What happens when you get 500 people in a room together who are anti-SEC Rule 151A, the legislation that would securitize fixed indexed annuities?
Well, hang on to your PDAs because we may all find out the answer to that question on Wed., March 17 when many of the industry’s movers and shakers are gathering in Washington, D.C. for a legislative “fly-in.”
According to an article on the National Underwriter Web site, “committed fly-in participants already have lined up meetings with many lawmakers’ offices.”
Last year, I was in D.C. to cover a similar “March on 151A“, where industry leaders barnstormed legislative offices, eventually getting results in the form of H.R. 2733, known as the Meeks-Price Bill. This House bill would clarify that fixed indexed annuities are not securities. According to National Underwriter, H.R. 2733 already has more than 70 co-sponsors.
On Wednesday, fly-in organizers are setting their sights on the Senate, where they are trying to win support for S. 1389, the companion bill to Meeks-Price.
The organizers of Wednesday’s fly-in are the Independent Fixed Annuities Agents Council, which represents the interests of agents, agencies and independent marketing organizations; NAFA, which represents both insurers and producers; and the Coalition for Insured Products, Washington, which represents insurers.
More information about the fly-in is available at http://www.nafagetactive.com/march-2010-fly-in.html
Readers can follow NUL editor Allison Bell at http://www.lifeandhealthinsurancenews.com/rule151a as she reports live from Capitol Hill once the event begins.
You can also ask Allison questions on Twitter, at http://twitter.com/NatUndLife, and join in the discussion by using the Twitter hashtag #rule151a.
This subject is of major importance to the insurance industry and your input is welcome. Let us hear what your thoughts are on these latest developments.