In an opinion written by the Hon. Edith Jones, a panel of the federal Fifth Circuit declared that it is against the law to hold insurance agents to be "fiduciaries." That is just too far to go interpreting the Employee Retirement Income Security Act, the opinion declared.
The opinion was officially released on March 15, 2018. The consolidated case was CHAMBER OF COMMERCE OF the UNITED STATES OF AMERICA; Financial Services Institute, Incorporated; Financial Services Roundtable; Greater Irving-Las Colinas Chamber of Commerce; Humble Area Chamber of Commerce, doing business as Lake Houston Chamber of Commerce; Insured Retirement Institute; Lubbock Chamber of Commerce; Securities Industry and Financial Markets Association; Texas Association of Business, American Council of Life Insurers; National Association of Insurance and Financial Advisors; National Association of Insurance and Financial Advisors—Texas; National Association of Insurance and Financial Advisors—Amarillo; National Association of Insurance and Financial Advisors—Dallas; National Association of Insurance and Financial Advisors—Fort Worth; National Association of Insurance and Financial Advisors—Great Southwest; National Association of Insurance and Financial Advisors—Wichita Falls; Indexed Annuity Leadership Council; Life Insurance Company of the Southwest; American Equity Investment Life Insurance Company; Midland National Life Insurance Company; North American Company for Life and Health Insurance, Plaintiffs–Appellants
v.
UNITED STATES DEPARTMENT OF LABOR; R. Alexander Acosta, Secretary, U.S. Department of Labor, Defendants–Appellees,
reported at 885 F.3d 360 (5th Cir. 2018).
Please Read The Disclaimer. © 2018 Dennis J. Wall. All Rights Reserved.
Comments