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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 IRI Urges Senate Leaders to Oppose IRA Changes in Highway Bill
IRI President and CEO Cathy Weatherford sent a letter to Senate leaders in opposition to provisions in the Highway Investment, Job Creation and Economic Growth Act related to Individual Retirement Accounts (IRAs).
Recommended by 13 people IRI Comment Letter to NAIC Contingent Annuity Working Group
On January 19, 2012, IRI submitted a Comment Letter to the NAIC Contingent Annuity Working Group in regard to the Consumer Need for Contingent Annuities and Proper Classification of Contingent Annuities as Annuities under State Law.
Recommended by 18 people IRI Comment Letter to Federal Insurance Office
On Wednesday, December 15, 2011, the Insured Retirement Institute (IRI) submitted its response to the Federal Insurance Office (FIO) request for comment for "Public Input on the Report to Congress on How to Modernize and Improve the System of Insurance Regulation in the United States."
Recommended by 43 people Retirement Crisis Shows Need for Insured Retirement Strategies
The Insured Retirement Institute (IRI) today submitted its response to the Federal Insurance Office (FIO) request for comment for “Public Input on the Report to Congress on How to Modernize and Improve the System of Insurance Regulation in the United States.” In the letter, the IRI commends the FIO’s efforts to identify ways to modernize and improve the country’s insurance regulatory system, while examining the availability of insurance products to underserved populations. The Institute also encourages the FIO to focus on the regulatory environment in the context of the current state of retirement savings readiness in America and the need for consumers to insure against the risk of outliving their assets as part of any assessment of the regulation of the insured retirement industry.
Recommended by 37 people IRI Comment Letter Regarding Use of Social Media in Insurance
On October 28, 2011, the NAIC Social Media (D) Working Group released a draft White Paper on the Use of Social Media in Insurance. In response to this draft White Paper, IRI submitted a comment letter to the Working Group on November 17, 2011,
Recommended by 23 people Op-Ed by Cathy Weatherford Regarding DOL Fiduciary Rule
On August 11, 2011, Cathy Weatherford, President and CEO of IRI, penned an op-ed to The Hill regarding the Department of Labor Fiduciary Rule.
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