Purveyors of fixed annuities scored a legal victory as U.S. Court of Appeals for the D.C. Circuit ruled against the Securities and Exchange Commission (SEC) in a case involving a controversial rule.

The case, brought by insurers including Des Moines, Iowa-based American Equity Investment Life Holding Co., challenged the legitimacy of Rule 151A, which sought to reclassify fixed annuities as securities and brought them under SEC jurisdiction.

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