Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Life Health > Annuities

NAIC, NCOIL Sue To Block EIA Regs

By Arthur D. Postal

X
Your article was successfully shared with the contacts you provided.

Washington

The National Association of Insurance Commissioners and the National Conference of Insurance Legislators are suing to keep the U.S. Securities and Exchange Commission from regulating equity-indexed annuities as securities.

The NAIC, Kansas City, Mo., and NCOIL, Troy, N.Y., filed their suit in the U.S. Court of Appeals for the D.C. Circuit Tuesday.

The SEC published EIA rule Jan. 16.

The rule is scheduled to take effect Jan. 12, 2011. EIA contracts that would be covered by the rule can be sold under current state-based regulation until then.

Rodney Page, a lawyer at Bryan Cave L.L.P., Washington, who is representing the NAIC and NCOIL, says he expects the suit to be combined with one filed by the equity-index annuity industry.

One result of the consolidation of the two suits could be a delay in reaching a final decision, Page said.

The EIA industry petitioners had filed for expedited review of the case, with the hope of having oral arguments scheduled for May or June, in order to get a decision as soon as possible, Page said.

One alternative for the NAIC and NCOIL would have been to ask the court for permission to file a friend of the court brief, but the two parties decided they wanted to be part of the case, Page said.

The NAIC and NCOIL could not be part of the same suit that the industry filed, because, as regulators, they have different interests, Page said.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.