Fred Reish Comments on DOL Fiduciary Rule in Insurance News Net

Benefits and executive compensation partner Fred Reish shared his thoughts on the DOL fiduciary rule with Insurance News Net in the article, “Trade group files first lawsuit against the DOL fiduciary rule.”

The Federation of Americans for Consumer Choice filed a lawsuit in a Texas federal court Thursday to stop the Department of Labor fiduciary proposal from taking effect.

Reish said the insurance industry should not be relying on lawsuits to stop the DOL. If the injunction is not granted quickly, broker-dealers, investment advisers, banks, and insurance companies will need to start work on the compliance issues for the training, processes, data, and documentation to be in place by Sept. 23.

"For example, where insurance companies sell through independent producers, those producers will need to be trained on the rules, the processes for compliance, the information that needs to be evaluated for a prudent process, the disclosures, and so on," Reish added. "That is a big job even if it were started today."