| Print this page
Top Rated
Resource Center
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 281 people NAVA's Comment Letter on NAIC Suitability Model
On December 19, 2008, NAVA submitted further comments to the NAIC Suitability of Annuity Sales Working Group in regard to proposed modifications to the NAIC Suitability in Annuity Transactions Model Regulation.
Recommended by 262 people SEC Adopts New Rule to Require Registration of Indexed Annuities
On December 17, 2008, the Securities and Exchange Commission adopted new Rule 151A under the Securities Act of 1933 which will require registratrion of most indexed annuity contracts.
Recommended by 240 people NAVA's Comment Letter on NAIC Suitability Model
On December 3, 2008, NAVA submitted comments to the NAIC Suitability of Annuity Sales Working Group in regard to proposed modifications to the NAIC Suitability in Annuity Transactions Model Regulation.
Recommended by 282 people NAVA's Comment Letter on SEC Rule 151A - Indexed Annuities
On November 17, 2008, NAVA submitted further comments to the Securities and Exchange Commission on Rule 151A regarding indexed annuities.
Recommended by 239 people NAVA's Comment Letter on FINRA Guidelines on Communications
On September 30, 2008, NAVA submitted comments to FINRA in regard to proposed changes to guidelines on communications with the public about variable life insurance and variable annuities.
Recommended by 256 people NAVA's Comment Letter Regarding Indexed Annuities
On September 10, 2008, NAVA submitted comments to the Securities and Exchange Commission on proposed Rule 151A regarding indexed annuities.
IRI 1101 NY Ave, NW, Ste 825, Washington, DC 20005 | Phone: 202-469-3000 | Fax: 202-469-3030 | Join IRI Today Security/Privacy/Refunds Contact Us
