The National Association for Fixed Annuities says it will be hiring a public relations firm and legal firm with “established Washington contacts” to help block proposed federal regulations.
The U.S. Securities and Exchange Commission announced in June that it was looking into the possibility of defining fixed annuities as securities, just as it defines variable annuities to be securities, and putting fixed annuities under the jurisdiction of the SEC.
NAFA, Milwaukee, responded with a short statement at the time but now has come out with a more detailed version of the original response.
“NAFA strongly disagrees with the SEC proposal and will pursue all available avenues of recourse,” the group says in a new notice to members.
After the SEC comment period ends Sept. 10, the SEC still must vote on the proposed regulations, NAFA says.