Kim O'Brien

  • CEO of the Federation of Americans for Consumer Choice
  • AAP  - Americans for Asset Protection
    • 2018 -  formally known as Americans for Annuity Protection
  • 2022 0202 - fa-mag.com - Insurance Agents Sue to Overturn DOL Rule, by FA Staff - [link]
    • The Federation of Americans for Consumer Choice, a trade group representing independent insurance agents and agencies, sued the Department of Labor today on the grounds that the agency’s interpretation of who is required to act as a fiduciary is overly broad.
    • Fifth Circuit  in Dallas
    • "The new rule is the latest iteration of a decade-old effort by the government to turn more financial professionals, including insurance agents, into fiduciaries, subjecting them to more onerous regulatory requirements,” said Kim O’Brien, CEO of the Federation of Americans for Consumer Choice.
    • O’Brien said that the DOL interpretation “places an unfair regulatory burden upon independent insurance agents who serve Middle America, thereby limiting access by lower and middle-income Americans to important guaranteed retirement products as well as retirement advice more generally.” 
    • The regulation “could force agents in small towns across America to close up shop if it is not overturned, leaving many consumers without access to insurance and retirement products,” O’Brien told Financial Advisor.
  • 6. Agreed to Discuss Universal Life Policies
    • Kim O'Brien (Americans for Asset Protection-AAP) said:
      • there is a growing problem with universal life insurance policies that is hitting the elderly particularly hard.
      • Due to the low interest rate environment, policies purchased 10 and 20 years ago require additional premiums to stay in force, and the premium hikes are particularly difficult for the elderly to pay.
    • Commissioner Ommen (IA) said:
      • he would put the issue on the agenda for a future meeting.
      • the issue might be one for the Market Regulation and Consumer Affairs (D) Committee, as well.

2018-3, NAIC Proc. - LIAC - Life Insurance (A) Committee

  • 2018 0919 - WSJ - Universal Life Insurance, a 1980s Sensation, Has Backfired: A long decline in interest rates caused premiums to soar when they were supposed to stay level, by Leslie Scism - [link]