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Federal and State Government Affairs
Annuities are insurance contracts regulated under state insurance laws. These laws are enforced by state insurance departments in all 50 states and the District of Columbia. Variable annuities are securities as well, and regulated under the federal securities laws by the U.S. Securities and Exchange Commission (SEC). Both the SEC and the Financial Industry Regulatory Authority (FINRA) regulate the firms that sell variable annuities.
The Insured Retirement Institute actively monitors the activities of state and federal legislative, executive, and regulatory bodies that affect the annuity industry and the insurance companies, distributors and advisors who sell these products.
Federal Regulatory Affairs Committee
The Federal Regulatory Affairs Committee develops consensus positions on legal, regulatory and compliance issues and helps in the preparation of comment letters in regard to pending rules and regulations proposed by state and federal legislative, executive, and regulatory bodies.
Helpful links:
U.S. Securities and Exchange Commission - independent agency of the United States government which holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation's stock and options exchanges, and other electronic securities markets.
Financial Regulatory Authority (FINRA) - a self-regulatory organization that is responsible for regulatory oversight of all securities firms that do business with the public, and professional training, testing and licensing of persons selling securities.
Laws and Rules
- Securities Act of 1933
- Securities Exchange Act of 1934
- Investment Company Act of 1940
- Investment Advisers Act of 1940
- FINRA Rule 2330
State Affairs Committee
The State Affairs Committee provides a forum for the development of industry consensus on the important issues that will be considered by the NAIC and state legislatures and insurance departments. The Committee helps determine the positions IRI should advocate on pending government actions.
Helpful links:
- National Association of Insurance Commissioners (NAIC) — an association with the mission to assist state insurance regulators protect the public interest, promote fairness and uniformity in state insurance laws, facilitate the fair and equitable treatment of insurance consumers, and promote the reliability, solvency, and financial solidity of insurance institutions.
- State Insurance Department Web Sites — links to all department sites.
- Thomas (Library of Congress) — links to Congressional bills, resolutions and committees.
- U.S. Department of Treasury — responsibilities include ensuring the safety, soundness, and security of the U.S. and international financial systems.
Recommended by 4 people Public Policy Issues to Take Center Stage at IRI GLRC 2013
The Insured Retirement Institute (IRI) today announced that the IRI Government, Legal and Regulatory Conference 2013 will be held in Washington, D.C., on June 17 and 18 at the Grand Hyatt Washington.
Recommended by 22 people IRI Issues Statement on Labor’s Income Illustrations Notice
The Insured Retirement Institute (IRI) today released a statement from IRI President and CEO Cathy Weatherford after the Department of Labor’s Employee Benefits Security Administration (EBSA) published a notice of proposed rulemaking to require benefit statements to provide estimated lifetime income payments based on a plan participant’s accrued benefits and projected future accrued benefits.
Recommended by 41 people Now Available: IRI 2013 Fact Book
The Insured Retirement Institute (IRI) today unveiled the IRI 2013 Fact Book – complete with the latest research, industry data, and variable and fixed annuity market reports. New in 2013, the 12th Edition of the IRI Fact Book focuses on explaining features of cutting-edge annuity products and outlines considerations for including insured retirement products in retirement income plans.
Recommended by 57 people IRI Applauds Resolution on Retirement Saving Incentives
The Insured Retirement Institute (IRI) released a statement from IRI President and CEO Cathy Weatherford in support of a concurrent resolution (S.Con.Res.12) introduced in the Senate this week to express the sense of the Congress that the current tax incentives for retirement savings provide important benefits to Americans to help plan for a financially secure retirement.
Recommended by 29 people IRI Issues Statement Congratulating New SEC Chair Mary Jo White
IRI released a statement from IRI President and CEO Cathy Weatherford after Mary Jo White was sworn in as the next Chair of the Securities and Exchange Commission (SEC).
Recommended by 62 people Insurance Licensing Across Multiple States Considered Burdensome
New research findings released today by the Insured Retirement Institute (IRI) shows that maintaining state insurance licenses across multiple jurisdictions is a regulatory obstacle that may impede the sale of retirement income products. Considering that most financial advisors, 83 percent, are licensed in multiple states, the redundant processes are viewed as a burden to financial advisors.
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