The equity index annuity industry is asking a Washington-based federal appeals court for expedited review of the U.S. Securities and Exchange Commission decision subjecting some EIAs to federal oversight.
The petitioners, led by American Equity Life Insurance Company, West Des Moines, Iowa, a unit of American Equity Investment Life Holding Company, filed the motion asking for the review Tuesday with the U.S. Court of Appeals for the D.C. Circuit.
The petitioners are asking the court to decide on their request by Feb. 10.
The petitioners would like the court to hear oral arguments by June and issue a decision later this year.
A team of lawyers led by Eugene Scalia submitted the brief. Scalia is a partner at Gibson, Dunn & Crutcher L.L.P., Washington.
The petitioners state in the brief that the SEC supports the request for expedited review but would leave it to the court when to issue a final ruling.
The petitioners say they are seeking expedited review because they believe they will succeed on the merits.
“Irreparable harm will occur without expedited review,” the petitioners say.