Investor demand for a variable annuity summary prospectus remains strong, according to a just-released survey by the Insured Retirement Institute (IRI).
The SEC is “seriously considering [IRI’s] suggestions for VA summary prospectus,” Susan Nash, associate director of the SEC’s Division of Investment Management, told attendees at IRI’s government, legal and regulatory conference on Tuesday.
While getting the SEC to approve a VA summary prospectus has been in the works for years, IRI announced the same day findings of a survey performed by Cogent Research for IRI, showing that 95% of investors prefer a shorter paper summary prospectus to the current documents, which can run 150 to 300 pages.