DOL Issues Notice of Proposed BICE for Insurance Intermediaries

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DOL Issues Notice of Proposed BICE for Insurance Intermediaries. Today, the DOL published in the Federal Register a Notice of a Proposed Best Interest Contract Exemption (BICE) which would allow insurance intermediaries (such as independent marketing organizations (IMOs)) and the insurance agents and the insurance companies they contract with to receive commission compensation in connection with fixed annuity transactions (including indexed annuities) when providing investment advice to IRAs and retirement plans. Several IMOs (22 to date) have applied to become a “financial institution” under the DOL Fiduciary Rule. The Proposed Best Interest Contract Exemption for Insurance Intermediaries would grant “financial institution” status to IMOs if they abide by certain conditions without having to file individual applications.

Industry News NAIC Introduces Best Interest Standard DOL Sends Request for Extension of Transition Period to OMB NYDFS Requests Information on Data Use DOL Will Not Delay June 9 Effective Date.

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DOL Issues Notice of Proposed BICE for Insurance Intermediaries

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