The National Association of Insurance Commissioners government relations leadership council will shape NAIC efforts to respond to the new U.S. Securities Exchange indexed annuity regulations.

Council members will discuss the NAIC’s approach to the issue at an upcoming meeting, according to Susan Voss, Iowa insurance commissioner and vice president of the NAIC, Kansas City, Mo.

The SEC recently approved Rule 151A, which will define many indexed annuities as securities starting Jan. 12, 2011.

During the comment period on the rule, members of Congress expressed disapproval of the rule, and approaching Congress could be one option to consider, Voss says. At least 8 U.S. senators and 26 Congressmen submitted comments on the regulation, according to a review of an SEC comment database.

The NAIC also could ask the Obama administration to reconsider the regulation, Voss says.