Washington — A proposal by the Securities and Exchange Commission (SEC) to alter the way equity indexed annuities and securities are regulated is drawing fire from the Independent Insurance Agents and Brokers of America (IIABA).

In a letter signed by Charles Symington Jr., the association’s senior VP for government affairs, the association contends that indexed annuities are insurance products, not securities, and, therefore, should remain outside of the SEC’s purview.

“IIABA believes the commission’s proposal to subject indexed annuity products to federal regulatory oversight is unwarranted and counterproductive, and we urge you to withdraw the unnecessary draft rule,” the letter states.

Source: Independent Insurance Agents and Brokers of America

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