Unfortunately, since we were hoping for so much more

Unfortunately, since we were hoping for so much more

DOL Clarifications

buy moncler jackets It’s like looking at a birthday gift from an ex anything! All sorts of emotions are moncler outlet store coursing through your body anxiety, trepidation, excitement, hope, and fear! You take a deep breath and you unwrap it and you sigh. buy moncler jackets

moncler sale That’s how it felt when we received the first tweet from the Department of Labor and read the news headlines shouting about the DOL’s Fiduciary Rule technical corrections and clarifications for insurance companies. moncler sale

moncler outlet store As far as clarifications go it didn’t go very far. We’ve been talking and working with many annuity insurance companies and they are all struggling with the layers of complexity the existing rule has on life only agents and moncler jacket sale IMOs, not to mention, but we will, registered reps and investment advisors. moncler outlet store

moncler outlet sale Even if the industry is successful in defeating the rule, AAP believes we will be dealing with a best interest standard moncler sale outlet (and its compliance complexities) for all annuity advice in some form, from some agency, for some time. moncler outlet sale

The many questions everyone in the annuity industry, and particularly the variable and indexed annuity industry, are dealing with moncler factory outlet are complicated and legal; with the answers uncertain. Just to name a few:

cheap moncler sale What qualifies a recommendation as a best interest recommendation?How do the different licensees, with different product availability, ensure they’ve selected the “best” product? cheap moncler sale

cheap moncler jackets https://www.moncleroutletssale.com So when we received word that the DOL had issued technical corrections to their Best Interest Contract Exemption, which was published in the Federal Register on April 8, 2016, we were as giddy as a birthday girl at her first big party! cheap moncler jackets

moncler mens jackets “The Best Interest Contract Exemption allows certain persons that are fiduciaries under the moncler sale Employee Retirement Income Security Act of 1974 (ERISA) or the Internal Revenue Code (the Code), or both, by reason of providing investment advice, moncler outlet uk to receive compensation that may otherwise be prohibited. moncler mens jackets

cheap moncler coats The corrections in this document fix cheap moncler outlet typographical errors, make minor clarifications cheap moncler jackets to provisions that might otherwise be confusing, and confirm insurers’ broad eligibility to rely on the exemption, consistent with the exemption’s clearly moncler outlet online intended scope and the analysis and data relied upon in the department’s final regulatory impact analysis (RIA).” (emphasis added) cheap moncler coats

Terrific, that suggested we would really see some guidance that will help steer business decisions about how to deal with this very compliance challenging rule. Whew!

moncler outlet online 2.”Applicable Date” changed to actual date of Jan., 1, 2018. Clarified that when they said “Act” they meant “ERISA.” moncler outlet online

Admittedly, clarification 6 is a bit more confusing and difficult to unwind (as we are finding with much of the rule). The department states that the definition of “advisor” is an individual who: (1) Is a fiduciary of the Plan or IRA solely by reason of the provision of investment advice.

Clarification 7 is the beef of the technical correction for insurance companies.

moncler sale outlet The department acknowledged that the condition “inadvertently limited the availability of the exemption with respect to insurance companies cheap moncler jackets sale because, while state laws generally require annual actuarial reviews of insurance company reserves to be conducted by a qualified actuary appointed by the board of directors.” moncler sale outlet

cheap moncler Since, the existing state requirements do not require an “independent firm of actuaries,” that phrase was deleted. Some people may take exception to our tongue in cheek reporting of this news. Unfortunately, since we were hoping for so much more clarification and guidance, the actual gift was not really a gift at all. cheap moncler

As we work to moncler outlet sale make sure the marketplace is ready for this rule (and support litigation and legislative efforts to defeat it), we must seek to ensure that consumers aren’t pushed cheap moncler coats to more moncler outlet jackets confusing disclosures and processes simply to save for retirement. The point is, this unwieldly rule is so complicated and bifurcated that there will be countless more clarifications, corrections, guidance memos, etc.

moncler outlet Each new “clarification” will merely turn an already uncertain annuity marketplace into more turmoil and chaos and consumers will be at a loss as to what it all means and where they can turn to for help. moncler outlet

monlcer down jackets The two more substantive distinctions are no doubt very important to all insurance companies struggling to comply with the rule. However, this clarification was like finding the gift box contained a very lively frog and not Moncler Outlet the prince we’d hoped for. monlcer down jackets

cheap moncler outlet As we wait for more of these “technical corrections” to dribble out from the department while firms are wrestling with setting up systems and procedures moncler jackets outlet for compliance, it will push out the date by which they can inform their customers and help them adapt to the changes they will experience cheap moncler outlet.