Keeping You Current on Proposed Rule 151A by the SEC
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On Wednesday, June 25th 2008 the Securities and Exchange Commission (SEC) proposed a rule (Rule 151A) that would change the securities status of Indexed Annuities from fixed insurance products to registered, securities products. There is a formal comment period that will extend until September 10th, 2008. During that time, interested parties have the opportunity to comment to the SEC on their own position on this matter. After the formal comment period, the SEC will make their decision and possibly change the securities status of the now fixed insurance products. Once the decision is made, there will be a one-year period until the decision is final.
We’ve developed this section of AnnuitySpecs.com in order to keep you current with all that is occurring in regard to Proposed Rule 151A by the SEC. See below for items directly from the SEC, carrier’s responses regarding the proposed rule, and articles relating to the proposal. We intend to keep you fully informed during the upcoming year until the securities status of these fixed products is settled. For GOOD!
Sincerely,
Sheryl J. Moore
President and CEO
AnnuitySpecs.com
LifeSpecs.com
Advantage Group Associates, Inc.
Direct from the SEC
- SEC Chairman Christopher Cox’s speech 6/25/08 regarding proposed Rule 151A:
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Posted: 6/25/2008 - Submit Comments on File No. S7-14-08
Indexed Annuities and Certain Other Insurance Contracts (Proposed Rule 151A)
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Posted: 6/25/2008 - Proposed Rule 151A (File No.: S7-15-08):
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Posted: 6/27/2008 - Proposed Rule 151A (File No.: S7-15-08)- Federal Register version:
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Posted: 6/27/2008 - Comments To-Date for Proposed Rule 151A:
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Posted: 6/27/2008 - SEC Identifies Form-Letter Comment Submitted by Numerous Individuals: A
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Posted: 7/14/2008 - SEC Identifies Form-Letter Comment Submitted by Numerous Individuals: B
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Posted: 7/14/2008
- Life Insurance Company of the Southwest:
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Posted: 6/26/2008 - Allianz Life of North America:
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Posted: 6/30/2008 - ING USA Annuity & Life Insurance Company:
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Posted: 7/2/2008 - Aviva:
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Posted: 7/7/2008 - Allianz Life of North America:
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Posted: 7/9/2008 - Aviva:
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Posted: 7/17/2008 - Great American Financial Resources, Inc.
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Posted: 7/22/2008 - OM Financial Life:
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Posted: 7/22/2008 - Midland National Life:
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Posted: 7/25/2008 - OM Financial Life:
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Posted: 8/19/2008 - American Equity Investment Life:
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Posted: 8/20/2008
- “UPDATE 1-US SEC wants to oversee equity indexed annuities”
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Posted: 6/25/2008 - “SEC May Reclassify Some Indexed Annuities”
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Posted: 6/25/2008 - “American Equity to Oppose Proposed Rule Regarding Index Annuities”
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Posted: 6/26/2008 - “Voss Calls For Teamwork As SEC Airs Proposal”
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Posted: 6/26/2008 - “SEC Still Rattling Sabers at EIAs”
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Posted: 6/29/2008 - "Advantage Compendium Response to SEC Ruling on Indexed Annuities"
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Posted: 6/30/2008 - “SEC Gets Earful On Indexed Annuity Draft”
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Posted: 7/3/2008 - "SEC Watch: Making sense of Rule 151A"
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Posted: 7/10/2008 - "NAFA Fights SEC Annuities Proposal"
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Posted: 7/11/2008 - "Expert Predicts SEC Indexed Annuities Rule Could Cause Sales to Drop"
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Posted: 7/11/2008 - "A.M. Best Comments on Securities and Exchange Commission's Proposal to Regulate Indexed Annuities as Securities"
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Posted: 7/11/2008 - "State insurance regulators are angry about EIA proposal"
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Posted: 7/14/2008 - "Agents express concern about higher costs and loss of control over production"
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Posted: 7/14/2008 - "SEC To Require Registration of 'Indexed Annuities'"
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Posted: 7/14/2008 - "SEC Annuities Rule Comment Period Expires on Sept. 10"
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Posted: 7/16/2008 - "NAFA Develops Response To SEC Proposal"
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Posted: 7/16/2008 - "A Few Comments on Proposed Rule 151A and Commenting on The Rule"
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Posted: 7/17/2008 - "Voss to Meet with SEC's Cox Over Equity-Indexed Annuities"
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Posted: 7/25/2008 - "Index Annuity Executive: SEC Attention ‘No Surprise'"
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Posted: 7/28/2008 - "SEC Seeks To Regulate Indexed Annuities Agents"
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Posted: 7/28/2008 - "Allianz Life Chief: Licensing a Tough Call Under Proposed Rule on Indexed Annuities"
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Posted: 7/29/2008 - "TowerGroup: SEC Proposal to Reclassify Annuities as Securities Products Has Far-Reaching Implications for Industry and Consumers"
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Posted: 7/30/2008 - "The Big Regulatory Fix"
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Posted: 8/1/2008 - "State Regulator, SEC Chair Talk Annuities"
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Posted: 8/1/2008 - "Tower Assesses Plan To Label EIAs As Securities"
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Posted: 8/1/2008 - "A Pragmatist’s Guide To The SEC’s Proposed Rule 151A"
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Posted: 8/4/2008 - "Update: Aviva USA to Air Its View on Indexed Annuities as Securities"
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Posted: 8/4/2008 - "Annuities group takes issue with SEC's proposal on EIAs"
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Posted: 8/4/2008 - "Deadline nears for weighing in on indexed annuity proposal"
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Posted: 8/5/2008 - "More Time Needed to Comment on Index Annuity Rule—Old Mutual"
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Posted: 8/10/2008 - "Top 10 Index Annuity Misconceptions"
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Posted: 8/18/2008 - "Protest Rages over EIA Proposal"
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Posted: 8/18/2008 - "NAIFA To Oppose SEC Annuity Proposal"
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Posted: 8/22/2008 - "Opposition to SEC Annuities Rule Builds as States Seek More Time"
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Posted: 8/25/2008 - "Regulators Discuss Federal Office, Indexed Annuities"
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Posted: 8/26/2008