Insurers Fight Model Giving State Securities Regulators Variable Product Oversight
Life insurers and producers are making a last-ditch effort to stave off a model regulation that would place variable life and annuity products under the auspices of securities regulators.
On July 29-30, the National Conference of Commissioners on Uniform States Laws, Chicago, is scheduled to vote on amendments to the Uniform Securities Act at its annual meeting in Tucson, Ariz.
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NCCUSL is a 110-year-old organization made up of lawyers, judges and law professors dedicated to making laws more uniform. Model laws it adopts can be brought before state legislatures much as model laws from the National Association of Insurance Commissioners and the National Conference of State Legislators are introduced in legislatures.
The amendments would give securities regulators authority to regulate variable products, which traditionally have been sold and regulated as insurance products by state insurance regulators.