NU Online News Service, March 18, 2003, 5:24 p.m. EST — Atlanta
Insurers and producers urged state insurance regulators here at the spring meeting of the National Association of Insurance Commissioners, Kansas City, Mo., to oppose efforts to put variable products under the supervision of state securities regulators.
Insurance regulators said they might make a decision about the issue at the NAIC’s summer meeting, in June.
“Do you agree that variable annuities are securities?” Larry Mirel, the District of Columbia insurance commissioner, asked industry representatives.
Carl Wilkerson, chief counsel for securities and litigation with the American Council of Life Insurers, Washington, said that variable annuities are different from other types of securities.