In the News

Title

Surprise: DOL Rule Targets Indexed Annuities

Document Type

Article

Publication Date

4-7-2016

Abstract

Advisors and agents who sell fixed indexed annuities (FIAs) to retirement account owners on a commission basis will have to pledge to act in the “best interest” of the purchaser under the final version of the Department of Labor’s fiduciary rule and its prohibited transaction exemptions, which the DOL released yesterday.

Specifically, FIA sellers will be bound by the terms of the new Best Interest Contract Exemption, or BICE.