to more items from this source
[Opinion]
Sept. 29, 2020

"While the proposed class exemption is based on the SEC's Regulation Best Interest, it does not 'align' with the NAIC standard due to material differences in insurance regulation. Further, and even more troubling, the DOL's new guidance reinterpreting the definition of a 'fiduciary' under the traditional five-part test as discussed below, results in the application of ERISA fiduciary status and standards to rollover recommendations not previously considered fiduciary advice. The combination of these two would subject some insurance sales transactions to fiduciary status Congress never intended, and to an exemption process that simply does not fit."

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