Providers of fixed index annuities (FIAs) received some good news last week when the U.S. Court of Appeals for the D.C. Circuit struck down Securities and Exchange Commission (SEC) Rule 151A, which sought to reclassify FIAs as securities and subject them to SEC jurisdiction.
The case was brought by a group of life insurers including Des Moines, Iowa-based American Equity Investment Life Holding Co. The plaintiffs challenged the thoroughness of the rule-making process and said the agency had not fully considered the ramifications the rule would have on insurers and theirs distribution channels. The three-judge panel agreed with the plaintiffs but faulted the agency more on the process than on the merits of the law.
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