Insurers Sue SEC Over Fixed Index Annuity Rule

Law360, New York (January 16, 2009, 12:00 AM EST) -- A group of insurance companies has filed a petition with a federal appeals court challenging a recently adopted U.S. Securities and Exchange Commission rule that classifies fixed indexed annuities — which had previously fallen under the exclusive jurisdiction of state insurance regulators — as securities.

Rule 151A was published Friday in the Federal Register, and the suit was filed the same day, according to a statement from petitioner American Equity Life Insurance Holding Co. The commission adopted the rule at an open meeting Dec. 17....
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