National Underwriter Life & Health would like to acknowledge Nick Gerhart as the winner of the Industry Elite Award for Regulatory Advocacy.
Gerhart, who is currently working for Sammons Financial Group, previously represented American Equity. Nominated by Andrew Unkefer, president and CEO of Unkefer & Associates Inc., Nick was instrumental in reversing SEC Rule 151A. His dedication and commitment helped save jobs and preserve the fixed indexed annuity industry.
SEC Rule 151A sought to reclassify fixed indexed annuities as securities rather than insurance products. Meant to address market conduct issues with FIA sales, 151A would have had a severe impact on the fixed indexed annuity industry. It would have forced anyone who sold fixed indexed annuities to become licensed by the SEC, a process that can be expensive as well as time consuming. 151A also had the potential to drive smaller operators out of the FIA business altogether.