NAFA seeks stay of DOL fiduciary rule during appeals process
The insurance industry group wants the April 10 applicability date of the rule extended while it pushes the case up the court chain
Nov 30, 2016 @ 12:51 pm | By Mark Schoeff Jr. | Investment News
An insurance industry group suing the Labor Department over an investment-advice regulation is seeking to put the rule on hold while it appeals its case.
Earlier this month, federal district Judge Randolph Moss upheld the rule in a suit brought by the National Association for Fixed Annuities in Washington. On Nov. 23, Mr. Moss also denied a NAFA motion for an injunction during the appeals process.
Now NAFA has filed an emergency motion for an injunction with the D.C. Circuit Court of Appeals. It wants the April 10 applicability date of the rule extended while NAFA pushes the case up the court chain.