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November 24, 2015

Americas: Financial Rule Could Threaten Incentive Travel

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Larry NilandWhat does the Department of Labor have to do with incentive travel? Potentially quite a lot, as the chief executives, sales heads, and compliance officers of insurance and financial services companies are certainly discussing right now.

Meeting planners, you need to be part of that discussion. Larry Niland, senior regulatory advisor at LIMRA, shared this advice during a breakout session at the 2015 Financial & Insurance Conference Planners Annual Conference November 17.

If a new rule proposed by the DOL is enacted, commissions and incentives could be changed or eliminated—or, if they remain, could have to be disclosed to customers as potential conflicts of interest. Either one of these results “could have a real chilling effect on this entire industry,” Niland said.

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