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Fiduciary Rule Overview
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The U.S. Department of Labor’s (DOL) Conflict of Interest Rule, also known as the fiduciary rule, is now applicable. While the DOL has stated that it will continue to examine the fiduciary rule, the industry is now subject to the following requirements:
These requirements are now effective during the transition period that will last until January 1, 2018:
- Adherence to definition of fiduciary published in the April 8, 2016, version of the rule
- Adherence to the rule’s impartial conduct standards for fixed-rate, fixed-indexed and variable- annuity sales
Applicable on January 1, 2018
- Full compliance with remaining conditions in exemptions, such as specific written disclosures and warranties
- Full compliance with amendments to Prohibited Transaction Exemption 84-24 relating to annuities
As examination of the fiduciary rule continues, OneAmerica is committed to providing solutions and tools that serve our customers and financial professionals.
We plan to keep you informed as we learn more. In the meantime, please check this website and the Department of Labor’s Conflict of Interest Rule website for updates. If you have questions, please email us at email@example.com.
With its focus on the retirement services industry, the fiduciary rule has special significance for plan sponsors, financial professionals and recordkeepers. OneAmerica is committed to helping our retirement services industry colleagues determine how the rule will affect their customers and business.
Individual Life and Financial Services
The fiduciary rule will have wide-ranging impact on the way advisors make recommendations on clients’ qualified monies, and how they are compensated for their work. As you continue to help customers build and protect their financial futures, we’ll offer insights and guidance on the rule.
Employee Benefit products, including those at OneAmerica, are not affected by the rule. However, we’d like to keep brokers and others in the field up to date on the rule and what it means. It’s part of our commitment to our colleagues and those they serve.