Washington, D.C. - The American Council of Life Insurers (ACLI), National Association of Insurance and Financial Advisors (NAIFA), Finseca, Insured Retirement Institute (IRI), and National Association for Fixed Annuities (NAFA) issued the following statement after the federal court vacated the U.S. Department of Labor's fiduciary regulation following the Department's agreement to the joint trades' motion for final judgment:

"The Department's decision to end this case and the Court's order vacating the fiduciary rulemaking package closes the chapter on the Biden Administration's legally flawed fiduciary regulation. The Court's ruling confirms the Biden rule conflicts with current law and exceeded the Department's authority.

"Retirement savers are best served by policies that protect consumers while preserving choice and access to financial professionals - not regulatory overreach that reduces their options.

"Consumers already benefit from strong protections at both the state and federal levels, including enhanced annuity best interest standards adopted by most states and federal requirements governing investment advice. These frameworks protect consumers while preserving access to information and guidance about annuities - the only product available in the financial marketplace that acts like a pension by guaranteeing lifetime income.

"We appreciate the Trump Administration's continued focus on Americans' retirement security and look forward to continuing to work with the Department on policies grounded in the law that protect consumers while expanding access to professional financial guidance and lifetime income options."

About ACLI: The American Council of Life Insurers(ACLI) is the leading trade association driving public policy and advocacy on behalf of the life insurance industry. 90 million American families rely on the life insurance industry for financial protection and retirement security. ACLI's member companies are dedicated to protecting consumers' financial wellbeing through life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, and dental, vision and other supplemental benefits. ACLI's 275 member companies represent 93 percent of industry assets in the United States.

About NAIFA: Founded in 1890, NAIFA is the oldest, largest and most prestigious association representing the interests of financial professionals from every Congressional district in the United States. Our mission - empowering financial professionals and consumers through world-class advocacy and education - is the reason NAIFA has consistently and resoundingly stood up for financial professionals and called upon members to grow their knowledge while following the highest ethical standards in the industry.

About Finseca: At Finseca, we know that financial security improves people's lives and protects their livelihoods and future wellbeing. We are rising to the challenge of increasing financial security for all. Finseca represents the men and women of the financial security profession who dedicate themselves to delivering financial security to their clients every day.

About IRI: The Insured Retirement Institute (IRI) is the leading association for the entire supply chain of insured retirement strategies, including life insurers, asset managers, broker-dealers, banks, marketing organizations, law firms, and solution providers. IRI members account for 90 percent of annuity assets in the U.S., include the foremost distributors of protected lifetime income solutions, and are represented by financial professionals serving millions of Americans. IRI champions retirement security for all through leadership in advocacy, awareness, research, diversity, equity, and inclusion, and the advancement of digital solutions within a collaborative industry community. www.irionline.org.

About NAFA: NAFA, the National Association for Fixed Annuities, is the premier trade association exclusively dedicated to fixed annuities. Our mission is to promote the awareness and understanding of fixed annuities. We educate annuity salespeople, regulators, legislators, journalists, and industry personnel about the value of fixed annuities and their benefits to consumers. NAFA's membership represents every aspect of the fixed annuity marketplace covering fixed annuities sold by independent agents, advisors and brokers. NAFA was founded in 1998. For more information, visit www.nafa.com.