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October 29, 2009 at 08:00 PM
A Houston financial services distributor is trying to use shoe leather to keep regulators from classifying indexed annuities as securities.
Carolyn Luby, president of InsurMark Inc., Houston, and about 40 other InsurMark staff members have been visiting the Houston-area offices of the senators and House members who serve the community.
The InsurMark staffers were drumming up support for the Indexed Annuities and Insurance Products Act of 2009 bill, a bill that would keep the U.S. Securities and Exchange Commission from implementing Rule 151A.
The rule would require the people who sell indexed annuities follow the same rules that apply to people who sell securities.
SEC officials argue that consumers think of indexed annuities and products such as variable annuities that are regulated as securities to be similar, and that the regulations that apply to the products ought to be the same.
