Falls Church, Va. — The Board of Trustees of the National Association of Insurance and Financial Advisors (NAIFA) has voted to oppose the Securities and Exchange Commission’s (SEC) proposed Rule 151A, which would classify certain indexed annuities as securities.
Indexed annuity products have traditionally been viewed as insurance products under the supervision of state insurance regulators. If the SEC proposal is finalized, the SEC and the Financial Industry Regulatory Authority (FINRA) would have regulatory authority over indexed annuity sales.
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