Capitol Notes  
The Legislative and Political Newsletter of the 
MN Independent Insurance Agents & Brokers Association

July 12, 2017
Quick Links
Thank You to Our Diamond Partners

Austin Mutual Logo

EMC Logo

Follow Us
DOL Fiduciary Rule Survey - Action Requested

Please respond to survey on US Department of Labor fiduciary rule: 
The US Department of Labor "fiduciary rule" went into partial effect on June 9 and is scheduled to go into full effect on January 1, 2018.  The Trump Administration is currently considering potential amendments to the rule and is soliciting feedback on the impacts of the rule on independent agents.
As many of you already know, this federal rule requires insurance agents who give "retirement advice" to adhere to a fiduciary standard of care. A fiduciary standard is a heightened legal standard that requires insurance agents and brokers to act in the best interest of their clients.   The rule effects advice offered in connection with the sale of both financial products (e.g. mutual funds) and insurance products (e.g. annuities) if the products are being sold in connection with covered retirement accounts (e.g. IRAs). The rule also impacts advice related to Health Savings Accounts (HSAs) if there is an investment component. The rule does not impact traditional P&C products
Our national association would like to better understand how the Department of Labor (DOL) Fiduciary Rule impacts your agency.  As such we invite you to take this short TWO QUESTION survey on the rule. Your feedback is greatly appreciated and will help inform our federal advocacy efforts on the rule. CLICK HERE TO TAKE THE SURVEY

Dominic Sposeto
MIIAB Lobbyist