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Regulatory and State 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 Regulatory Authority (FINRA) regulate the firms that sell variable annuities. On December 17, 2008, the SEC adopted new Rule 151A which could result in certain indexed annuities being treated as securities after January 12, 2011.
The Insured Retirement Institute actively monitors the activities of state and federal legislative and executive bodies that affect the annuity industry and the insurance companies, distributors and advisers who sell these products.
Federal Regulatory Affairs Committee
The 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 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 registered persons.
LAWS and Rules
- Securities Act of 1933
- Securities Exchange Act of 1934
- Investment Company Act of 1940
- Investment Advisers Act of 1940
- Sarbanes-Oxley Act
- Gramm-Leach-Bliley Act
- NASD Rule 2821
- SEC Rule 151A
State Affairs Committee
The Government Affairs Committee provides a forum for the development of an industry consensus on the important issues that will be considered by Congress and the new Administration, as well as state legislative bodies and agencies. The Committee helps determine the position IRI should advocate on pending government actions and seeks to influence the direction that new oversight and regulation may take.
Helpful links:
- National Association of Insurance Commissioners (NAIC) — an association created 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 133 people IRI VA Summary Prospectus Proposal
The Insured Retirement Institute (IRI) has provided the SEC a proposal to create a summary prospectus for variable annuities.
Recommended by 406 people SEC Approves New Summary Prospectus for Mutual Funds
On January 13, 2009, the Securities and Exchange Commission published new form and rule amendments to provide for enhanced disclosure in mutual fund prospectuses and a new prospectus delivery option through the use of a Summary Prospectus and online posting of the full prospectus.
Recommended by 364 people Gene Dodaro,Acting Comptroller General,Testifies before Congress
Gene Dodaro, Acting Comptroller General of the United States,testified before the Congressional Oversight Panel on January 14 and the Senate Committee on Homeland Security and Government Affairs on January 21. His testimony summarized GAO’s Report entitled “A Framework for Crafting and Assessing Proposals to Modernize the Outdated U.S. Financial Regulatory System.” Although many of the points he made are not addressed specifically at insurance companies and insurance products, they are very relevant to regulatory oversight of the insurance industry.
Recommended by 424 people SEC Publishes New Rule 12h-7 Regarding Exchange Act Reporting
The Securities and Exchange Commission's new Rule 12h-7 providing an exemption from Exchange Act reporting has been posted on the SEC's Web site.
Recommended by 396 people SEC Publishes New Rule 151A Regarding Indexed Annuities
The Securities and Exchange Commission’s new Rule 151A regarding indexed annuities has been posted on the SEC Web site.
Recommended by 476 people IRI Will Assist Members in Complying with Rule 151A
IRI will provide assistance to its members in complying with new SEC Rule 151A that requires registration of indexed annuity contracts.
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