12700 Park Central Drive • Suite 400 • Dallas, Texas 75251 

972.458.6998 • 972.458.2258 [fax]

June 21, 2015

The Honorable Phyllis C. Borzi

Employee Benefits Security Administration

Department of Labor

200 Constitution Avenue, NW

Washington, DC 20210

Submitted via regulations.gov

Re:  Defining Fiduciary Term & Conflict of Interest Rule; RIN1210‐AB32

Dear Assistant Secretary Borzi;

The National Association of Dental Plans (NADP) appreciates the opportunity to provide

comments on the Definition of the Term “Fiduciary”; Conflict of Interest Rule‐Retirement

Investment Advice proposed rule (Rule) as offered in the April 20, 2015 Federal Register.

NADP is the largest non‐profit, national trade association focused exclusively on the

entire dental benefits industry, including dental HMOs, dental PPOs, discount dental

plans and dental indemnity products. Our mission is to promote and advance the dental

benefits industry to improve consumer access to affordable, quality dental care. NADP

membersinclude major commercial carriers, regional and single state companies, as well

as companies organized as non‐profit organizations.  

The main purpose of the Rule is to define “who is a fiduciary of an employee benefit plan

under ERISA as a result of giving investment advice to a plan or its participants or

beneficiaries.” Although the intent of the Rule seems to focus on individuals who provide

financial and investment advice, the Rule appears to inadvertently capture Employee

Welfare Plans through a fiduciary definition that broadly sweeps in the dental insurance

industry.  

The Rule if enacted, would deliver consequences with enormous administrative costs for

the dental benefits industry, requiring insurance sellers to become fiduciaries with

obviously no consumer benefits. The rule would necessitate each person involved with

the sale of an insurance policy, from the carrier to the broker, to become a licensed

fiduciary. NADP believes the inclusion of welfare benefit plans within the Rule was

unintended, and needs to be addressed quickly and concisely.  

OFFICERS & DIRECTORS 

Chair 

CHRIS SWANKER, FSA, MAAA 

Guardian Life Insurance 

Company of America 

Bethlehem, PA 

Vice Chair 

THERESA McCONEGHEY 

Principal Financial Group 

Des Moines, IA 

Secretary 

DR. GENE SHERMAN 

Starmount Life 

Baton Rouge, LA 

Treasurer 

KIRK E. ANDREWS 

UnitedHealthcare Dental 

Santa Ana, CA 

Directors 

STACIA ALMQUIST 

Assurant Employee Benefits 

Kansas City, MO 

CHARLES BRODY 

Bluecross Blueshield of SC 

Columbia, SC 

DR. DAN CROLEY 

Delta Dental of 

CA, NY, PA & Affiliates 

San Francisco, CA 

MARK COYNE 

Dental Select 

Salt Lake City, UT 

KATE MCCOWN 

Ameritas Life Insurance Corp. 

Lincoln, NE 

Immediate Past Chair 

FORREST FLINT 

HealthPartners, Inc. 

Minneapolis, MN 

Executive Director 

EVELYN F. IRELAND, CAE 

National Association 

of Dental Plans 

Dallas, TX
12700 Park Central Drive • Suite 400 • Dallas, Texas 75251 

972.458.6998 • 972.458.2258 [fax]

 The Rule needs to clearly exempt the dental insurance industry from any inclusion in the

Department of Labor’s final rule.  

We greatly appreciate your attention to this critical matter. Please contact NADP’s Director of

Government Relations, Kris Hathaway at (972) 458‐6998 x111 or khathaway@nadp.org for any follow up

questions.  

Sincerely,  

Evelyn F. Ireland, CAE

Executive Director

National Association of Dental Plans