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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 26 people IRI Comment Letter Regarding SEC Release No. 34-64306
In connection with a study regarding financial literacy among investors as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the SEC requested public comment on the effectiveness of existing private and public efforts to educate investors: SEC Release No. 34-64306: Comment Request on Existing Private and Public Efforts to Educate Investors.
Recommended by 23 people U.S. Government Accountability Office Lifetime Income Report
On June 7, 2011, the U.S. Government Accountability Office (GAO) published their Lifetime Income Report titled, “Retirement Income: Ensuring Income throughout Retirement Requires Difficult Choices”. The GAO report reviewed: (1) strategies that experts recommend retirees employ to ensure income throughout retirement; (2) choices retirees have made for managing their pension and financial assets for generating income; and (3) policy options available to ensure income throughout retirement and their advantages and disadvantages.
Recommended by 26 people IRI Follow-Up Letter to DOL Regarding Proposed Fiduciary Rule
Following the DOL public hearing held on March 1, 2011, IRI submitted another comment letter to the EBSA expressed the belief that the Department of Labor should re-propose the rule to allow for outside groups to provide additional comments and to propose changes to the rule.
Recommended by 15 people IRI Comment Letter Regarding Ohio Agent Compliance
In April 2010, the Ohio Department of Insurance issued a Bulletin regarding agent compliance with the new annuity training CE requirements. The Bulletin imposed a new one-time, annuity-specific CE requirement on insurance agents who engage in the sale, solicitation, or negotiation of annuity products.
Recommended by 14 people IRI Follow-Up Comment Letter on NAIC STOA Model Bulletin
Following IRI’s testimony at the NAIC 2011 Spring Meeting in regard to the STOA Model Bulletin, IRI submitted a follow-up comment letter to the NAIC Life Insurance & Annuities Committee on March 22, 2011.
Recommended by 13 people U.S. Government Accountability Office Report, March 2011
On March 10, 2011, the U.S. Government Accountability Office (GAO) published a report titled, "401(K) Plans: Certain Investment Options and Practices That May Restrict Withdrawals Not Widely Understood". In this report, the GAO was asked to: (1) identify some of the specific investments and practices that prevented plan sponsors and participants from accessing their 401(k) plan assets and (2) determine any changes the Department of Labor (Labor) could make to assist sponsors in understanding the challenges posed by the investments and practices that restricted withdrawals.
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