Chicago — The U.S. Securities and Exchange Commission (SEC) today voted to extend its regulatory power by grabbing control of indexed annuities.
By a vote of 4-1, the SEC adopted Rule 151A, which reclassifies indexed annuities as securities. Now under SEC jurisdiction, the amendment will define terms related to annuity contracts under the Securities Act of 1933, and periodic reporting requirements under the Securities Exchange Act of 1934.
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