(Bloomberg) -- A federal proposal for stricter rules on retirement product sales helped spur American International Group’s decision to sell its broker-dealer operation, according to CEO Peter Hancock.

“It’s a business we are not the best owner of, particularly in the light of potential Department of Labor rules,” Hancock said Tuesday in a conference call. “With the new DoL rules, that was a big factor in thinking whether this was better owned by somebody independent of us.”

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