Some had hoped that the "Financial Crisis" would delay, postpone, or otherwise eliminate forward movement on the SEC proposed rule 151A that would essentially reclassify EIAs / FIAs into securities and/or variable annuities. But as reported in Investment News on November 13, 2008, it does not appear that any significant alterations should be expected.
In fact, the very first sentence of the article states, "A proposal (SEC 151A) to regulate equity index annuities as securities is likely to be approved by the Securities and Exchange Commission" as claimed by Mr. Sean Dilweg, Wisconsin Insurance Commissioner & Vice-Chairman of the Life Insurance and Annuities Committee of the National Association of Insurance Commissioners (NAIC).
Now, I do not personally know Mr. Dilweg, but common sense leads me to believe that Mr. Dilweg's title as Vice-Chairman of the Life & Annuities Committee for the NAIC would make him privy to high-level, presumably accurate information regarding such an important topic.
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