No, we don’t mean to your special someone. We mean “get engaged” in our campaign to save the future of fixed indexed annuities! The origin of the word “engage” can be traced back to the early 17th century and comes from the French “engager” which literally means ‘to pledge.’
Over the past few months, Fixed Annuity Consumer Choice Campaign participants have pledged their commitment to our pro-FIA campaign (and to clients who rely on these valuable products) by racking up some impressive numbers. Together, we have sent thousands of letters and other communications to members of Congress and the Department of Labor.
Engaged insurance professionals from all areas of the industry have:
• Collected almost 3,000 signatures on a petition to DOL Secretary Acosta;
• Sent members of Congress and the Administration hundreds of personal letters; and,
• Inundated targeted Congressional offices with requests to sign a letter to Secretary Acosta.
All of your efforts have had an impact and we thank you for your support to date. But our job is far from done. We need even more of you to become engaged and help us protect the future of FIA distribution and consumer freedom of choice. Even if DOL formalizes delay of full implementation of the Rule’s exemptions until July 2019, one thing remains certain. Today, as currently written, FIAs would be subject to BICE when the exemptions go into full effect.
That is why we must UNITE AND FIGHT to protect the future of FIAs.
The FACC Campaign seeks to ensure FIAs are treated fairly and put under PTE 84-24 with other fixed annuities rather than being put under BICE with securities products. The administrative and regulatory obstacles to comply with BICE threaten to put FIAs out of business in the qualified marketplace and thereby deprive consumers of innovative products and access to annuity expertise. While other organizations bring challenges in Court or seek Congressional action – which many of us may support – the FACC Campaign is focused on getting DOL to fix the exemptions. With your help, this can be accomplished.
To those of you already involved, thanks for your pledge of support. To the rest of you, now is the time to get engaged. Join our effort. Help us by sending this link to at least three industry colleagues or clients and ask them to get engaged, make the pledge, and help save the future of our industry.