Speak with a Registered Agent: 1-866-223-2121

Speak with a Registered Agent: 1-866-223-2121

SEC Sued By NAIC, NCOIL Over Equity Indexed Annuities Rule 151A


By

In the National Underwriter, Arthur D. Postal writes that the National Association of Insurance Commissioners (NAIC) and the National Conference of Insurance Legislators (NCOIL) have jumped into the fray regarding Rule 151A. The rule was enacted by the Security and Exchange Commission (SEC) last December; it seeks to regulate equity indexed annuities as securities. The two regulatory groups have sued in the U.S. Court of Appeals to block the rule from taking effect in early 2011.

A coalition of insurers that sell equity indexed annuities has already filed a lawsuit, which will likely be combined with this new suit. Although that industry coalition wants a decision as soon as possible and has filed for expedited review, Arthur says that this development will probably delay the court’s decision.

Insurers are allowed to continue selling equity-indexed annuity products under current state regulations until January 12, 2011.

For more information about the product mentioned in this article contact us here:

Information Request Form

If you have questions or would like more information, please complete this form and a licensed professional will be happy to help. For the fastest response, please select 'Phone' as your Contact Preference.

By providing your information and clicking 'Submit' above, you acknowledge that you have read and agree to this site's privacy policy. You also provide your consent to be contacted at the email address or phone number provided above (including any wireless number) by licensed agents or representatives from or on behalf of AFYI Holdings Group, LLC and other companies to provide the information requested and/or offer annuities or financial products. You understand that these calls or SMS messages may be generated using an automated telephone dialing system, a pre-recorded message, or artificial voice. Consent to receive such messages is not a condition to purchase any goods or services. You may opt out at any time by following the instructions in the messages you receive.  Receiving quotes and information through our website is free, and you are under no obligation to purchase any goods or services as a result of this request. You affirm that you are the subscriber of the provided telephone number or that the subscriber authorized you to provide the number. Message and data rates may apply. AFYI Holdings Group, LLC is committed to respecting your privacy and adhering to all applicable laws and regulations, including the Telephone Consumer Protection Act (TCPA).