{"id":21788,"date":"2024-05-02T23:50:44","date_gmt":"2024-05-02T23:50:44","guid":{"rendered":"https:\/\/www.thinkadvisor.com\/2024\/05\/02\/new-dol-fiduciary-rule-hit-with-first-lawsuit\/"},"modified":"2024-05-02T23:50:44","modified_gmt":"2024-05-02T23:50:44","slug":"new-dol-fiduciary-rule-hit-with-first-lawsuit","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/05\/02\/new-dol-fiduciary-rule-hit-with-first-lawsuit\/","title":{"rendered":"New DOL Fiduciary Rule Hit With First Lawsuit"},"content":{"rendered":"<div class=\"media_block\"><a href=\"https:\/\/feeds.feedblitz.com\/-\/892882802\/0\/thinkadvisor\/\"><img decoding=\"async\" src=\"https:\/\/images.thinkadvisor.com\/contrib\/content\/uploads\/sites\/415\/2023\/12\/DOL-Fiduciary-Rule-2023-640x640-1.jpg\" class=\"media_thumbnail\"><\/a><\/div>\n<div><img decoding=\"async\" src=\"https:\/\/images.thinkadvisor.com\/contrib\/content\/uploads\/sites\/415\/2023\/12\/DOL-Fiduciary-Rule-2023-640x640-1.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p><span>At the same time, the suit continues, \u201cthe DOL amended several related \u2018prohibited transaction exemptions\u2019 \u2026 including an amendment to PTE 84-24, which directly relates to the compensation that insurance agents may receive if they are deemed to be fiduciaries under the new 2024 Fiduciary Rule.\u201d<\/span><\/p>\n<p><span>Labor\u2019s 2024 fiduciary rule and PTE \u201camendments are just the latest salvos by the DOL in its almost 15-year quest to re-define what it means to be an ERISA fiduciary in contravention of the will of Congress,\u201d the suit states.&nbsp;<\/span><\/p>\n<p><span>\u201cMoreover, it blatantly defies the prior ruling of the United States Court of Appeals for the Fifth Circuit \u2026 striking down a rule package that was effectively indistinguishable from the 2024 Fiduciary Rule,\u201d it explains.<\/span><\/p>\n<p><span>FACC said in a statement Thursday that it&nbsp;was \u201cdisappointed that the DOL has chosen to go down this same tired path with yet another proposal that blatantly violates the 2018 ruling by the Fifth Circuit and arrogantly ignores limitations of its authority under ERISA.\u201d<\/span><\/p>\n<p><span>The DOL\u2019s new rules, finalized on April 23, \u201care yet another assault on the financial services industry \u2014 especially insurance agents \u2014 that only serve to create more cost and confusion for American consumers,\u201d FACC said.<\/span><\/p>\n<p><span>The group said that it \u201cstrongly supports state insurance regulation, including the latest updates to the NAIC Model Regulation establishing best interest sales conduct requirements that provide consumer protection while preserving consumer choice.\u201d<\/span><\/p>\n<p><b><i>Related:<\/i><\/b><b><i> <\/i><\/b><a href=\"https:\/\/www.thinkadvisor.com\/2024\/04\/23\/the-2024-dol-fiduciary-rule-a-timeline\/\"><b><i>The 2024 DOL Fiduciary Rule: A Timeline<\/i><\/b><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>At the same time, the suit continues, \u201cthe DOL amended several related \u2018prohibited transaction exemptions\u2019 \u2026 including an amendment to PTE 84-24, which directly relates to the compensation that insurance agents may receive if&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":21789,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[1],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2024\/05\/new-dol-fiduciary-rule-hit-with-first-lawsuit.jpg","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21788"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=21788"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21788\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/21789"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=21788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=21788"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=21788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}