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NAFA: Lawmakers Seeking Allies

By Staff Writer

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House members could introduce an indexed annuity jurisdiction bill sometime around Memorial Day weekend, according to the National Association for Fixed Annuities.

Reps. Greg Meeks, D-N.Y., and Tom Price, R-Ga., have agreed to co-sponsor a bill stating that equity indexed annuities are exempt from regulation by the U.S. Securities and Exchange Commission.

Rumors circulated that Meeks and Price were introducing the bill Thursday, but Meeks and Price have decided to extend the period for seeking cosponsors, NAFA reports.

The bill would block implementation of recently adopted U.S. Securities and Exchange Commission regulation that would classify many indexed annuities as securities.