The question was: Proposed Rule 151A would change the way the Securities and Exchange Commission treats indexed annuities under Section 3(a)(8) of the Securities Act of 1933. If adopted, the rule would do which of the following?

a) Allow the Commission to treat an annuity as a security under certain circumstances.
b) Apply to indexed annuities starting 12 months after a final rule is published in the Federal Register.
c) Answers a) and b)
d) All of the above

The answer is: d). During a June 25, 2008 hearing, the Securities and Exchange Commission staff said the Proposed Rule would treat an annuity as a security if its performance were linked to the performance of a security, group of securities or securities index, and if “the amounts payable by the insurer [were] more likely than not to exceed the amounts guaranteed under the contract.” If adopted as written, it would apply to indexed annuities starting 12 months after a final rule is published in the Federal Register, they said. click here for more details.