The agency continues to be attempting to spherical up signatures for the net petition.
The historical past: Up to now, typical life insurers had their very own distribution organizations that recruited, employed, skilled and supervised networks of profession brokers.
Right this moment, many life insurers have eradicated profession agent operations, and a policymaker perception that brokers ought to provide purchasers the perfect merchandise for his or her wants, whatever the supplier, has elevated strain on life insurers to favor unbiased distributors over profession company networks.
FMOs now present lots of the companies that the profession company operations as soon as supplied, and officials at the U.S. Department of Labor have prompt that, ultimately, if the division can implement a regulation imposing a fiduciary requirement on the brokers concerned in some annuity gross sales, FMOs and different advertising organizations would take the lead each in managing brokers and in providing the brokers massive, broad, high-quality product menus.
