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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 33 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.
Recommended by 58 people IRI Hearing Testimony to DOL Regarding Proposed Fiduciary Rule
The Department of Labor held a public hearing on the Proposed Fiduciary Rule on March 1-2, 2011. Theresa Antanasio of Ameriprise testified at the hearing on behalf of IRI and outlined IRI member concerns regarding the rule.
Recommended by 55 people IRI Comment Letter Regarding Proposed DOL Fiduciary Rule
On October 22, 2010, the Department of Labor’s Employee Benefits Security Administration (EBSA) released proposed regulations that would revise the circumstances under which a person who gives investment advisor to an employee benefit plan or a plan’s participants is considered to be a “fiduciary” under the Employee Retirement Income Security Act of 1974 (ERISA).
Recommended by 25 people SEC Staff Study: Study on Investment Advisors and Broker-Dealers
Under the Dodd-Frank Wall Street Reform and Consumer Protection Action, the SEC was required to conduct a study within six months on whether broker-dealers who give investment advice should be held to the same fiduciary standard as investment advisors. The legislation included criteria to guide the SEC’s consideration of these issues, and gave the SEC the authority, once the study was completed, to conduct a rulemaking and impose such a fiduciary duty on broker-dealers.
Recommended by 38 people IRI Comment Letter on NAIC STOA Model Bulletin
The NAIC Life Insurance & Annuities Committee released a Model Bulletin after the May 20, 2010 hearing in response to cases reported by the Wall Street Journal, where agents induced seniors and others with short life expectancies to serve as the measuring life on an annuity contract where the benefit reverted largely to investors and the agent through a death benefit.
Recommended by 29 people IRI Hearing Testimony on RFI Regarding Lifetime Income Options
On September 14-15, 2010, the Departments of Labor and Treasury held two full days of a joint public hearing on the Request for Information Regarding Lifetime Income Options for Participants and Beneficiaries in Retirement Plans.
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