Department of Labor Fiduciary Rule and Impartial Conduct Standards
We previously communicated that the below ruling would go into effect on December 20th. This ruling has been delayed until February 1, 2022
Department of Labor (DOL) Fiduciary Rule and Impartial Conduct Standards Update
Department of Labor (DOL) Fiduciary Rule and Impartial Conduct Standards Update
Beginning on 2/1/2022, 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.