Jackson National Life Insurance Company wants the U.S. Securities and Exchange Commission to lighten the regulatory load for banks and insurers that sell a new type of guarantee.
Lawyers for Jackson National, Lansing, Mich., a unit of Prudential P.L.C., London, have submitted a petition asking the SEC to free state-regulated banks and insurers from Form 10-Q quarterly report and Form 10-K annual report filing requirements just because the banks and insurers sell “stand-alone guaranteed living benefits.”
Rather than guaranteeing the contract value inside a variable annuity, a stand-alone GLB rider protects the “value of the contract owner’s investments in a separate and distinct account, such as a mutual fund account, brokerage account, or investment advisory account,” Stephen Roth, a Washington lawyer, writes in a letter on behalf of Jackson National.
Insurers that issue variable annuity and variable life insurance contracts can register those with the SEC using forms such as Form N-4 and Form N-6 that do not require the insurer to file Form 10-Q and Form 10-K reports, Roth writes.
Because there is no form specifically designed for the stand-alone GLB products, insurers and banks that want to offer the products must register the products using Form S-1, Roth writes.