1. DOL Fiduciary Ruling – 3 Cs of Compliance
Welcome everyone! Thank you so much for taking your valuable time to join us today to hear more about challenges posed by the upcoming DOL regulations and things you can do now to get ready for the january go date.
November 10, 2016
Moderated By:
Suzanne Brazeal, VP Operations
x112|

2. The 3 Cs of DOL Compliance
Welcome & Panelist Introduction
Jason Berkowitz IRI VP & Counsel
Regulatory Affairs
Jeanann Smith DTCC Director, Product Management
Mary Anne Durall
SE2 SVP
Strategy & Corporate Planning
Barbara Smith
Pershing VP

3. The 3 Cs of DOL Compliance
Welcome & Panelist Introduction
Susan Fiengo
Global Atlantic
SVP Operations – Retirement
Robert Dearman Jackson
VP, Strategic Initiatives
Daniel Surber
AIG Annuities
VP, Operations
Eric Silvester
LPL
VP, Client Compensation (Commissions)
Suzanne Brazeal
Ebix Consulting
VP, Operations

4. The 3 Cs of DOL Compliance
The Industry Challenge
DOL’s Fiduciary Ruling impacts the Financial Institutions in a way that requires them to provide additional disclosures to their customers that are related to fees, expenses, and compensation assessed on Annuity contracts, when financial advice is provided that would result in a charge to the customer. Carriers face the challenge to provide the financial institution with the information required so that they are able to properly disclose to their customer and remain in compliance with the ruling.

5. The 3 Cs of DOL Compliance
Industry Leadership Position
Using industry collaboration to achieve Complete, Correct and Consistent compliance information through data standardization and automated communication methods. After many months of meetings and collaboration with distribution and vendor partners, insurance carriers are poised to offer an industry standard solution that has been sanctioned by key distributors and manufacturers. A guiding principal in the development of this standard solution was its feasibility to function for the broader insurance community, regardless of size or technological savvy.

6. The 3 Cs of DOL Compliance
IRI DOL Fiduciary Rule Implementation Work Streams
17 Sub-groups meeting on a weekly or bi-weekly basis
More than 900 individual representatives
More than 120 organizations

7. The 3 Cs of DOL Compliance
IRI DOL Fiduciary Rule Implementation Work Streams

8. The 3 Cs of DOL Compliance
Global Atlantic – Carrier Perspective
Carrier Perspective on Enabling Distribution Partner Compliance
Easy access to data
Accuracy of Data
Prohibited transaction exemption agnostic data exposure

9. The 3 Cs of DOL Compliance
DTCC’s Collaboration Efforts
Full Work Task Force – 2/weekly meetings
representing 40 Carriers, 47 Distributors, 22 Solution Providers
Full Work Task Force – Scope & Focus
Exemption Disclosures Requirements – Data Needs
Fixed, Index and Variable Annuities
Fee Inventory – 700+ fees

10. The 3 Cs of DOL Compliance
IRI DOL Fiduciary Rule Impact Matrices

11. The 3 Cs of DOL Compliance
IRI DOL Fiduciary Rule Disclosure Templates

12. The 3 Cs of DOL Compliance
Complete, Correct, Consistent

13. The 3 Cs of DOL Compliance
Global Atlantic – Carrier Perspective
Carrier Benefits of Industry Standard Formats
One source of truth
Cost/Complexity control
Distribution Partner Satisfaction – one stop shopping

14. The 3 Cs of DOL Compliance
Complete, Correct, Consistent
Current Coverage - DTCC’s Existing Services
Firm Coverage
Insurance Carriers – 220 -
Distributors – 275
Solution Providers – 35
Product Coverage
Positions & Valuations (POV)
Commissions (COM)
Financial Activity Reporting (FAR)
2015 Total I&RS Transaction & Settlement Volume
Transaction Volume – 13,957,073,112
Settlement Dollars - $46,697,488,869

15. The 3 Cs of DOL Compliance
Global Atlantic – Carrier Perspective
Global Atlantic Preparation
New Business – Product Modeling
Inforce – Positions and Financial Activity Reporting updates
Legacy – Map to Fee & Expense Transmittal

16. Call to Action – Group Discussion
© Ebix Inc. All rights reserved.

17. Getting Started – Available Resources
© Ebix Inc. All rights reserved.

18. The 3 Cs of DOL Compliance
IRI DOL Fiduciary Rule Implementation Tools
Industry-Wide Solutions
FAQ for Financial Advisors
Training Solutions for Advisors and Home Office Personnel*
Advisor Compensation Survey*
Best Interest Contract and Disclosure Templates*
*In development

19. The 3 Cs of DOL Compliance
IRI DOL Fiduciary Rule Implementation Tools
Interpretation and Analysis
Practice Guides on Treatment of Existing Business, Definition of “Fixed Rate Annuity Contract”
Operational Resources
Roadmap for Changes to Insurer and Broker-Dealer Policies and Procedures
BIC Compliance Officer Job Description Template*
*In development

20. The 3 Cs of DOL Compliance
IRI DOL Fiduciary Rule Resource Center

21. The 3Cs of DOL Compliance
DTCC’s Resources
DTCC:
Concept Paper – DTCC Initiative Support the DOL Fiduciary Rule (July 2016)
Insurance Profile - Documentation Library – User Group Information
Record Layouts, Data Dictionary, Standard Usage

22. © Ebix Inc. All rights reserved.
Questions and Answers
© Ebix Inc. All rights reserved.

23. The 3 Cs of DOL Compliance
Moderated By:
Suzanne Brazeal, x112
Panelist Contact Information:
Jason Berkowitz
Susan Fiengo
Mary Anne Durall
Daniel Surber
Robert Dearman
Jeanann Smith
Barbara Smith
Eric Silvester

24. © Ebix Inc. All rights reserved.
Thank you!
© Ebix Inc. All rights reserved.