Several insurance trade groups that oppose the Department of Labor’s finalized fiduciary rule have increased their political spending in order to better communicate their grievances against the legislation to lawmakers.
According to records filed with the Federal Election Commission as of March 31, the American Council of Life Insurers (ACLI) has donated $734,000 to Congress towards funding its campaigns. During the 2014 cycle, the group spent a total of $663,600.
The ACLI is still considering whether to file a suit against the new rule. The group is also involved in efforts to pass legislation that halts the rule and replaces it with a fiduciary standard written by lawmakers.
Another trade group, the Insured Retirement Institute (IRI) has—to date—spent $131,700 in the 2016 cycle. Last cycle, the group spent $139,300.
“Obviously, the DOL fiduciary rule represents a significant change for the industry, and we dedicated more resources as we worked to communicate our concerns to policymakers about the proposed rule's impact on consumers,” stated IRI spokesman Andrew Simonelli.
Simonelli noted that the IRI has also collaborated with legislators on retirement security policies, providing the group with a greater campaign presence.
Other trade groups have noticeably increased their spending as well. The National Association of Insurance and Financial Advisors paid $1.4 million during the 2016 cycle. The Investment Company Institute provided $1.6 million, the Securities Industry and Financial Markets Association pledged $529,250, and the Financial Services Institute has spent $161,500 for campaigns.
The Investment Adviser Association has spent $30,000 so far in the 2016 cycle, when it had spent $34,000 in total last year. The Financial Planning Association has spent $42,000 for this year.
Spending for lobbying in Congress has followed similar trends, reported investmentnews.com. Groups representing the insurance and brokerage industries have paid the most funding, according to filings with the U.S. House Clerk's office.
