09.30.24

Insurance Industry Conflicts of Interest Show Need for DOL Fiduciary Rule — Warren Report

by: Courtney Degen

Sen. Elizabeth Warren (D-MA) released a report contending that the insurance industry is fraught with conflicts of interest and the Labor Department’s fiduciary rule, which is currently halted by two court rulings, is needed to prevent those conflicts. The National Association of Insurance Commissioners’ "best interest" model regulation and the SEC’s Regulation Best Interest package “are not effectively eliminating" conflicts of interest, according to the report. In a statement, a spokesperson for the American Council of Life Insurers said, “Life insurers are working to make it easier, not harder, for people to access the tools they want and need for financial security and peace of mind.”

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