The National Association of Fixed Annuities is continuing to battle against a U.S. Securities and Exchange Commission effort to classify indexed annuities as securities.

Kim O’Brien, executive director of NAFA, Milwaukee, traveled to Washington Sept. 23 to talk to Wisconsin lawmakers and other policymakers about financial planning issues affecting seniors, including the SEC’s Section 151A indexed annuity classification proposal.

Advocates of the proposal say the SEC should step in to control indexed annuity marketing abuses.

Opponents of the proposal contend that the minimum level of performance of an indexed annuity depends on the strength of the general account of the issuing insurer, not the performance of the investment markets, and that an indexed annuity is definitely an insurance product, not a security.

Opponents also are asking why the SEC is seeking to regulate a product that appears to be performing well at a time when the products that it already regulates are doing poorly.