Compliance and Suitability
EquiTrust Business Guidelines are designed to give you an overview of company policies and procedures. As a representative of EquiTrust, you are required to review these guidelines no less than annually.
The Annuity Suitability Agent User Guide is designed to provide comprehensive information on EquiTrust suitability standards. As a representative of EquiTrust, you are required to review this guide no less than annually.
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For Massachusetts Producers Only
On October 31, 2023, the Department of Labor (DOL) released a new proposed fiduciary rule referred to as the Retirement Security Rule. The proposed rule modifies the definition of an investment advice fiduciary under the Employee Retirement Income Security Act (ERISA) and, if adopted as currently drafted, will require broad changes to the independent distribution model, including financial professionals recommending and executing rollover transactions to an IRA. For your information and timing updates:
- The DOL proposed expanded regulation of fixed index annuity sales in addition to the state insurance laws.
- There is a 60-day comment period that ends on January 2, 2024 for comments regarding the new proposal.
- The DOL declined industry requests for additional time to comment on the rule package.
- A public hearing is scheduled to begin December 12, 2023.
- EquiTrust intends to join advocacy efforts with insurance industry trade groups, including the National Association of Fixed Annuities (NAFA), the American Council of Life Insurers (ACLI), and the Indexed Annuity Leadership Council (IALC) to oppose the legislation.
EquiTrust continues to monitor the Department of Labor’s efforts regarding the proposed rule and will keep you informed of the results of its efforts.