House Bill Aims To Halt SEC Indexed Annuity Rule

Law360, New York (June 5, 2009, 12:00 AM EDT) -- Rep. Gregory Meeks, D-N.Y., has introduced a bill in the U.S. House of Representatives that would overturn a controversial new U.S. Securities and Exchange Commission rule classifying fixed indexed annuities as securities and subjecting them to federal regulation.

The Indexed Annuities and Insurance Products Classification Act of 2009, introduced Thursday, would vest primary jurisdiction for regulating life insurance and annuities, including nonforfeiture requirements providing for minimum guaranteed values, with the states in order to protect consumers against market-related losses.

According to the bill, adoption of Rule...
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