Labor’s fiduciary rule worries independent insurance agents

Independent insurance agents are becoming concerned that the way insurance companies comply with the Labor Department's new fiduciary rule, particularly as it applies to the sale of annuities, could hurt their businesses. Some insurance executives have expressed reservations about their ability to assure compliance by independent agents. "We … have serious questions about whether or not we could exercise the proper oversight of those agents," said American Equity Life Holding CEO John Matovina.

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