Georgia Insurance Department is to be commended for its interest in modernizing your existing regulation and the following path of 29 other states who have adopted the regulation.
HLF has a strong interest in this case. The DOL preamble being challenged by the Plaintiffs . . . would resurrect much of the very harmful 2016 Fiduciary Rule in a manner that directly conflicts with the 2018 decision of the Fifth Circuit Court of Appeals (“Fifth Circuit”) invalidating that rule . . . . If DOL is permitted to flout the court’s mandate, the New Interpretation will have the disastrous effect on individuals saving for retirement—especially Hispanic and Black Americans—that was shown to have occurred by the HLF Fiduciary Study.
The DOL’s principal defense of the New Interpretation comes down to little more than the fact that it pays lip service to the opinion in Chamber of Commerce of the United States of America v. United States Department of Labor, 885 F.3d 360 (5th Cir. 2018). According to the DOL,
FACC comments on one apparent deviation in the proposed amendments from the NAIC model regulation. We note a portion of Section 1.B of the model regulation was not included in the Illinois proposal in its entirety as represented by the underlined language: Nothing herein shall be construed to create or