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NAFA’s lawsuit asks for a preliminary injunction to stay the rule, which is currently set to take effect in April. (Photo: iStock)

Lawyers representing the National Association for Fixed Annuities told a U.S. District judge Thursday that individual insurance agents would be forced to become registered investment advisors under the Department of Labor’s fiduciary rule and that the current distribution system for fixed indexed annuities would have to be reworked.

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