The Securities and Exchange Commission’s Division of Investment Management hopes to release its rule for a variable annuity summary prospectus by April 2020, according to IM Director Dalia Blass.
The SEC in mid-February extended by one month, to March 15, the comment period for its proposed rulemaking on a long-awaited VA summary prospectus.
The plan, which amends the rules and forms to help investors make informed investment decisions regarding variable annuity and variable life insurance contracts, was published in the Federal Register on Nov. 30, 2018.
Blass, in a recent speech, said that the IM Division is now considering the 50 comments as it drafts the rule. “The staff will continue to consider comments and is always available and interested if you have ideas, concerns, or information you would like to share with us,” Blass said Thursday in a speech before the American Council of Life Insurers.