Industry leaders met in Washington, D.C. May 6-8 for the 2009 NAFA Annual Meeting and Summit. It was quickly apparent that the gathering was a rallying point to educate attendees and gain momentum before embarking on a march on Capitol Hill in opposition of 151A.
In addition, Congressman Gregory W. Meeks (NY) and Congressman Tom Price (GA) have co-sponsored a bill, the “Indexed Annuities and Insurance Products Classification Act of 2009.” This legislation would overturn Rule 151A and clarifies that fixed indexed annuities are not securities, ensuring that consumers continue to have access to fixed indexed annuities.
Price, speaking at the conference, said the bill he’s worked on with Meeks is “a common-sense bill” that is in the best interest of consumers, particularly seniors. He added that it will be “difficult to get 151A overturned or stopped, but that doesn’t mean we can’t do it, but it will take hard work – the kind you’re doing right now to make it happen.”
Armed with that information, attendees met with their state’s congressmen (or members of the congressmen’s staff) to voice their displeasure about 151A and why they believe it’s a bad ruling and should be overturned.
According to Kim O’Brien, executive director of NAFA, the initial wave of getting in front of legislators was a step in the right direction, with “four new co-signers” on the bill. But, O’Brien says that more is needed. The push is on for the next couple of days as the deadline for original co-sponsorship is Wed., May 13, 2009 at 5:30 p.m.
To view Congressman Price talking about opposition to 151A, click here.