House Bill Aims To Halt SEC Indexed Annuity Rule

Law360 (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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.