NAIC, NCOIL Challenge FIA Rule

Law360, New York (February 17, 2009, 12:00 AM EST) -- The National Association of Insurance Commissioners and the National Conference of Insurance Legislators asked a federal appeals court last week to vacate a U.S. Securities and Exchange Commission rule treating fixed indexed annuities as securities, and their case was consolidated with a previous challenge to the rule on Friday.

NAIC and NCOIL filed their petition for review of SEC Rule 151A with the U.S. Court of Appeals for the District of Columbia Circuit on Feb. 10. On Friday, the court granted a bid to consolidate NAIC...
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