Get Insured 24/7
Get Insured NowRenew Your Insurance
  • Life & Health Agents
    • Other Professions
  • Guide to E&O
  • About
  • Contact
  • Enroll In E&O Insurance
  • Renew Your E&O Insurance
  • Full Pricing Transparency
  • Blog

Home » First Do No Harm

First Do No Harm

Posted March 1, 2020 by Steve Savant Leave a Comment

The great medical axiom “Primum Non Nocere” translated is “first do no harm.” Surprisingly, it’s not in the original Hippocratic oath, but it’s maxim nevertheless. Much like the saying “do unto others as you would want them to do to you.”

So when the Department of Labor introduced the Fiduciary Rule, which states the obvious “to work on the best interest of the client,” I was dumbfounded. First, I just assumed everyone’s practice was client centric. Secondly, I thought the sale of fixed annuities was under the jurisdiction of the Department of Insurance and not the SEC. But apparently, the replacement of mutual funds and ETFs with annuities are under their purview. No, it isn’t but the DOL’s actions was an attempt to do just that.

Thirdly, was the whole Fiduciary rule a reaction to annuity purveyors exchanging qualified mutual funds and ETFs for fixed and/or lifetime annuities because we had no regard for the client’s best interest? Or was it more likely that the Fiduciary Rule unduly targeted non-security licensed insurance professionals to preserve assets under management for their own sales force? Are insurance agents more likely than registered representatives or registered investment advisers to commit a breach of client suitability?

When the Fiduciary Rule was shelved, many in the insurance industry heaved a sigh of relief and declared it dead. But it’s not dead, it’s just in a coma. It only takes a another piece of legislature with a disposition to regulate to revive it.

Filed Under: E & O Insurance, Insurance Agent Ethics Tagged With: Ethics, Life & Health Insurance Agent E&O

Leave a Comment Cancel reply

Your email address will not be published. Required fields are marked *

Get Insured 24/7, LLC
"My experience purchasing E&O insurance from your website was exceptional. It was quick, easy and I was able to reduce my cost of insurance by 70%!! Unbelievable! Thank you guys!"
- Dan Ross, Founder and President of Med-Vision, LLC

Don’t forget to renew!

Sign up for a reminder to renew your errors and omissions insurance before it expires.
  • Date Format: MM slash DD slash YYYY

  • Life and Health Agents
  • Guide to E&O Insurance
  • About
  • Contact
  • Blog
  • Privacy
  • Get Insured

Copyright © 2021 Get Insured 24/7 LLC. All Rights Reserved. Web Credits