NAFA Statement on DOL Fiduciary Rule
Disappointed in Decision not to Delay Rule Implementation Date
WASHINGTON D.C. (May 23, 2017) — NAFA, the National Association for Fixed Annuities, is very disappointed that Secretary Acosta did not delay the June 9 implementation deadline of the DOL “Fiduciary Rule.” NAFA has remained strongly opposed to the June 9 implementation date of the Fiduciary Rule consistent with the analysis mandated by President Trump’s Executive Memo of February 3.
“NAFA continues to be concerned with the adverse consequences that will result to everyday Americans and the entire annuity industry once this harmful rules takes effect on June 9. As shown in comment letters submitted to the DOL as part of its review of the rule, NAFA and other stakeholders have provided new information demonstrating the flaws of DOL’s prior regulatory impact analysis,” said Chip Anderson, Executive Director of NAFA.
NAFA looks forward to meeting with the Department of Labor, Congress and other industry officials to review and hopefully rescind the rule.
Read Acosta’s comment HERE.
NAFA, the National Association for Fixed Annuities, is the premier trade association exclusively dedicated to fixed annuities. Our mission is to promote the awareness and understanding of fixed annuities. We educate annuity salespeople, regulators, legislators, journalists, and industry personnel about the value of fixed annuities and their benefits to consumers. NAFA’s membership represents every aspect of the fixed annuity marketplace covering 85% of fixed annuities sold by independent agents, advisors and brokers. NAFA was founded in 1998. For more information, visit www.nafa.com.