Washington — The Securities and Exchange Commission has posted a PDF of the final version of Rule 151A on its Web site. The 155-page document includes definitions, comments and the cost/benefit analysis for the rule, whose effect date is January 12, 2011.
Once effective, the rule means that indexed annuities, heretofore regulated by the state insurance offices, will be subject to regulation of the SEC, under the Securities Act of 1933, and periodic reporting requirements under the Securities Exchange Act of 1934.
First proposed in June, Rule 151A elicited enough controversy that a public comment period, which was due to close in September, was extended. Critics of the rule included the National Association for Fixed Annuities, the National Association of Insurance Commissioners and House Financial Services Committee Chairman Barney Frank, who contended that such an important ruling should have been left to the incoming administration.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access