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.