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Transcript of Oral Arguments

This is a statutory construction case. And as such, we believe there’s a basic principle that can and should guide the Court’s decision in matters of statutory construction as it does in matters — many matters under the law. And that — that principle is: Words have meaning. In this particular case, we have the luxury, not often afforded to litigants, that the Fifth Circuit has given us very clear direction as to the meaning of the statute in question arising out of the last time the Department of Labor sought to redefine who’s a “fiduciary” under ERISA.

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Member Alert – California Best Interest Legislation SB 263

TO: FACC Members and Supporters We want to make you aware of draft legislation soon to be introduced in California that is highly troublesome. This is legislation advocated by the California Insurance Commissioner which is contrary to the NAIC Model and would be harmful to consumer choice. FACC is concerned…

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South Dakota Letter to Governor Noem Requesting Veto of HB 1091

From the standpoint of good governance and promoting sound regulation that is business friendly, consumer protective, and consistent with a competitive marketplace, we believe South Dakota would be best served to not deviate from the NAIC model requirements. We hope you – as Governor – will appreciate and agree that it is a strong statement in favor of state insurance regulation that so many states have already banded together to adopt best interest standards befitting the insurance industry and thereby have helped preserve state regulation against federal encroachment.

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Oklahoma Comment Letter Requesting Specific Reference to NAIC Disclosure Language

We urge that Subchapter 17 be modified to specify the content of required disclosure forms rather than stating “on a form prescribed by the Commissioner.” These statements appear in the “Disclosure obligation” and “Documentation obligation” provisions in subsection 365:25-17-7 (a) concerning Best Interest Obligations. This modification could be done either by incorporating the full forms into the regulation as provided for in the NAIC Model Regulation or making specific reference to the NAIC Model Regulation exhibit forms.

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Georgia Comment Letter Opposing Mere Reference to Best Interest

FACC must strongly oppose the proposal to amend Georgia’s suitability regulation as currently drafted. The current proposal attempts to create a “best interest” standard in a single sentence which FACC believes would be a serious mistake and would prove counterproductive as compared to adopting the newly revised NAIC Model Regulation in its entirety.

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Hispanic Leadership Fund Files Amicus Brief

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.

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FACC Brief Filed November 7

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,

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Illinois Comment Regarding NAIC Suitability Proposal

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

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