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June 30, 2009 at 08:00 PM
Senate members have introduced S. 1389, a bill that could reverse efforts by the U.S. Securities and Exchange Commission to claim jurisdiction over indexed annuities.
The bill would exempt indexed annuities and indexed insurance policies from regulation by the SEC.
The bill was introduced by Sen. Ben Nelson, D-Neb. The cosponsors are Sens. Saxby Chambliss, R-Ga., Tom Harkin, D-Iowa, and Sam Brownback, R-Kan.
The bill is similar to H.R. 2733, which is also known as the Meeks-Price bill. That bill was introduced by Reps. Greg Meeks, D-N.Y., and Tom Price, R-Ga.
SEC officials and others say indexed annuities should be regulated as securities because, from the point of consumers, they behave like other SEC-regulated products.
