Lawyers representing the National Association for Fixed Annuities told a U.S. District judge Thursday that individual insurance agents would be forced to become registered investment advisors under the Department of Labor's fiduciary rule and that the current distribution system for fixed indexed annuities would have to be reworked.
Judge Randolph Moss, U.S. District judge for the District of Columbia, heard oral arguments for close to three hours Thursday in the first hearing against DOL's rule, but did not immediately render a decision.
|'Overreach' by DOL?
Philip Bartz, a partner at Bryan Cave and a former U.S. Justice Department lawyer, said during his arguments that DOL's rule embodies "overreach" by DOL to "do things that Congress never intended" and that it's "at odds" with state insurance law.
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