Washington — Opponents and proponents of Rule 151A, which would reclassify annuities as securities, will have a chance to weigh in on the proposed rule when the U.S. Securities and Exchange Commission (SEC) holds an open meeting next week.

Specifically, the SEC says it will consider whether to adopt amendments that would define terms related to annuity contracts under the Securities Act of 1933, and whether to adopt amendments related to 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, including the Milwaukee-based National Association for Fixed Annuities (NAFA), contend that annuities are sufficiently regulated by the state insurance offices.

The meeting is scheduled for Wednesday, Dec. 17, 2008 at 10:00 a.m. in Washington.

Sources: Securities and Exchange Commission, INN archives

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