Massachusetts fiduciary rule won’t cover variable annuity sales

InvestmentNews: Massachusetts fiduciary rule won’t cover variable annuity sales

February 26, 2020

United States
United States
United States

Eversheds Sutherland Partner Clifford Kirsch is quoted in this InvestmentNews article discussing the Massachusetts Securities Division final fiduciary rule and whether it would govern variable annuities.

“The insurance industry is looking for clarity because of Massachusetts securities regulators’ history of pursuing enforcement cases involving variable annuities,” Cliff said.

“The [Securities Division] has been very aggressive in its interpretation of whether insurance is covered in the definition of a security,” he explained.

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Clifford E. Kirsch

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