DOL fiduciary final rule: Five issues for insurers to consider

DOL fiduciary final rule: Five issues for insurers

Now is the time to examine fundamental issues that could determine how insurers can take strategic and tactical steps to succeed in this segment. For many companies, the rule raises a few basic questions: “Do we want to be in the business or don’t we? Are we going to put in place this set of compliance processes to monitor ourselves, and will that require a whole new systems refresh? And, do we want to bring in a whole new layer of people to get this done?’’ said Michael Herman, KPMG’s Insurance Industry Customer and Distribution leader.

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With management, board members, lawyers, customer facing personnel, and risk / compliance personnel at insurers preparing to adopt the Department of Labor’s (DOL) final “fiduciary rule’’ on standards for retirement investment advice, we believe now is the time to examine fundamental issues that could determine how insurers can take strategic and tactical steps to succeed in the segment - or exit it.

By taking a deliberate approach that assesses how the fiduciary rule will change the retirement-investment industry, KPMG can assist insurance organizations with a retirement-investment business understand the changes it may need to institute going forward.

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