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October 18, 2010 at 08:00 PM
The U.S. Securities and Exchange Commission (SEC) has posted the regulation it will use to withdraw a regulation that could have classified many indexed annuities as securities.
The SEC tried in January 2009 to issue a regulation, Rule 151A, that would have given it the ability to share jurisdiction over the products with state insurance regulators, just as it shares jurisdiction over variable annuities.
Producer sellers engaged in a vigorous effort to oppose the regulation in Washington.
Sen. Tom Harkin, D-Iowa, helped them get a provision classifying indexed annuities and many other products as insurance products, rather than as annuities, and, on July 12, the U.S. Court of Appeals for the District of Columbia Circuit issued an order vacating the rule.
