EBSA - Employee Benefits Security Administration
- 2017 0706 - RFI - EBSA - Request for Information Regarding the Fiduciary Rule and Prohibited Transaction Exemptions - RIN: 1210-AB82, Document Number:2017-14101 - federalregister.gov/documents/2017/07/06/2017-14101/request-for-information-regarding-the-fiduciary-rule-and-prohibited-transaction-exemptions
- Regulations.gov - EBSA-2017-0004 - regulations.gov/docket/EBSA-2017-0004
- 822 Comments - regulations.gov/docket/EBSA-2017-0004/comments
- 2017 0807 - Letter - NAIC to EBSA - Re: RIN 1210–AB82 Request for Information Regarding the Fiduciary Rule and Prohibited Transaction Exemptions - 4p
- While the DOL has shared jurisdiction with the states with respect to insurance products sold through ERISA plans, states have regulatory responsibilities with respect to the entire market for such products, including disclosure requirements, professional standards of conduct for agents, and supervisory controls. Some sales distribution of insurance and retirement products is shared with investment advisers, securities agents and dealers, and, in fulfilling the congressional intent of Section 989j of the Dodd-Frank Act, we strive for an appropriate amount of regulatory consistency and harmony with other regulators across all uses and sales channels. Coordination and consultation with state and federal securities regulators with the DOL at this critical juncture would ensure that our approaches are as consistent and compatible as possible to provide effective, clear standards for consumer protection, while avoiding excessive compliance burdens on the industry. We also hope we can be a resource to the DOL as it evaluates the existing rule, how it fits with the existing regulation of insurance products and agent sales, and the impact of the rule on the insurance sector and retirement product purchasers.