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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.
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The Insured Retirement Institute (IRI) released a new research report that found middle-income Baby Boomers would be less likely to save for retirement if taxes are increased or if tax incentives for retirement savings are reduced or eliminated. The study also found that tax deferral is among the most important considerations when Baby Boomers, and particularly Boomers at middle-income levels, evaluate a retirement investment.
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The Insured Retirement Institute (IRI) released a statement from IRI President and CEO Cathy Weatherford reflecting on yesterday’s national election and its implications for policy affecting retirement security in the United States.
Recommended by 9 people IRI Encouraged by SEC Director’s VA Summary Prospectus Remarks
The Insured Retirement Institute (IRI) released the following statement from IRI President and CEO Cathy Weatherford regarding remarks delivered by Norm Champ, Director, Division of Investment Management at the U.S. Securities and Exchange Commission (SEC). Director Champ’s remarks were delivered last week during the American Law Institute’s Conference on Life Insurance Company Products
Recommended by 92 people IRI Comment Letter Regarding Senior Financial Exploitation
On August 20, 2012, IRI provided a response to the Consumer Financial Protection Bureau (“CFPB”) Request for Information regarding Senior Financial Exploitation. The CFPB’s request sought information on consumer financial products and services, financial literacy efforts, and fraudulent or deceptive practices impacting the lives of older Americans and their families.
Recommended by 77 people IRI Follow-Up Comment Letter Regarding QLACs
On August 8, 2012, IRI submitted a follow-up comment letter to the Department of Treasury regarding qualify longevity annuity contracts (QLACs). The follow-up letter provided clarification for identification of contracts as QLACs and the use of model IRI language in QLACs.
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