|We are writing this blog post to give you our view of the “best interest” landscape. Yesterday, the Fifth Circuit Court of Appeals issued a mandate vacating the Department of Labor (DOL) Fiduciary Rule in its entirety, meaning the fiduciary rule no longer applies to sales of annuity products. Now that the court has issued the official order to vacate, we wanted to confirm that you are no longer a fiduciary when recommending annuity products to your customers.
We understand that this change will not impact how you will interact with your customers, as we at ISN have always known that our producers act in the best interest of their customers when making a recommendation of products.
We will continue to monitor both the NAIC and the SEC as the regulatory environment evolves.
Thank you for your continued business and your patience as we navigate through these uncertain regulatory times.