The Securites and Exchange Commission voted 3-0 Wednesday to define equity indexed annuities as securities, according to Reuters, which would allow the Commission to oversee the sale of these products. If adopted, the rule will require EIAs to be registered, and will allow regulators to enforce proper sales practices. Anyone who continues to sell EIAs after the rule is adopted, will have to be licensed to sell securities.

The rule will go into effect about a year after it is adopted and will only apply to annuities issued on of after the effective date.