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Statement of Insurance Associations Filing Legal Action to Challenge DOL's Fiduciary-Only Regulation
American Council of Life Insurers [ACLI], National Association of Insurance and Financial Advisors [NAIFA], NAIFA-Texas, NAIFA-Dallas, NAIFA-Fort Worth, NAIFA-POET, Finseca, Insured Retirement Institute [IRI], and National Association for Fixed Annuities 
[Opinion] May 28, 2024 "[This] filing makes a convincing case that the DOL's fiduciary-only regulation suffers from the same legal defects as the DOL's failed 2016 rule. It exceeds the DOL's authority under federal law, is arbitrary and capricious, and is unconstitutional. Moreover, it ignores recently enhanced federal and state standards for financial professionals who work with retirement savers. However, the DOL's biggest failing is its inability to learn from past mistakes." [ACLI v. DOL, No. 24-0482 (N.D. Tex. complaint filed May 24, 2024)] MORE >> |
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