Department of Labor (DOL) Fiduciary Rule and Impartial Conduct Standards Update

Currently scheduled to begin on 2/1/2022, but subject to change, all agents who are assisting American National clients with qualified rollovers to Individual Retirement Accounts, Annuities and Defined Contribution/Benefit plans or who are selling qualified insurance and annuity products to such plans will be required to comply with the requirements of Prohibited Transaction Exemption (PTE) 84-24 and the Impartial Conduct Standards.

This update requires that agents disclose the commission s/he will receive when a qualified plan rollover is involved or a qualified insurance or annuity product is sold. 

We are monitoring this very fluid situation and will provide additional updates as 2/1/2022 approaches. 

DOL Fiduciary Rule Update Guide 

Once in effect, this DOL Fiduciary Rule Update Guide will assist you and provides links to each document required at the time of sale:

• The Disclosure document will also be required if your commission changes from the amount or percentage provided in the initial disclosure (trailing commissions are not considered a change).
• Additional information regarding form requirements and training will follow in the coming weeks.