NAFA will continue to be your voice and keep you abreast of this evolving situation.

An oft-misunderstood product, fixed annuities clearly play a significant role in helping everyday Americans plan for retirement and beyond. As you are all fully aware, the U.S. Department of Labor (DOL) released their proposed "best interest" fiduciary duty rule in April.

Due to widespread concern regarding the revamped proposed fiduciary rule, we are working closely with our fellow trade organizations and industry colleagues to provide clear direction on how best to proceed including, a full and thorough review and analysis of the major provisions of the proposed rule. A broad one-size-fits-all new fiduciary rule completely contradicts existing successful and robust regulatory framework provided by the NAIC Suitability in Annuity Transactions Model Regulation for fixed annuity sales as evidenced by record-low complaints and high client satisfaction.

We firmly believe the DOL's proposal will create a sweeping and unworkable regulatory landscape that will adversely impact middle-class consumers and small businesses.

For the latest updates on this evolving situation, NAFA members can access state-specific actions and state-by-state updates in the Legislative/Regulatory section of the NAFA website.